Should I Purchase a New Home This Year?

Should I Purchase a New Home This Year?

It’s January 2020. With the start of the new year also comes people making resolutions. From losing excess weight to buying a new home, you might already be hearing a lot of goal setting from your family, friends, and even yourself.

Take note that purchasing a new home is not as easy as buying a new dress or shopping for groceries. It involves a lot of decision making. Rightfully so, as buying a residential property is one of the major purchases you can make in your life.

Should you be buying a new home this year? The following can help you reach a decision:


1. Know the reason why you want a new home.

People have different reasons for making this major purchase. You definitely must have a legitimate reason why you want to buy a home. Think about it. Why do you want to have a new residential property?

If you are making this purchase because of the following, it might be best not to pursue it:

A. Your family, friends, or co-workers are pressuring you to buy one.
B. You want to impress others, showing them that you own a house.
C. You think you can handle everything just because you are qualified for a mortgage.

On the other hand, the following reasons may be a good sign for you to make this big decision:

A. You are financially, mentally, and emotionally ready to settle down.
B. You have a secure job and do not want to spend your money on rentals.
C. You crave for stability in your life and owning a home is your next big step towards that goal.


2. Check your finances.

Your financial condition is a very important matter when it comes to buying a new home. Obviously, you need money to be able to buy a residential property. After all, such property can be worth hundreds of thousands to millions.

First, you need to check your debts. Having debts does not mean you cannot buy a home. But, it means that you do not have enough money to take on another cash outflow, especially a huge one. You will have trouble paying for your monthly mortgage if you are deep in debt.

How about the down payment? How do you plan to pay for it? It will be best if you have enough savings to cover for this specific amount.

Most importantly, you need to make sure that you can afford to make your monthly mortgage payments, if you ever decide to apply for a housing loan to get the property. Making monthly payments will be easier if you have a secure job or if your salary is more than enough for your basic needs.


3. Evaluate your readiness to be a homeowner.

How ready are you to own a home? Keep in mind that buying a house is not limited to giving cash to the seller or signing paperwork for the housing loan. You will need to think about possible renovations to fit your needs. Maintenance is also a huge matter. Are you ready to settle down and bury your roots in that house?

Whenever you are ready to make probably the biggest purchase of your life, get in touch with IRL Properties! We have several units and properties available to be your new residence. Message us and let us know what type of property you are looking for!

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