4 signs you’re about to buy the wrong house
Buying a home is no small feat these days. It’s because house prices are going up, just like mortgage rates. And so unless you have a really healthy budget, you may have to make some compromises in order to get a home that’s right for you.
But there are some factors you shouldn’t compromise on when it comes to buying a home. And if these signs apply to you, you might be about to bid on a place that really isn’t for you at all.
1. It’s over your budget
Typically, your monthly housing costs, including your mortgage payment, property taxes and home insurance premiums, must not exceed 30% of your net salary. If you are to buy a house it will put you above that threshold, that alone is a sign you may want to reconsider. If you take housing costs that are too high, you could fall behind on them or other bills, leading to a world of financial struggle.
2. It’s inconvenient for your work
Many people are back to full-time in-person work these days. If you’re one of them and the home you’re considering will leave you with a miserable ride, you might want to seriously rethink your offer.
Your journey is something that you will have to manage on a daily basis. And the stress of a long drive can have a very negative impact on your overall well-being.
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3. It’s far from close to friends and family
It’s important to have access to your friends, family and support network. If the home you’re thinking of buying puts you away from someone you can rely on, you might want to rethink your plans.
Certainly, some people decide to move to an area where they don’t know anyone to seek employment opportunities or enjoy a more affordable lifestyle. But if the thought of being separated from the most important people in your life is inconvenient, you might want to rethink your home purchase.
4. It’s way too small – and there’s no way to make it bigger
Sometimes a small house can become a bigger one by renovate it, such as finishing a basement to add living space or building an addition. But if you’re considering a home that’s clearly too small for your family and there’s really no way to expand it, you might end up regretting your decision.
It’s one thing to forego a separate dining area and settle for a kitchen with dining area instead. But it’s another thing to buy a two-bedroom, one-bathroom home when you’re a family of five.
Since home prices are on the rise these days, buying in the wrong place can be especially problematic. If your purchase doesn’t work out and you’re forced to sell in a few years, you could end up getting a lot less for your home than you paid for. And that’s a risk you probably don’t want to take. Instead, take the time to make sure that the property you are about to buy is the right one. And if you have any doubts, pay attention to these main warning signs.
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