Buying a home is one of the most important financial decisions that you will ever make. In fact, it’s likely to be the largest investment you will make in your life. Choosing to buy — and own — the right home can do wonders for your family’s happiness and quality of life. It can also mean greater personal wealth and security down the road. The decision to buy or rent starts with location, so these tips from our Mortgage broker Melbourne will help you find the right place to raise your family:
How Central is Your Neighborhood?
The best way to determine whether or not a particular community is good for families is by visiting. Take time to walk through various neighborhoods, looking at homes as well as amenities like parks, grocery stores, and schools. Talk with residents and merchants about what you see. If you can’t visit in person, try to get as close as possible by researching online and taking into account the “feel” of a place based on its description.
By checking out all home listings in the area, you will get a good feel for home prices and values. If home prices are too expensive or there aren’t enough home choices that fit your budget, try expanding your search to other neighborhoods nearby.
School Districts Matter — Even If You Don’t Have Kids
One way to determine whether a school is right for your child is by attending an open house or tour of the facility. Meet with teachers and find out how well-prepared students are upon reaching college. Talk with parents who have kids at the school to learn more about their experiences there. You can also ask to see test scores and consider them along with national averages for schools in similar communities.
Using public transportation can be a great option when trying to find a home in an area with a high cost of living. When home prices are higher, the cost to own and operate a car is typically higher as well. If you have to drive everywhere or rely on ride-sharing services like Uber or Lyft, homeownership could put your bank account in jeopardy over time.
The Future You Will Thank You Later
Before buying a home, get estimates for all costs associated with homeownership including property taxes, homeowner’s insurance, and maintenance costs. You may also need to factor in money set aside for future expenses like replacing appliances or paying for home repairs down the road. You’ll want enough cash reserves to get through periods when income drops or unexpected expenses arise
Your long-term goals can help guide you toward homeownership. If you plan to stay in your home for at least 10 years, home maintenance costs are less of a factor in home-buying decisions. However, if you’re planning to move again soon, potential home repair expenses should be taken into consideration as part of the overall cost of owning a home.
When it comes time to buy or rent, consider all factors involved so you make the soundest financial decision for your family and future goals. You may even want to seek advice from home loan brokers before making any big financial commitments. They can help guide you through the process and ensure that you are getting what will work best for your family over the long term.