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Should You Buy a Residence? Key Factors to Consider

by Ted Stumpf 11/19/2018

Purchasing a home is a life-changing decision. As such, it is important to consider a variety of factors as you decide whether to pursue a residence, and these factors include:

1. Your Finances

Although you may want to buy a house as soon as possible, it is paramount to have your finances in order before you launch a home search. That way, you can avoid the risk of trying to spend beyond your means to purchase a residence.

Oftentimes, it helps to meet with banks and credit unions before you embark on a home search. These financial institutions can teach you about home financing and explain how mortgages work. Plus, they can help you get pre-approved for a mortgage so you can enter the housing market with a budget in hand.

2. Your Short- and Long-Term Goals

Consider your short- and long-term aspirations before you launch a home search – you will be happy you did. If you analyze your goals, you can see how buying a home helps or hinders your ability to accomplish these aspirations.

For example, if you want to work in a particular city, you may want to pursue homes in or near this city. This will eventually allow you to enjoy convenient access to a job in the city of your choice.

On the other hand, if you want to start a family soon, you may want to consider buying a house that offers immediate access to top schools and parks. You also may want to search for a home that offers a spacious backyard and other family-friendly amenities.

3. Your Family and Friends

If you want to reside close to family and friends, you can map out your house search accordingly. Houses are available in cities and towns nationwide. As a result, you should have no trouble finding a great residence near family and friends any time you decide to launch a home search.

For those who are ready to start a home search, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can quickly and effortlessly conduct an in-depth house search.

A real estate agent understands what it takes to search for houses in any city or town. First, he or she learns about a buyer's expectations and establishes a personalized homebuying strategy. A real estate agent next helps a buyer search for houses in his or her preferred cities and towns. This housing market professional then sets up home showings and keeps a buyer up to date about open house events. And if a buyer wants to submit an offer to purchase a house, a real estate agent will help him or her do just that.

The homebuying journey sometimes is complicated, but people who consider the aforementioned factors may be better equipped than ever before to determine if now is a good time to purchase a house. And if an individual decides to launch a home search, he or she can work with a real estate agent to achieve the best-possible results.

About the Author

Author
Ted Stumpf

Ted draws energy and joy from building synergetic relationships with his Clients. Ted's nature is graciously gregarious and persevering; he's honest;and he's been dedicated to a substantial list of clientele throughout his 25 years in the hospitality business. His passion is creating a sincere,successful relationship with people.

Ted grew up in a family of Realtors in central Indiana, earned a degree in economics and philosophy from the University of Notre Dame, and jumped into all aspects of the restaurant business. His ensuing hospitality career path eventually led him into the Event Management Sales & Service role in hotels and quickly guided him to Los Angeles, San Francisco, and finally to a luxury resort in the Napa Valley, where he, his husband, and their dog have resided for almost a decade now.

The irony is not lost on Ted that his ‘growth’ journey has culminated in“living happily ever after” in an agricultural area with a small-town feel and sense of community strikingly reminiscent of his youth…and as a Realtor nonetheless!