For many would-be homebuyers, the decision seems simple. Interest rates are currently low – so low many experts wonder if “up” is the only direction they can move. Meanwhile, property values are also low. Many homeowners are desperately trying to divest themselves of mortgages they’re unable to afford. And even though lenders are remaining cautious, consumers with high credit scores are unlikely to meet resistance when applying for a loan. Given these circumstances, buying a house seems smart.

But there are many other factors that should influence your decision to purchase a home. Most of them have little to do with the current economy or real estate market. In this article, we’ll introduce four key questions to ask yourself that will help you make the right choice.

1 – “What Is My Motivation For Buying?”

It’s important to take time to identify your motivations for purchasing a property. For example, until the 1980s, most people bought houses to live in with their families. If they made a few dollars in profit when they eventually sold their properties, it was considered a bonus.

The real estate boom in the 1980s changed that dynamic. As values rose sharply, millions of people bought their homes with the primary goal of capital appreciation. The fact they could live in them at the same time was the bonus.

Know why you want to buy. If you want a home in which to live, think long-term with regard to its location, quality of the surrounding neighborhood, lot and house size, and layout. If you’re looking at homes for sale for investment purposes, other factors will likely be more important.

2 – “Am I Ready For The Responsibility Of Homeownership?”

Buying and owning a house represents a commitment. A large one. The time and effort you’ll need to devote to maintenance and repairs will become more significant as your property ages. It’s not uncommon to hear longtime homeowners grouse about an endless list of tasks they need to address. The alternative is to pay others to handle maintenance and repairs for you, though this can become expensive.

If you’re unwilling to commit for several years, renting may be a more appropriate option. The key is forming the right expectations regarding the work involved with homeownership prior to making the decision.

3 – “Can I Afford A Home?”

The cost of owning a home extends much further than the initial down payment, closing costs, and mortgage payments. Ongoing expenses include property taxes, maintenance and repairs, association fees, homeowner’s insurance, and hundreds of incidentals. Make sure your income can handle the load.

A few years ago, millions of people opted for low (or no) down payment deals and variable interest rates. Moreover, they purchased homes that were too large for their needs and budgets. Fast forward to today, and many of these properties are now in foreclosure. Consider the ongoing costs of maintaining a home before deciding to purchase.

4 – “Are Homes For Sale In My Preferred Location?”

If you’re like most people, you have a short list of cities in which you’d prefer to live. The reasons may vary, and can include their proximity to good schools, museums, or your employer. Moreover, some cities are in decline while others are enjoying a growth spurt. Living in the former may be a much less enjoyable experience than living in the latter.

If you purchase a house in an area that doesn’t meet your preferences, you may feel stifled, or trapped. Remember, location is the one feature you won’t be able to change about your home. On the other hand, if you have an opportunity to buy a property listed in a neighborhood that perfectly suits your lifestyle, its location should factor into your decision.

Ask yourself the four questions above when deciding whether or not to purchase a home. It’s the first step toward building the right expectations for home ownership.

Author Bio: Great deals available for Harrisonburg homes for sale” and real estate offerings at http://www.ValleyFarmsandLand.com

Category: Real Estate
Keywords: homeownership, buying a home, purchasing a home, what to consider when buying a home