Is it time to buy your family home?
Ask yourself these three questions to know if it is time to buy or keep renting your family home.
To buy or to rent? That is the question many people face at some point. Hey - you probably are asking yourself that same question right now. Making the decision to buy your family home is tough. Your family might be cozy in your rental, but is it time to move on?
Ask yourself these three questions to know if it is time to start your home search and find the place you will call home.
How much space does my family need?
Families change. Your house might need room for growth, a guest room or you might want a wine cellar once the little ones leave the nest. When you are renting, you are bound to the existing floor plan with no option to upgrade or renovate. Your home should fit your needs for today and tomorrow.
Where do I want my family to grow?
When you are renting, your community becomes temporary. People from all walks of life come and go all the time. The neighbour you have today might decide to move on the next day.
On the other hand, buying a house is a long-term investment into the community you want your family to grow up in. Your home location is not a decision you take lightly. It will determine your school district, distance to hospitals, community centres, public parks and your neighbours, so choose wisely.
What can I afford?
Money will always be the ultimate decisive factor.
First, you need to be realistic. It can be tempting to stop renting and get that dream house, but your budget might not cover all the expenses that come with purchasing a property. Consider your finances to see if you can buy a house that won’t break the bank.
Investment, not cost, is the key to buying a property. When you are renting, the money goes to your landlord. But when you buy a house, it all goes back to you. Think about the benefits that owning property might have for your family in the long-term.
These questions will help you step in the right direction. If you already decided on buying a family home, start your home search with Homicity or if you have more questions, we can put you in contact with a real estate agent.