Your journey toward purchasing a home begins by asking yourself a fundamental question: Why do you want to own a home? Is it to escape paying rent, to establish equity, to have a place you can truly call your own, to create a family haven, to host business connections, or to step up to a larger dwelling? Following this introspection, it's time to outline the type of home you desire and where it should be situated. Precision matters here. Distinguish between your "must-haves" and your "nice-to-haves."
Imagine yourself narrowing down a target, moving from the broad picture to the specifics. Contemplate the geographical aspect – the city, suburban neighborhoods, or even the countryside. Consider the side of town – north, south, east, or west. Factor in neighborhood characteristics – whether it's established and mature or recently developed. Think about aspects like schools, recreational amenities, and community services such as public transport, childcare, libraries, stores, and entertainment options. Additionally, ponder the maximum commute time you're comfortable with for work.
Reflect on the styles of homes that resonate with you. How much space do you truly need? Is a single-level residence essential, or are stairs manageable? Property size and type also come into play. Are you interested in a modern home or perhaps an older one that you can renovate? It's wise to keep resale in mind, considering how long you anticipate staying in this specific home – even if it's your heirs who eventually handle the sale.