The Value Of Making Good Financial Decisions

Thinking About The Future Of Your Home

One of the core values of Team Endicott is making good long term decisions, and the challenge when buying a new home can be two fold. You can end up over buying and getting a house that is not only much too large for your actual needs, but much too large for your wallet. The other common mistake is an impulse buy. Buyers get so excited that they jump on the first house they see, whether it’s the space they need or even a location they like, so they settle and end up putting their house up for sale rather quickly because they find that they want to move again.

So here’s some advice from the pros at Team Endicott and a few questions to ask yourself. Be wise and be honest with yourself when answering these questions. Think long term and not just a year down the road but many years into the future.

  • Is your house the right size for your family, and will your family be growing in the near future? Some people prefer a cozy house and some people need room to spread their arms and let their animals and little humans run free. Make sure you know what kind of people you are, because once people and furniture move into a house the space changes. Plus the size of a house increases as the house gets bigger.
  • How much of your income do you want to spend on your Mortgage? This is a temptation that homebuyers easily fall into. A lender may give you a big preapproval, but that doesn’t mean that you should go to the full amount. You need to review your expenses and create a budget for how your income will be divided between ALL your bills. That will tell you what you can actually afford. Sometimes it’s best to ask the lender to approve you for the amount you can logistically spend on a mortgage rather than having them tell you the maximum amount that you can be approved. 
  • Can you see yourself enjoying where you live? Location is key when buying a home, because if you don’t like where you live, it doesn’t matter how nice your house is, you won’t be comfortable, and it will be hard for you to feel settled. Think about safety, traffic, commute to work, neighborhood, schools, proximity to shopping and places that you enjoy spending your time. Location can also greatly affect price so this is a decision that needs to be thought through.

So before you start looking to buy or sell, make sure you are making a wise decision and make sure you have agents who will encourage good decisions. Your home should be exactly that, your home, and you should be happy to call it your own for years to come.