Still want to go ahead ….
Have you thought about renting rather than purchasing? How do these two options compare?
One of the advantages of renting is that you do not have to think about maintenance issues. The ‘landlord’ is the owner so has all of these responsibilities. Your landlord may have restrictions on decorating and making changes; giving you , the tenant, little or no choices. Increases in the rent each year are quite normal and you have no control over these increases. When renting there are no opportunities to build an equity in the property or take advantage of any tax benefits.
There are many benefits when you own your own home. There is always a future investment as each time you make a mortgage payment, you are building equity in the property. In many instances owning your own home qualifies you for tax breaks that can help you with your new financial responsibilities. Of course when you own your home, there are property taxes and you will be responsible for the maintenance and upkeep of the property. It makes good sense and is in your interest to maintain your property as, if you do not, you will suffer when you eventually want to sell up and move on. Unless you have the ability to do all your maintenance yourself, upkeep can be a substantial expense. However, home ownership gives you freedom, stability, and security.
Before you begin in earnest, make up a wish list of all the things that you want your new home to be. Remember that this is a ‘wish list’ and you will probably need to compromise on some things. Your home ought to fit way you live with enough space and features to suit your whole family.
Make a list of your priorities before you begin your search for your new home. When deciding on the type of community that you wish to live in, select a community that will allow you to best live your daily life.