How to Choose the Right Home for You

Check out these tips on how to make the right choice when buy a new home…

Check out these tips on how to make the right choice when buying a new home:

  1. Neighborhood or Home AmenitiesFor some home buyers, living in a particular neighborhood takes precedence over all other priorities, but for others, the home itself matters more. Ideally, you’ll find the perfect home in the neighborhood you love at a price that’s below your budget, but realistically, most people have to make some compromises.You (and your spouse, partner or family) should make a list of what features you want in a home, such as the number of bedrooms, a fenced yard, granite counters in the kitchen, and then rank them in terms of priorities. Think about whether the house or the community matter more to you, and whether it’s worth it to you to make a longer commute in order to live in a home with a larger lot. Source: Realtor
  2. AffordabilityAs a rule of thumb, traditional mortgage lending principles allowed borrowing up to three times your gross annual income. Couples could generally borrow three times the larger salary plus one times the smaller, or two-and-a-half times their joint salary. You may be able to borrow more but there's no point buying the house of your dreams if it's going to turn into a financial nightmare.Your repayments should not be more than 35-40% of your net monthly income. Use our mortgage affordability calculator to work out the monthly cost of your home loan. It will tell you if you are in danger of borrowing too much. Source: This is Money
  3. Look at Both Old and NewIt's nice to move into a place that's brand new. But, new isn't always better. Consider both old and new. While you might not like a previous homeowner's decorating decisions, you might like the owner-installed upgrades – like a finished basement and a backyard deck – that a new home might not have. Source: Trulia
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