A Buyer's Representative can help you decide.
- If you purchase a home, how long do you expect to live there?
- What can you afford to pay each month for housing related expenses?
- What are the total costs of home ownership? This may include:
- Mortgage payments (Principal + interest; based on various interest rate and term assumptions)
- Property taxes
- Homeowner's insurance
- Maintenance costs
- Any other special fees - like home owner's association fees, condo fees or local improvement fees
- Do you expect these housing-related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others)
- What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)
- Are local market prices favourable to purchasing? What are your expectations on future prices?
- Do you qualify for any special purchasing assistance programs that can help reduce the cost of home ownership or with finding a portion of the down-payment?
- If you are now a renter, what are your total housing expenses? (monthly rent, utilities, parking, maintenance costs, etc.)
- How does renting versus buying factor into your long-term investment goals? (the principal payments each month on a mortgage would replace part of your monthly savings plan; appreciation in a home's value, while not guaranteed, is a pretty conservative investment growth vehicle).
- How are you restricted with what you can or cannot do with your current living accomodations?
- What are your personal preferences regarding the type of housing you wish to live in? How does location factor into your housing preferences?
- How are your expectations concerning future employment?
- What are your long-term personal and finanical goals with regard to housng?