Identifying Your Home Buying Needs

Identifying your homebuying needs

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In life, people generally want the biggest and most beautiful things in order to appear better to others. We can easily say that we live in a society of consumers.

One of the bases of marketing is to create a need among people so that they are interested in your product and therefore purchase it.

How will you go about home buying?

When purchasing a home, you should complete the following important exercise to help define your actual needs. You should confirm how many bedrooms you want, whether or not you need an office, a garage, a fireplace, central air, a pool, etc.

You probably know at least one person who has purchased a property after their first visit because they were caught in the moment. However, they soon realized that they were actually missing needed space in the basement or that there was not enough room to add a second bathroom.
Or, they might have realized that the home is too big and that certain rooms really aren’t necessary.

In the end, if a purchase does not correspond to your real needs and becomes a bad investment.

Consider home buying alongside cash flow

When you start thinking about your needs, you need to consider the financial side as well. It does not make sense to purchase big and then live in the red when it comes to your cash flow.

You should be able to continue enjoying life after purchasing a home, enjoying a nice bottle of wine, taking vacations and enjoying special treats. If you find that you are not able to do so, then purchasing a home might not correspond to your needs at the moment.

In order to correctly evaluate your financial standing, consult a financial advisor at your local financial institution. They will be able to help you determine how big a monthly mortgage payment you can afford.

You will then be able to shop for homes within the price range they have determined feasible for you. Ideally, you should look for something less than the maximum amount proposed so that you will have more wiggle room in your monthly budget and you will have liquid for unexpected events.

A dream home can be yours

If you do plan on purchasing a property in the next month or next few years, do not give up on your dream home. Be well prepared and make a purchase based on your needs and budget, otherwise it will cost you more in the end.

If the property fits into your situation, you should make the purchase, otherwise there is always another one waiting for you somewhere.

And if you’re ready to start shopping for a home, visit ComFree today.

1 comment

  1. Cathy Davis says:

    “Consider home buying alongside cash flow” Hi Rosy. I hope you don’t mind that I’ve shared your article on my FB Business page. Very few articles regarding home ownership address the need for consumers to understand their entire financial position, present and long term. Banks tend to pre approve based on one’s present salary – that is their idea of “the whole picture.” Armed with this pre approval, the client shops for a much too expensive home and becomes mortgage poor; he/she cannot maximize mortgage payments nor pre-pay the mortgage (unless circumstances change) to minimize amortization and reduce interest. No cash flow. A financial planner might certainly help as would a mortgage agent who would work with the client to determine if they have the resources to commit to home ownership and still have a healthy cash flow for RRSP contributions, kids college funds, investments, daily living expenses etc. Purchasing a home is not for everyone just because the rates are low! It’s all about the “bigger picture!”
    Good article!
    Cathy Davis – Mortgage Agent @ Dominion Lending Centres – YBM Group

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