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Welcome to Professor Savings.com
We teach finance basics.
Hi, I’m your host today Rayfil Wong
Today’s topic: 3 things to consider before buying a home
#1 LLL
Location Location Location
As if we didn’t hear it for the first time.
Location matters because you can’t physically move the house.
Also, location is important if you want to consider certain weather patterns, school for kids, transportation, and facilities such as local park and recreation.
You might also want to consider the safety of the neighborhood
#2 type of home
House or condominium?
A house especially one that is detached give you lots of space for your kids or dogs to run around
the tradeoff, more things to maintain like a roof let’s consider a condominium you will not have lots of privacy but you will not have to worry about maintenance since most will charge you a HOA or home owner association fee that may include upkeep of the lawn outside or keeping the community pool clean.
#3 price
The price determines whether you have the budget to afford the house.
View our video to learn more about mortgage.
In general, your monthly payment will depend on total price of plus down payment plus interest rate.
In conclusion, understand your lifestyle and pair it with a type of home that fits your needs.
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