When deciding on what to wear for a special occasion, it’s easy to decide whether you should buy something off the rack or have something tailor-made. But when it comes to purchasing or building a house or a property, there are a lot of important things to consider. You may have to take other's opinions into account as well, such as your partner, family, or your banker.

Here are the top 5 essentials that you should consider when buying a house or a property:

Purpose: Will you be living alone or with a family? Will the property be your permanent residence, a vacation house or an investment? Knowing your purpose makes it easy for you to assess all the requirements that you should consider when deciding if you should buy or build a property.

Time Frame: How quickly do you need to make a decision? If you need a place to stay near your permanent working address and your banker says that you qualify for jumbo mortgages, then it may be a smart choice to purchase. For investment properties, carefully research the property to make sure the property is a good one.

Value: Will the property’s value appreciate or depreciate in time? Knowing the actual value of the property versus its contract price and possible increased value overtime will help you determine if it’s a good buy or not. If you are eyeing a property and you believe that its cost is way higher than buying a lot and building your dream house (after having cost estimates from several contractors), then you might consider building.

Location: In real estate, location, location, location is of primary importance. In buying a property,always give importance to its location. Location is value!

Budget: Of course your budget is the main factor in your purchase. How much are you willing to spend or better ask yourself, how much can you spend? Knowing your credit limit and your loan options from your banker is a must. If you qualify for FHA mortgages, then decide if you should build or buy.

Contact City Bank Mortgage today to learn more about your loan options. Our bankers will help you choose the best mortgage based on your personal needs. We will be happy to serve you and help you decide whether it is smart to buy or build.