5 Important Things to Consider Before Purchasing a Home.
Buying a home is an exciting experience, but it is also one of life’s most stressful events. The more information you have, the easier it will be to make an informed decision about which is the best home for you to purchase. Your goal is to make your home buying experience as stress-free as possible. Even though most purchase decisions are based on emotions, when making such a large and important purchase like a home, you want and need to be practical.
1. The School District
If you have children or are planning on having children, the quality of the school district is a very important factor to consider. Even if you don’t have children and have no plans to, it is helpful to know that buying a home in a good school district has resale advantages too. Homes in better school districts will cost more money but can pay off in the long run by protecting you from market fluctuations, increasing the resale value of your home, and providing a better education.
2. Get the House Inspected
The worst mistake you can make is buying a home you love because it looks like it has everything you need and want in a house. The only way to know what is hiding under the radar is to have the home inspected. Although spending a few hundred dollars on a home inspection might sound like a lot of money, in the long run, you could be spending a lot more money if you find major underlying problems after you move in such as plumbing, wiring, or structural issues.
Be sure to use a reputable home inspector that you can trust. Ask your family and friends for recommendations, look at online reviews, and make an informed and educated choice. You can also check with the American Society of Home Inspectors (ASHI), a professional association, for home inspectors in North America.
For example, water damage that is not visible to you as a potential home buyer will be found by a home inspector when he looks underneath and behind appliances and carpeting, areas most home buyers would overlook. The source of the water damage will need to be determined, as will the results of it; such as the growth of mold and mildew. If the damage is not major, you should be able to negotiate a lower price. If the damage is extensive, you have the option of walking away.
3. Location, Location, Location
We have all heard this famous real estate mantra, but do you know what it really means? You can always make improvements or additions to your home. But there is nothing you can do to change the neighborhood where it is located. The saying is repeated 3 times for emphasis. Some of the many reasons location is so important are:
- Homes that are located near water like rivers, oceans, or lakes hold their value and are considered prime real estate. The only exception to this rule is for land that is in the path of possible natural disasters.
- For homes located in cities, close proximity to shopping, restaurants and other places of entertainment is more desirable.
- As mentioned above, buying a home that is located in a good school district is important to those who have children and those who are concerned about resale
- Many people prefer to be close to where they work, near their doctors and hospitals; and not too far from other conveniences like airports and train stations. For those people, homes in locations that require less travel time are more desirable.
4. Look Beyond the Surface
Don’t be concerned if you find a home that you love in a desirable location that has minor cosmetic issues like peeling wallpaper or walls that needto be painted. Many of these conditions can be fixed relatively inexpensively as compared to larger; more expensive changes like bathroom or kitchen renovations.
5. Don’t Buy What You Can’t Afford
Even if you expect to be making more money in a few years, buying a home above your current financial means could cause major headaches. Keep in mind that there are costs associated with moving like hiring a truck, mortgage fees, the down-payment, taxes, home association fees in you are buying in a community, and insurance that you need to be able to afford.
In addition, there are often costs that you don’t expect and don’t plan for such as repairs; especially for an older home. Give yourself a little leeway to make sure you don’t start out in your new home financially underwater.
When you decide the time is right for you to purchase a home; you want to have a full understanding of what you are getting into. Carefully consider important factors, and stay focused on what is most important to you before you sign any contracts.
