Since, for most people, the value of their house, is the largest, or one of the largest assets, they own and/ or possess, wouldn’t it make sense, to thoroughly, be, as prepared, as possible, and proceed accordingly? Instead of, merely, following one’s emotions/ heart, it is far wiser, to, thoroughly, examine and consider, these 5 essential components, before proceeding. Purchasing a home, of one’s own, should be based on considering key features, both of the specific house, as well as, what you need, desire, prioritize, perceive, and can afford! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, some of the most important things, to examine, before proceeding.
1. Your needs: Start by considering, what you need, as opposed, to what you might wish, for! How many rooms, do you, and your family, actually require, and why? How many bedrooms, bathrooms, etc, are needed, and, what do you believe, might be optimal, as well as the range? What style of house would you proceed, and are there any specific, physical considerations, which might limit your options? For example, do you presently, or do you foresee, in the near – future, anyone, living in your household, with physical limitations, which might make, climbing steps, challenging? When, you view any property, carefully, evaluate the size, shape, configuration, and condition! Is it, ready – to, move – into, or, will you need to spend, considerable funds, making modifications, upgrades, etc. If you can’t adequately, evaluate these, hire a professional, to help you knowledgable!
2. Price affordability, including down – payment, needed, to close, monthly payments (which include real estate taxes, principal, and interest): Don’t become house – rich, but cash – scrapped! What good will it do, if it creates too much stress/ strain, or worse? Will the needed, down – payment, create too much stress, on your cash – flow, etc? When considering the costs, include: mortgage principal, and interest, real estate taxes, utilities expenses, reserves for contingencies (including repairs, replacements, etc), etc!
3. Value: How does the price, being asked, compare, to the market value? Remember, the listing, and selling, price of a property, are often, quite different! Ask you selected, real estate professional, to provide, a professionally prepared, Competitive Market Analysis (CMA), which compares similar properties, in the specific area, which ones sold, and, at, what price, as well as, those, which failed to get sold!
4. Geographic area: Why have you decided to purchase, something, in this specific area? Are you better – off, purchasing, or renting?
5. Convenience to transportation/ shopping, etc: How important, to you, are factors, such as convenience to transportation, shopping, Houses of Worship, etc? How about quality schools, and sense of safety, and security? In today’s world, and access to the Internet, it’s relatively easy, to do your homework, in these and other relevant areas!
Before you buy a house, carefully, review, and consider, a variety of essential factors, which might help you, to make the best possible decision! Wise consumers should proceed, with caution!