So you’ve found your dream home at last, or have you? Since it’s such a major commitment that will tie up your finances for decades to come, you must make certain this is really the right home for you. But how exactly do you do that? What factors should influence you into signing on the dotted line? The following article can answers these questions and more.
1. Does it meet all your important needs? Buyers often make concessions for different reasons, but don’t do this in haste or to finally have a home to call your own. Make sure the give-and-take will work well for you for many years to come.
2. How easy will it be to make it your own? Most home buyers want to customize their new home and you will probably be no different. Think the projects through and total your costs. Sure, you could spread the work and expense out over a span of years, but will that be livable? Avoid buying something that is an over the top fixer-upper.
3. Will the house be a money pit? No matter how much you love the place, you’ve got to consider all the repairs involved, especially if any of them will bring the house up to code, meaning you’ll be on a time schedule. If you’re going to be putting nearly all of your money into this place, your overall quality of life may suffer.
4. What kind of resale value are you looking at? Consider the location and acreage, along with the improvements you will be making: is this home a good investment for you, should you need to move in the future? You could be offered an amazing job in a distant city or need to move on your spouse’s behalf and need to make sure there will be a solid return on your investment.
5. Is it centrally located for your needs? With the newness of the home, along with its many perks, you may be willing to drive a few extra miles to get where you need to go now, but how will that feel in a few years? Is it so far out of the way that the extra expense in traveling will drain your budget or energy? Make sure it’s close enough to not exhaust you or your resources.
6. Are heating and cooling adequate and cost-effective? It’s easy to say you’ll put in the repairs now, but if their are issues with the HVAC, you may be inheriting more of a problem than you’re bargaining for. Get a second opinion from a professional regarding what you can do and how much it will really improve the situation.
7. Is the whole family in agreeance on the house? Making compromises can hurt relations, especially down the line if the home doesn’t turn out to be a good decision. Work together as a team and consult with knowledgeable sources to reach a decision that everyone can live with. Listen to everything the home inspector advises and take everything into consideration cooperatively, again letting go of the emotional attachment or attraction you have with the house.
You’ve got to be sure before you invest so much of your money and life into a new home. Hopefully this article has addressed your more important questions and you feel comfortable making the enormous decision of buying a house.