Buying a Home? Is it the Right House?

Owen and I enjoy assisting our clients purchase their dream home and we have been doing so for quite a few years now. It’s such an exciting adventure to search for that “perfect” home. If you have ever bought a home, I’m sure you know what I’m referring to. Remember how excited you were to find just the “right” home and falling in love with it – your dream come true. But… Wait, don’t let your emotions get in the way of a rational decision. Here are a few questions to answer before you make the commitment to purchase that dream home.

1. Price. Can you really afford it? Your loan officer says you can qualify to purchase the home, but are you comfortable with the monthly payment. What will the utilities be? Is there a home owner’s association and if so, how much a month are those fees? Do you have enough in reserve to cover your down payment and closing costs? What about repairs or updates you want to make? Do you have the wherewithal to do them? The last thing we want is for a client to purchase a home and become “house poor.” In other words, you don’t have enough money to go out to eat, or to a movie, or for general maintenance on the home, or replace or repair appliances, etc. I’m sure you get the picture.
2. Condition. Be sure to consider the condition of the home. If the floor plan is perfect, but there are many repairs/upgrades that need to be done, is it worth it? A fixer-upper home with a lot of potential can be a money trap in the long run - not to mention the stress of making the repairs while living in the home. A new roof or new heating/air unit can be very costly.
3. Size/Layout. Is the flow of the home right for your lifestyle and are the rooms the right size? Is one bath enough? If not, and you like everything else about the home, what will it cost to add the second bath? How much inconvenience will you and your family experience while construction is going on to add the additional bath. Again, is it worth it?
4. Resale Potential. You absolutely love the home and plan to live in it forever. However, statistics show that most people move to a new home every 5 to 7 years. If you decide to sell your home or, because of unforeseen circumstances had to sell it, how easy will it be to find a buyer who will want to purchase it? Will that steep hill in the backyard be a hindrance?
5. Ammenities. Some people fall in love with expensive home amenities that seem attractive and desirable at the time, but later prove to be more headache and costly than anticipated. Do you really want a swimming pool? Would a neighborhood pool be more desirable? What about those commercial-grade built-in kitchen appliances? Expensive hardwood floors?
6. Location. Be sure to check out the neighborhood you are considering. Are you comfortable with the schools? Is it close to places you go on a regular basis? If you have children, are there children in the neighborhood for them to play with?

These are just a few questions you need to answer whether you are a first time home buyer or not. Be sure to consult with a REALTOR® to help guide you through the home buying process.