Anyone who has ever purchased a home understands how relieving it is when you finally find the home of your dreams. It's not uncommon for prospective buyers to search for months without feeling that warm cozy ‘home' feeling when they walk into a property. But don't let your excitement of finding the home you've always pictured overrule your logic in considering if this is really the right buy.
Make sure to rationalize these thoughts!
Price
Even while you may be pre-approved for a larger loan than you originally thought, are you really comfortable with the monthly mortgage? What is the required down payment and do you have that money readily available? Do you have money to cover the transaction fees and moving expenses? If there is significant work to be done on the house, is it an amount you can save in a reasonable time period?
Condition
What kind of repairs and maintenance is needed on the house? Is it significant like a new roof, electrical wiring, plumbing? Many times, a fixer-upper is a great find and has tons of potential, however it can also put you in debt. Some houses that require such work just end up being a money pit with a never-ending cycle of renovations. Is that how you really picture yourself living in your ‘dream home?'
Size
When looking at a property, remember to calculate how long you plan on living there and if it will meet your needs, now and in the future. Are the number of bedrooms, living areas and bathrooms adequate for your family and living style? Do you plan on expanding your family while in that home? Will all your furniture really fit in the space allotted or will you have to buy more furniture just to fill the place? If the home doesn't have exactly what you need, how much will it cost to add additional space?
Many times, homes are easier to visit than to own and are more pleasant to a visitor's eye than when you're dealing with the issues first-hand. Obviously, when buying a pre-owned home, it is rare that a property will meet every single want, but make a list of must-haves and likesand you're search will be much more successful if you're a bit lenient in the like department and a stickler in the must-have area, rather than vice versa.
Contact us today: 214.923.0261 or email us: info@archwoodproperties.com
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