Given that the value of most people's homes is the most valuable asset they own or possess, wouldn't it make sense to be as well-prepared as possible and proceed accordingly? Instead of merely following one's emotions or 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.
Begin by considering what you require rather than what you 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 with, and are there any specific physical considerations that might limit your options?
For example, do you presently have, or do you foresee having, in the near future, anyone living in your household with physical limitations that 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 become knowledgeable.
Don't become house-rich, but cash poor! 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, including mortgage principal, and interest, real estate taxes, utility expenses, and reserves for contingencies, including repairs and replacements?
How does the price being asked to compare to the market value? Remember, the listing price and sale price of a property are often quite different! Ask your selected, real estate professional, to provide, a professionally prepared, Competitive Market Analysis (CMA), which compares similar properties, in a specific area, which ones sold, and, at, what price, as well as, those, which failed to get sold.
Why have you decided to purchase, something, in this specific area? Are you better off, purchasing, or renting?
How important are factors, such as convenience to transportation or shopping, or houses of worship? How about quality schools and a sense of safety and security? In today's world, with access to the Internet, it's relatively easy, to do your homework, in these and other relevant areas.