There are literally a TON of things to ponder when it comes to buying a home. In fact, there can be so many things that a new homeowner will feel overwhelmed and place too much emphasis on the wrong thing. Here is a short list of the 5 most important things to consider before buying a house.
Your Space Requirements
If you are married and have 2 kids, does it really make sense to buy a 5-bedroom home? Conversely, if you are single, do you need a 3-bedroom home? We all know that life changes and along with those changes comes modifications in our living arrangement. But buying more space than you really need can end up costing you a lot more money over time.
Carefully consider your current needs, as well as any plans for family growth, and let that determine the number of bedrooms and bathrooms necessary for your next place.
Items Revealed by Home Inspection
Too many homeowners opt to buy a home without getting it inspected and then regret their decision in a short amount of time. It is always a good idea to pay for a home inspection and then take the time to read over the report.
The vast majority of homes often need a few minor maintenance items like a tune-up on the heating system or a fresh coat of weather seal on the back deck. What you are looking for in the inspection are things that can cause major damage and high costs such as mold, insect infestation, problems with the foundation or major problems with the roof.
If the inspection shows a major problem, you will need to either renegotiate on a better price with the seller or choose to look for another property.
True Out of Pocket Costs
Anyone that is looking to buy a home should first get pre-approved by their mortgage lender. The lender can provide an estimate of the amount of money needed not only for the down payment but also for any closing costs.
From here, potential homebuyers need to calculate other costs to make sure they have enough funds to cover other things like
- Renting a moving truck
- Hiring help to move furniture
- Deposits or fees for the various utilities, internet, and cable services
- Paying a babysitter to watch the kids during the move
- Boarding pets during the move
- Additional cleaning supplies needed to clean both the old home and the new home
All of these things can quickly add up to a lot of money. It pays to mind the details on this topic.
The condition of the Neighborhood
It is always a good idea to inspect the neighborhood before moving into a new home. Take a short drive, or even a leisurely walk, around the area. Look for things like people in the yard maintaining their home, children playing in the yard, the presence of outdoor pets, the condition of other homes, and any noticeable issues with the roads and sidewalks. Getting a feel for the neighborhood will help you determine if this is a good place for your next few years.
Distance to School, Work, Shopping, and Everything else
Most people underestimate how much time they will spend commuting to work, school and everything else. This improper estimation leads to regret about the location of their home. Visiting the home a few minutes before you normally leave for work, and observing the traffic, could be a real eye-opener. You may find that traffic is a breeze with no issues, or you may be stuck in gridlock for 20 minutes. Spend some time determining how close the new place is to all of the important places in your regular routine so that you are not surprised after the move.
Concluding Things To Consider When Buying A House
If you will focus on these main items, it should help you to pick a home that is a good fit for your needs and avoid potential regrets.
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