What’s the number one rule you should follow when choosing homes for sale? Take your time.
There are a lot of serious financial problems that will happen to you if you rush your home buying decision. For example, the house you choose will surely have all the bedrooms you need right now. But what if someone you know gets evicted and has to stay with you for a while?
And while the monthly payments are fine at first, what if the company you work for goes out of business? Will you still be able to make payments then?
These are just a few of the questions you need to ask yourself before you buy. So, to help you out, we’ve made this list of the 5 most important factors to consider when choosing a home. Read on to learn more.
Firstly, you should always have more rooms than you need. For instance, are you planning on having more children than you have right now? There should be a bedroom for each child you plan to have.
Each person who will currently inhabit the home will need a bedroom, too. Finally, besides these, there should be one or more extra bedrooms as well.
Next, make sure that there are enough bathrooms, at least 1 bathroom for every two bedrooms. Lastly, check that the square footage is sufficient for all of your furniture and that there are enough cabinets, closets, and drawers for your other items.
2. Upfront Cost
You’re probably prepared for your down payment. But you must also set aside a little extra for home inspections, surprise closing costs, and the cost of moving.
3. Monthly Payments
Your realtor will help you calculate your monthly mortgage payments based on your downpayment and loan amount/interest. Besides this, find out how much you will pay each year for property taxes. Also, consider the cost of home maintenance, like having your chimney swept or your HVAC serviced.
How close is the house to your job, the grocery store, and other facilities to which you will frequently commute? Figure out the total time/monetary cost of your overall weekly commute.
5. The Condition of the Property/Appliances
Any necessary repairs are typically considered in the closing negotiations. But what about the 8-year-old HVAC and the 20-year-old wooden fence? You’ll soon have to replace these as well.
On the other hand, decide if it’s actually worth it to choose a home that’s in perfect condition. That is, you can save tens of thousands of dollars on a similar home that needs a little fixing up. Thus, before you finalize your decision, it’s worth it to look at the fixer-uppers that are for sale in the same neighborhood.
Remember These Tips When Choosing Homes For Sale
As common as they are, home buying mistakes can devastate your financial situation for years. Don’t let this happen to you. Remember this guide and always consider the factors above when choosing homes for sale.
If you want more tips on home buying, home improvement, and home decor, you’re in the right place. Find the best advice on these topics in our Real Estate archives.