Think long-term and think re-sale: Many buyers think of the “now” rather than “later” when purchasing a home. Things to consider: Are there children in the horizon? Is there a chance you will be caregiver for elderly relatives? Will this house be a viable choice for potential buyers with kids if you sell in 5 years (i.e. is it on a busy street or in a good school district)?
Make a list and check it twice: Putting it down on paper is essential, especially if emotions come into play which is natural for a purchase such as this. Make a list of all your must-haves, nice-to-haves but not necessary and other essentials. Print multiple copies. This way when you are doing a home search with your Realtor, you can compare each house to your list and take good notes. At the end of the day when you catch your breath you can narrow down the search in a realistic manner.
Expenses vary with each house: Look to the future when calculating costs. Don’t just take into consideration the principal, interest, taxes and insurance when purchasing a home. Call the local utility companies and ask them what the average monthly bills are for that particular home. Moving further away from work? Don’t forget to calculate gas plus wear-and-tear on your car.
Ask for the homeowner’s association Covenants and Restrictions before you make a decision: If you are buying a house that is part of an HOA, it is absolutely essential to read the HOA contract before you do anything else. That fence that you thought you would install for Fido may not be allowed.
Be sure to read your contract before you sign it: A house is probably the largest purchase you will ever make in your life, so make sure you understand the terms of your contract. If you don’t understand any of the terms, this is a good time to consult an attorney if you need legal advice. Your Realtor would be a good referral source for a local Real Estate attorney.
Choose the right home inspector: This is a large purchase. You wouldn’t buy a car without test driving it. It may be an added expense, but imagine buying a home without checking under the hood only to find the foundation is cracked. Most things can be fixed, but don’t you want to be the one to make the decision whether you spend thousands on an unexpected necessary fix?
Your Realtor works with experienced professionals everyday that can help you make an educated decision. After all, the right Realtor feels that your happiness is their happiness. Happy shopping!