Before any qualified potential homebuyer decides to buy any specific house and property, he should carefully consider why he is choosing this one, and if it is the right one for him, etc. After more than 15 years as a licensed real estate seller in New York State, I believe that a person should not only consider whether simply buying a house is right for him, according to the rules of thumb, etc. , including affordability, etc., but it’s wise to fully consider these 6 things before buying a specific one. With that in mind, this article will attempt, briefly, to consider, examine, review, and discuss 6 things, which need to be fully considered and examined.
one. Does it fit your current needs?: Why and how does it fit your current and existing needs? Does the combination of location, schools, safety, affordability, and the specific characteristics, strengths, and weaknesses of the home make sense to you? How many bedrooms do you think you need and want? Are you considering the specific property, as a start – home, or for a much longer period? Can you comfortably, happily, etc., move out, right away, or what would you do right away? How are the, house bones? It’s usually wise to walk around the block and the local area to assess whether you’d like to live there.
two. Can you afford the down payment and closing costs?: Lending institutions use various metrics to consider whether you qualify for a mortgage and for how much. However, it also matters what you feel comfortable with, as well as your preparation, for possible contingencies, etc. Beware, this is essential, to know, up front, but far from the only knowledge you might need to determine if it’s right for you!
3. Meets foreseeable future requirements: Unless you are only buying this property, in the very short term, it is wise to consider whether the house and other factors meet and hopefully exceed future requirements, needs and priorities.
Four. Can you comfortably make monthly payments, etc?: For most buyers, mortgages are necessary to buy! Make sure you are comfortable with your monthly payments and fees, including: mortgage interest and principal; real estate taxes; sure; utilities; reserve for repairs; reserve for renovations and improvements; etc!
5. Will you enjoy this area/neighborhood?: What are you looking for, in an area, and is this specific house, in such an area? Consider factors such as: security; education/schools; neighbours; conveniences; and everything that may be important to you, now and in the future.
6. Do you consider your personal comfort zone?: Each of us has different comfort zones, so it is important to consider whether the specific property suits yours, etc.
These 6 things are just some of the factors that a prospective homebuyer should consider before purchasing what, for most, is their greatest financial asset. Act wisely, to make sure you’re pursuing the American Dream, it doesn’t become a personal nightmare!