Since, for most of us, the value of our house, is our single – biggest, financial asset, wouldn’t it make sense, for potential home buyers, to enter – into this process, in a more – prepared, knowledgable manner, rather than resorting to permitting their emotions, to take – over, most of their process/ path – forward? After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have come to, strongly, believe, there are, at least, 6 considerations, which must be, fully – examined, and considered, before moving forward. With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these, and why, they are important, and, truly, matter.
1. Price Range/ Affordability/ Credit: Before, starting this process, and, even, looking at/ viewing, even, one house, it is important, to objectively, and introspectively, perform a personal, check – up, from the neck – up, and determine, what price range, you can afford, and, whether, you have the credit, needed, to qualify, for appropriate, financing/ mortgage, paying the monthly installments, and feel comfortable, with that responsibility, on a regular basis. Remember, this is, in addition to, the down – payment, closing costs, etc, needed, up – front!
2. Personal/ family needs; present priorities and perceptions: What are your current, personal, and family needs, and why? What are your options, and which, is best for you, personally? What do you need, and, are you, ready, willing, and able to differentiate, between, your needs, and wish – list, etc?
3. Future situations, and circumstances: Are you looking, to buy, a home, for a long – period, or, merely, a shorter – term, so – called, starter – home? What do you, anticipate, your future needs, and circumstances, might be, and, will you, be prepared, accordingly?
4. Specific area: What attracts you, to a specific area, and why? How does it serve your interests, and benefit you, personally, both, in the immediate, as well as longer – run? Is it, the convenience, safety, schools, neighborhood, beauty of area, or, what? How much are these, worth, to you?
5. Schools/ education: In general, quality school systems, appeal, to prospective buyers, and, thus, keeps prices – up, and stronger, because, it adds, significantly, to the appeal, of the specific region, etc! However, with that, usually, comes higher taxes (because of school taxes, etc), so, how might you balance this, to your best interests?
6. Safety/ crime: There is little doubt, the perceived safety, of an area, is a significant factor, in terms of home values/ pricing! When, both, perceptions, and reality, show, lower – than – average, amounts of crime, the prices of houses, usually, benefit, and are higher – than – other areas!
Be as smart, a home buyer, as possible, and move forward, asking, all the questions, which matter, most, to you, before making any purchase decisions! Will you help yourself, when it comes to this?