6 Considerations Prospective Home Buyers Should Pay Close Attention To!
Given that, for most of us, the value of our home is our main financial asset, wouldn’t it make sense for prospective homebuyers to enter this process in a more prepared and knowledgeable way? instead of resorting to letting your emotions take over most of your process/path forward? After more than 15 years as a licensed real estate seller in New York State, I have come to firmly believe that there are at least 6 considerations that must be fully examined and considered before moving forward. With that in mind, this This article will briefly try to consider, examine, review and discuss these, and why they are important and really matter.
1. Price Range/ Affordability/ Credit: Before starting this process, and even looking at/seeing even a house, it is important to objectively and introspectively do a personal check-up, from the neck up, and determine in what price range. , you can pay, and if you have the credit, necessary to qualify for the appropriate financing/mortgage, paying the monthly installments, and you feel comfortable, with that responsibility, on a regular basis. Remember, this is in addition to the down payment, closing costs, etc. required up front!
two. personal/family needs; current priorities and perceptions: What are your current needs, personal and family, and why? What are your options and which one is best for you personally? What do you need and are you ready, willing, and able to differentiate between your needs and your wants list, etc.?
3. Future situations and circumstances: Are you looking to buy a long-term home or just a so-called short-term home for beginners? What do you anticipate your future needs and circumstances might be, and will you be prepared accordingly?
Four. Specific area: What attracts you to a specific area and why? How does it serve your interests and benefit you personally, both in the short and long term? Is it the convenience, the safety, the schools, the neighborhood, the beauty of the area, or what? How much are these worth to you?
5. Schools/education: In general, quality school systems attract potential buyers and thus keep prices higher and stronger, because they significantly increase the attractiveness of the specific region, etc. However, with that usually comes higher taxes (because of school taxes, etc), so how could you balance this in your best interest?
6. Security/Crime: There is no doubt, the perceived safety of an area is an important factor, in terms of value/price of the home. When both perceptions and reality show below-average amounts of crime, home prices generally benefit and are higher than in other areas.
Be as smart as you can be, a homebuyer, and go ahead, asking all the questions that matter most to you before making any purchase decisions. Will you help yourself, when it comes to this?