Tips For Buying A Home You Won't Regret Purchasing
Posted on: 29 May 2019
It's easy to get caught up in the emotion of the home buying process and buy the wrong home. While you may love it the day you move in, if you select the wrong property, then you can easily find yourself unhappy with the purchase years down the road.
To buy a home you won't regret purchasing years from now, follow each of these tips:
Tip: Seriously Think About Living in the Home in the Future
When you shop for a home, make sure you consider where you be in your life 5, 10, 15 years from now. Will the property still meet your needs?
For example, if you currently have teenagers who want a large yard and swimming pool for parties, will you still want to care for a big yard and pool once the kids have left the nest? Maybe you will or maybe you won't, but it's important to think about it.
Tip: Skip the Fixer-Upper if You Don't Have Ample Cash for Repairs
There is nothing worse than purchasing a fixer-upper and then discovering you underestimated the cost of making the necessary repairs.
For example, imagine you bought a home with a damaged roof, leaking swimming pool, and an HVAC system that won't turn on. You estimate each will take about $10K to fix, for a total repair budget of $30K.
After escrow closes, you get an estimate to replace the roof and discover all of the roof joists have major termite damage. The repair bill will be $30K. Now that just the roof work will take up your entire home renovation budget, how will you pay to fix the leaking pool and HVAC problem?
To avoid this common scenario, make sure you can afford at least twice the cost of repairs you think a property needs. If you can't, then save yourself a lot of frustration and buy something else
Tip: Consider the Local Job Market
Even if you are retired or work from home and don't plan on ever working on the local economy, it's still important to consider the job market in any area you might want to buy a home.
What if something unexpected happens and you need to get a job? What if you need to sell your property quickly and no one wants to buy it because the area is it's too rural or there isn't anywhere to work?
When evaluating a home, consider local employment opportunities and try to avoid buying in areas where there aren't very many. Speak with a local real estate agent for more help.
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