Last week we gave you some important reminders as to what to look for when it comes to purchasing a home. Last week we discussed the importance of making sure you had a budget in mind that you could afford. We also reminded you that due to the current competitive market, it may be wise to have some extra money set aside if you want to try to “out bid” someone who may be looking to purchase the same house as you. We also discussed the importance of making sure you look at the location of your potential new home and what it will mean for you; for example, how long it will take you to drive to work, to get the kids to school, etc.
The majority of people will have an idea of what they want the layout of a potential home to be. However, some people are too zoned into the short term that they forget about the long term. We would recommend you think into the future and take into consideration if you plan to add more children or pets into the family or even if in the future you may be moving an older family member into your home. It is usually less expensive to have a home that can sustain all of your wants and desires instead of having to renovate.
Speaking of renovation, it would also be a better financial decision to find a home that has most, if not all, of the amenities you want in your home. For example, if you want a home with a particular type of tile or carpet, it would save you money to find a home that has what you want. While it should not be the complete decision maker, it would be easier on your pocket book.
We have found that the majority of people tend to forget to look into the cost of living in a particular area. This could change from just ten minutes up the road, living in a different city or county. This is where looking into local property taxes and utility bills comes into the picture. Property tax can significantly change from one area to another. Or even if you are moving somewhere that you are required to hold flood insurance. These important aspects are often forgotten to take into consideration. This also ties into not forgetting about looking into homeowners association costs of this is something that may be applicable to you! Not only would this be an additional cost but you may have a particular upkeep or something that is not allowed that does not align with your wishes.
With all of these thoughts in mind, we would recommend you to come up with a list of what is a deal breaker to you and what is not. We do not want you to settle and a home that will not make you happy in the long run. Be sure to look at all parts of your decision making – especially if it will be a “forever home!”