Three tips to buy a house with confidence today. I like to think of this as a traffic light. There is green for Go, and Red for stop. If there are ANY red lights, you should pause before moving forward.
LOVE three things about your purchase: Location, Features and Condition, and Monthly Payments
Where a home is located, the distance to work, schools, your social activities and even what the next door neigh bars properties look like are unchangeable aspects of your potential new home. You should be very comfortable with the look and feel of the neighborhood but also very comfortable with your daily or weekly drive time. If you have children in public schools, what district are you in? Location factor is a BIG DEAL and it’s unchangeable so unless you have full confidence in the location, don’t buy it.
- Features and Condition
There is a second aspect of buying a home that any buyer should be a able to move forward with confidence on. While not as “fixed” as an unchangeable location, this aspect of home guying features some unchangeables, and some changeables that can be fixed with time and money.
These aspects are: A. Architectural style (unchangeable) and year built. B. Condition of the home. If older, how many upgrades have been completed. If it’s pre 1972 and the electrical hasn’t been upgraded to grounded outlets, are you okay with this? c. When previewing the home observe the age of the roof, the windows, how updated is the HVAC system? Are you okay with original bathrooms or kitchens? All those conditions and cosmetic items should be within your comfort level. At the end of the day, generally speaking, condition issues are changeable. Be comfortable with the things you may not like but that you know you can change. If you’re not, don’t buy it.
- Monthly Payments
Be very comfortable on the financing side. Today, a lot of people are hung up on the rising prices. Even as a full-time real estate professional, I’m surprised some days at what houses are selling for. The market cares not about the past. It will bear what it can TODAY and with inflationary pressure. We are on the leading edge of house prices rising and I think continuing to rise. Don’t stress about this because we live in the payment, and be VERY comfortable with the payment your new mortgage will bring. If this stretches you too much, don’t buy it. Wait for a better priced home that meets your needs.
The second topic I want to cover here is the opportunity the home can offer you.
Will the home you’re looking at meet the housing goals and needs of your family? Will it expand your capacity and meet both your current needs and the foreseeable future needs for you and your loved ones? If it doesn’t, that’s a red light and don’t move forward
You may be taken a bit outside of your comfort zone, and that’s okay! As long as you are embracing and excited about the opportunity because you KNOW it is with e right thing to do for yourself or your family. But if you NEED a home office and the home you’re considering doesn’t offer this, it’s not the right opportunity.
There is no need to settle just because the market is tight. If you or your family is not excited about the future because of moving forward. Dont’ buy it! You will need to make this decision quickly, but if it checks the boxes move forward with a CONFIDENT offer.
Lastly, KNOW there will be challenges. Buying ah home is like going from swimming laps in a backyard pool to jumping into the open waters of the ocean. There is salt-water that burns your eyes, there might be some waves that smack you in the face, or even a “critter” that bumps into your legs. Almost every transaction has some surprises. Dont’ take this as a “sign” that it’s not m want to be. Buying ah home requires negotiations, challenges, and a lot of work and sometimes even delays or things outside your control … especially if there’s a loan involved.
Know you have a support team and lean on them and their expertise. Your agent or broker , home inspector, lendor or attorney all have your best interest in mind and are there to guide you. But just expect to get some salt water in your eyes and be annoyed for a minute while wading in the the deep blue waters of buying a home. You will get through it!
These are my three tips for the day … be comfortable with location, condition, and monthly payment. There may be some bumps along the way, but it’s a great ride!