Love makes us do crazy things. That is no different when you fall in love with a home. Before you throw all common sense out the window take a step back and ask yourself these 5 key questions.
- How is the neighborhood?
What does the neighborhood have going for it? Is there a park at the end of the street? Do all the homes seem to be well maintained? Does it feel like a safe neighborhood that works for kids? Taking a step back and analyzing the neighborhood will give you time to really imagine what your life would be like there. Does it have the amenities that you are looking for?
- How is it priced?
When you set out on a house hunt you had a budget in mind. Does this home put you in a tight financial situation? One of the worst things you can do when buying a home is push your budget too far and become house poor. This is something you can talk to a mortgage broker about. They can break down and show you exactly what your monthly payment will look like and if you can make it work.
- What is the potential?
Are there any updates or additions that you can make to the home to add more value and equity to the home to ensure you get top dollar for it when you sell? These are questions that your Realtor can help you determine the answers to. It is a good question to ask to ensure you evaluate and analyze the future and potential of the home.
- Would you be able to turn around and sell it if you had to?
All too often you hear of people buying a new home and then their employer transfers them to a different state. Although you may think there isn’t a chance of this happening it is still smart to look at the home from that perspective. If you had to sell not too long after purchasing would you be able to sell it without making any updates and without losing any of its value?
- What does the city have to offer?
Are the schools good and easy to get too? Does the city provide any services that will help you maintain your home throughout the year? How is the public transportation? Is there any? Really evaluate your lifestyle and day to day routine and make sure that the city and neighborhood is conducive to that. This is another question that your local Realtor will be able to help with. As local specialists they can let you in on the ins and outs of the city and what it has to offer.