No matter how much time you spend in the act of home buying, the decision comes down to choosing which house you really want. You can choose your home in a number of ways, from gut instinct (not recommended) to tallying up the pros and cons of an individual home. Here are some factors to consider during the home buying process.
Home Buying: Mortgage Costs and Financial Considerations
One of the biggest mistakes people make when home buying is purchasing more house than they can afford. This is easy to do unless you are aware homeowner’s costs include more than just the mortgage. Monthly costs include:
- Association, neighborhood or condo fees
- Electricity, water and other utilities
- Homeowners insurance
- Maintenance and repair costs
- Mortgage insurance (if needed)
- Mortgage payments
- Property taxes
It’s all too easy to overextend your finances trying to buy the “perfect” home. Be sure you can afford the home you choose. Your dreams shouldn’t exceed your finances.
The Basics: Structure, Design and Location
The structural integrity of the house is important in your home buying decision process. It may seem beautiful, but if it isn’t built to certain quality standards, home maintenance costs could cripple a new owner’s finances. From the moment you begin home buying, keep the houses’ structural soundness in mind.
Design and floor plans are also important when choosing a home. A poorly designed floor plan detracts from your enjoyment of a home. If an odd-shaped room or tiny kitchen drives you to distraction, maybe you should keep looking at homes until you find something that suits you better.
In you home buying journey, I recommend you visit a home 2-4 more times in a short period to work through any “deficiencies” that don’t sit well. Visit the home in the morning, mid-day and evening to see how it looks throughout the day. Light can do (good and bad) wonders when you spend time in a home.
Location is also critical. What are the pros and cons of a home’s location? Considerations include:
- Commuting distance
- Future development projects planned for the area
- Local crime
- Local economy
- Neighborhood age and cleanliness
- Neighborhood traffic noise
- Property values
- Proximity to shops, hospitals and schools
- Nearby traffic noise from cars, railways and airports
Evaluating Other Home Buying Pros and Cons
Once you’ve evaluated a home’s structural quality and other major pros and cons, the final decision often comes down to the little, yet critical, details.
Do you like the flooring, the windows, and the general feel of the home? Is there anything special about this house you haven’t seen elsewhere while looking at homes?
How long can you see yourself living in this house? What would you change about it if you could? Would you be able to afford those changes?
While it’s not advisable to make a gut decision about buying a house before checking major concerns, once you’ve determined a house is well-built and well-located, your final decision may be emotional.
At one level you’re deciding whether or not to buy a house – but you’re also deciding whether or not to make that house your home. And when you’ve considered all the pros and cons of home buying, whether or not a house feels like home is an important consideration.
This should not be a rush decision. Even in today’s high-demand real estate market. Don’t be pressured into making an abrupt decision. Ask for a day or so to sleep over it. Make sure you go visit it again. After all, beyond big emotions that can interfere with your home buying thought process, so can finances.
Parting thought: it’s easier to buy a home than it is to sell.
