For most people, purchasing a home is the biggest monetary commitment one makes. Investing in a property that makes financial sense and meets your essential requirements is crucial. Unfortunately, budgetary restraints and other unforeseen situations, including losing out in a multiple-offer situation or unsatisfactory inspection reports, can force a buyer to settle for something other than what he/she desires. Not acquiring one’s dream home doesn’t mean you should settle for a nightmare instead. According to Texas Association of REALTORS®, here are three perils to bypass before you say “I do” to your next home.
1. Inspect for signs that determine the quality of a home. Excitement sets in as you walk through the house you are considering buying. On the surface, everything looks great. The seller has gone through the trouble of adding a master bedroom addition complete with a sitting area. They updated the kitchen and bathrooms. Just because everything looks new doesn’t mean it was done properly. It could equate to putting “lipstick on a pig.” By taking emotion out of the equation, do your research and ask the right questions. Was the addition permitted? Will the seller’s DIY shortcuts eventually cost you more money to fix?
This is why it is necessary to have a home inspection—even if the property is sold “as is.” You will have the satisfaction of knowing what you are investing in, so you won’t be unpleasantly surprised when preventable mishaps occur. Yes, you might have to pay a little more for quality, but by settling for a lower-quality home, you end up spending more in the long run than you saved.
2. Determine the type of house that fits your lifestyle, and stand your ground. Even more important than the look of the house is the particular type of property you choose. Sometimes, people purchase homes that simply don’t suite their needs.
Are you an individual or a busy, young couple who prefer a residence where you don’t have to bother with exterior maintenance and offers just enough room to live comfortably? Then, consider a condominium or townhouse. Prefer to take care of the exterior yourself and forgo the monthly homeowner’s association fees usually associated with condo life? Or does your must-have include a sizable yard young children can play in? Then a detached home is ideal. To make the best choice, consider the type of the house you can live in comfortably for at least seven years and plan accordingly.
3. If it’s all about location, location, location, don’t settle for a home not within those parameters. It is understandable that you prefer to look in areas that make your morning commute bearable. Or if you have children, you might opt to live in a city with an academically-recognized school district. A location might also make it convenient for family get-togethers. No matter why you choose a specific area, keep that in the forefront during your home search. You can always upgrade the home, but it is much harder to pick up and move it.