Things to consider when purchasing a home

Purchasing a home is one of, if not the biggest, purchases you will make in your life. After all, you will be living in this home that you decide to purchase or you will be doing something with it. Many people forget that there are many different factors that go into purchasing a home. The first question to ask yourself should be why am I purchasing this home?

Either you’re purchasing your home to live in, rehab and sell (flip), or buy cheap and rent out. Once you figure out what your motivation is to buy, now you can narrow down your choices.

Let’s say you’re just buying to live in. Do you have children? Do you want a big yard or kitchen? Basement? Excellent landscaping? Good neighborhood? These are just a few inquiries you might need to address before you purchase a home.

If you’re buying to invest in real estate, you still should consider some of these questions. Some might not matter because you’re not living in the home per se, but you have to make sure that purchasing this home is a worthy investment.

Another important thing to remember is to inspect the house. Calling a property inspector, carpenter or any other qualified person might not be a bad idea just to verify you’re not getting shafted.

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Once you have narrowed in on the specifics of the home and you’re sure you’re not buying a lemon, the bidding war begins! Make sure to not go out of your price range when doing this though. Stay within your means, but you and your Realtor will work together to put you best offer on the table.

FYI, don’t forget!

Don’t forget to consider resale value of the home that you purchased. This is where research about the home, neighborhood, etc. could be very important. If you decide to move out of that home in the future, you have to make sure you will get a return on your investment.

Also, the closing process for real estate takes a little time. Make sure to plan ahead and expect about a few weeks or more per transaction.

Here is a video first-time home buyers should watch and consider when they eventually go through the home buying process:

https://www.youtube.com/watch?v=zFkXnuU2qew