5 things you don’t want to ignore when buying a home

So you don’t regret your decision down the road

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Buying a home is a huge financial decision. According to multiple sources, most likely it will be the biggest purchase you will make in your lifetime. To make matters more complicated, buying a home comes attached with a lot of emotions. And if there is something you have learned about dating, is that emotions tend to take over and ignore facts. So not only are you buying the most expensive thing so far, but you are also doing it while extremely vulnerable. 

I’m not saying you should ignore your emotions entirely. After all, emotions are a powerful driver to accomplish great tasks. But focusing on these 5 things when buying a home will keep your emotions in check and will ensure you are making a smart financial decision.

1. Pay attention to the price.

Sure, the beautiful kitchen counters look like they were taken out of a magazine. But more important than the granite countertops and huge shower is this question: ‘is this house in my price range?’

Of course its easy to rationalize the high price with that beautiful bathroom, but a house that is out of your price range looses its glitter real quick.

Remember that your home should be the place where you feel safe and at peace. A house that is out of your price range will leave you in a position where you are in a constant state of stress. 

As a general rule, you should have room to save and invest after your monthly mortgage payment. 

Remember that what you can afford is not always the same as what you get approved for. 

Just because you get approved for a $400,000 house does not mean you must look for a $400,000 property.

What you can afford is related to your monthly income.

If you want to find out what you can afford, I have a free guide that will guide you through the process. Scroll towards the end of this post to find and download it.

2. Developments.

Finding a house in a good developing area is good for two reasons: Appreciation and access.

The more great projects are being built nearby, the more value your property is going to gain. Yes, you should see your house as a long term investment. 

Make sure there is room for the property to grow in value. Generally speaking, houses under construction are usually a good sign. But remember, construction is not synonymous with an optimal area. It would be a little weird for a commercial area to be built and your house to be in the middle of it.

When it comes to access, most people don’t want to drive too far for their jobs, schools, and stores. You don’t have to live next to a business, but it’s best that important places are easy to get to. Other advantages include nearby libraries, parks, and public transportation.

3. School district

Obviously a good school district is important if you plan to send your children to

school. But even if you don’t plan on sending your kids to school, choosing a location with a good school district means you can get more money for your house when you sell it. Most states provide school district information online. So take the time to educate yourself about school districts.

4. Size of the homes around you.

Generally speaking, buying the largest house in the neighborhood will present you with some challenges down the road. It will be more difficult to sell in the future and won’t increase in value as much as the other smaller houses nearby.

Yes, I know it’s tempting to own the largest house in the street. But buying a small house in a good area is better than owning the largest house in a bad area.

So always think about buying a house that will substantially increase in value. 

Investors often look for the worst house in the best area. I’m not telling you to look for an ugly house. What I do suggest is that you don’t fall for a house just because it’s the biggest. Your chances of spending your money wisely are greater by buying a smaller house in a good area. 

5. Build quality

Build quality is one of the things that can be overlooked if you fall in love with a house. This one is tricky because the build quality of a house can easily be covered up, and without a trained eye, it’s hard to notice red flags.

This is one of the reasons I highly recommend working with a real estate agent. A real estate agent doesn’t have the emotional attachment to a house that you have; therefore they are able to really look into the build quality of a house and point it out more easily.

Remember, the build quality of a house it’s not only what meets the eye. What’s hidden behind the walls is equally as important.

So make sure your real estate agent informs you of the quality of the home and make sure you order an inspection prior to closing.

A poorly built home will become a pain in the butt for years to come. Remember, you have the ability to walk away.

Conclusion.

Buying a house it’s like dating. It’s ok to daydream and being take over by emotions, as long as those emotions don’t take over your decisions. Having a good realtor by your side that can keep your emotions in check is a huge advantage. So be patient, have a good realtor by your side, and make sure your house is a great purchase you will be proud for having.

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Flor Ibarra

Dallas-Fort Worth Realtor

I help families and investors in north Texas find and sell their properties.

Are you a first time homebuyer?

I have a free guide that will help you navigate the process

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