Arizona Real Estate, US Real Estate

Rushing into a house purchase is all too common. As with romantic relationships, it’s easy to get swept away by emotion. Once you realize you’ve fallen in love with the wrong house, it may be too late! The consequences of a bad decision range from buyer’s remorse to foreclosure. When buying a home, avoid costly mistakes by using logic.

Before looking at a single house, know whether you’re buying a house or a home. Will this be a place in which to raise a family? Is the purpose of buying a house primarily as an investment?

Know what you can comfortably afford. Please note – this is not the same as how much you can borrow! Factor in a reasonable cushion for unforeseen maintenance and other expenses.

Assess your actual needs versus optional wants. Knowing the difference is a key step toward buying a home based on logic. In addition, also determine your deal-breakers. Know ahead of time where you are able and willing to compromise.

Think about amenities in advance. For instance, do you have the extra time and money required for pool or hot-tub maintenance? Don’t even look at houses with amenities that are impractical based on your lifestyle or economic circumstances.

Consider your skills and interest in home maintenance and repair. Unless you can easily afford to pay to have the work done, or are confident in your ability to do the work yourself, do not consider a home in need of even minor renovation.

Based on your needs, wants, and deal-breakers, create a rating sheet with which to compare houses. This helps you when viewing homes and also gives direction to the real estate agent so as not to waste valuable time. Refuse to see homes that do not meet your criteria. If the agent is not respectful of your budget or specifications, find a different agent.

When viewing homes, do not take the agent’s or seller’s word on questions of permits or zoning. For instance, if you intend to do renovations or operate a home-based business, contact the proper local authorities regarding applicable regulations or permit requirements.

Hire an independent home inspector to assess any house under serious consideration. Talk to the inspector about both current and potential problems.

Finally, have patience with the process. If you’ve done your homework and you’re proceeding logically, the right home is out there just waiting to be found.