Buying a home is one of the largest purchases you’ll make in your lifetime and it could ultimately become a life-altering event. It’s normal for you to be nervous and everyone has some sort of buyer’s remorse, but it’s too late after you sign on the dotted line, so put some thought into your decision before you start your search.
The expression “house rich, cash poor” means that you have spent so much on your monthly mortgage payment that you are too broke to do anything else. Just because a bank tells you they can approve you for a certain number doesn’t mean you have to spend it all. Most people who have been renting usually have to give something up after they purchase a home such as dinners out, new cloths and even the family vacation. Find your comfort zone on a monthly payment and work with your loan officer and real estate broker to stay within this budget. And keep in mind unforeseen circumstances like the furnace going out for example.
One question I hear from buyers on a daily basis is, “Can I sell it in a year for a profit?” Unless you are a professional flipper, don’t expect to make a profit that quickly. Bottom line, homeownership is a lifelong experience and a buyer should never expect to make a quick buck. Is the home you are purchasing right for you and your family? Can you grow into it or will you outgrow the home soon? The average homeowner will live in their residence for 5 to 7 years. Can you make it that long in the home you are thinking about buying?
Obviously, the location of the home you are buying will be based on your budget. You can’t expect to live in a million-dollar neighborhood for $100,000, right? Make sure you are happy with the areas you are searching in, though. Write down any negatives you see and determine if they can easily be overcome, keeping in mind that you will need to possibly overcome the same obstacles when the time comes to sell. How long will it take you to get to work each morning may be a personal obstacle for you, but the train station being miles away could may be a big deal for the next buyer.
Unless you’re Donald Trump, who buys and sells real estate on a daily basis, you will have doubts in your mind throughout the process. Have no fear, this is normal. You should never rush into purchasing a property. Should you decide to move forward with the purchase, move forward with an action plan and be surrounded by the proper Real Estate professionals!
To contact me, call 847-292-4700, e-mail firstname.lastname@example.org or visit http://zerillorealty.yolasite.com.