Items to Consider
Knowledge of Your Investment
Buying a home is an investment. For some it may be the most
important investment they will ever make. Make sure you have the knowledge to
keep from making a bad investment. The internet is loaded with information. Use
it. You will have knowledge and knowledge is power.
Try Not To Outsmart Yourself
Trying to time the market or buying something that may sell
later because of some notion that may exist now is foolish. Try to buy what fits
your family. After all, that's who is going to live there.
Location, Timing, Price
The old mantra of location, location, location is not the
golden rule. The order of those three criteria is important. They represent the
market. Your home should be in the correct location, no landfill or sewerage
disposal site, or other less obvious detriments nearby. Check the traffic flow, noise, odors and
sights.
Curb Appeal vs. Floor Plan
Don't fall in love with either without considering the other.
Make sure the floor plan suits your needs and you feel good about coming
home.
Research the Builder
There are builders and there are butchers. Make sure you have
the right one. Check with neighbors for their experiences. It could make a big
difference.
No Surprises
Get the house inspected by a professional. Get an insurance
guarantee policy to cover undiscovered problems.
Patience Is a Virtue
Haste makes waste. Buy in a rush then regret at your leisure.
Take your time to buy what you want when you want. It is a most important
decision.
Consider the Flow
How does your family live? Will that be compatible with the
layout of the home?
Will one bathroom for four bedrooms on one floor be enough?
Will the playroom be too noisy for the other areas?
Market Timing
Waiting for interest rates to drop, prices to go lower, the
perfect home in the perfect neighborhood? You'll never get in a home. Hindsight
is 20-20. It's the future that is hard to see.
Financial Implications
Not buying a home means not having the tax deduction. You
also miss out on potential equity increases. You are also subject to the
landlord's whims, like rent increases.