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.