Anyone who has bought or rented a home has likely known or was told, “Don’t commit to more than you can afford.” Ask anyone who spent too much on a house, at the market peak, only to lose it to foreclosure.
Proximity typically is the most important factor. You can change much about how the home functions and looks after your purchase but you can’t change the location of the lot on which it is built. Plus, a well-placed home will buy you more free time which can be priceless to a busy family.
Look for any hidden costs. Perhaps your “must have” is a large yard. Is it worth the upkeep? Many kids today engage in activities away from home. Ask yourself, is it what you want or is it someone telling you what you want? It is easy to go with the flow.
Focus on meeting your needs. Don’t worry too much now about the resale value. Worry about the next owner later. Focus on the needs. Will it be enough space for your family a few years down the road? Will you have to move if your family grows or receive a job transfer? It is easy to push the limit. While a lot of people are probably smarter today about staying within their means after the recent housing bust, it’s still easy to get swept up, especially if you qualify for a larger mortgage than you thought you would.
Buying a home is a balancing act among function, cost, and delight. A house is not a home if you can’t easily live in it and make the payments or you don’t like living there. Please keep in mind, there is no such thing as a perfect house, at the perfect price, in the perfect place. Focus on your needs from the start. That way you’re not wasting time seeing homes that are too expensive or just don’t fit your desires. Don’t rule out renting either. Homeownership is not a given, determine your needs first.
If you have questions regarding this and/or other real estate matters, contact Mike Mason, Broker/Owner of Mason Real Estate DRE: 01483044, Board of Director of your Southwest Riverside County Association of Realtors® (SRCAR), Short Sale & Foreclosure Resource certified by National Association of Realtors® (NAR) at [email protected] or (951) 296-8887.