Emotional Control
Anyone who has ever bought a home remembers the wonderful feeling
of finding the right property and falling in love with it. It's an
indescribable mixture of comfort, excitement and dreams about to
come true. "Can we afford it? Will the sellers accept our
offer? How soon can we pick up the keys?" the excited buyers
ask. Great vibes are undoubtedly a good sign in deciding to purchase
a home. But you shouldn't let your emotions overrule a reasonable
assessment of whether a particular home really meets your needs.
Here are a few of the many rational questions you'll want to ask
yourself before you rush into a commitment to buy.
Price
Your lender says you can afford to buy the home you adore, but
are you comfortable with the monthly payments you'll be obligated to
make? Is the down payment within your means? Will you have enough
cash to pay transaction costs and moving expenses? If the house
needs major repairs, remodeling or redecorating can you save the
necessary funds within a reasonable time period?
Condition
Along with price, the condition of the home should be a top
consideration. Does the home need a new roof? Extensive upgrading of
the electrical wiring? New plumbing? Is the home disaster-ready
(e.g., bolted to the foundation in earthquake country)? A
fixer-upper home with lots of potential can be a great find or a
money pit. Will you be able to meet the financial challenges and
live with the mess and inconvenience while the home is being brought
up to your expectations?
Size and configuration
Is the house the right size for your needs and does it have the
right combination of bedrooms, bathrooms and other living areas? Is
that small closetless den really big enough for your child's
bedroom? Is one bathroom adequate and if not, what are the real
costs and headaches of adding a second one? Does the kitchen have
enough cupboard and countertop space? Is the garage wide enough and
deep enough for your vehicles? Will your piano really fit in that
alcove near the staircase?
Comfort
Does the house have a central heating system? A central
air-conditioning system? Are those climate controls important to
you? Are the windows large enough and positioned to create cross
ventilation? If the house has two stories, are you comfortable with
the idea of walking up and down stairs every day? Is there a
downstairs bathroom (and bedroom, if needed) for guests who can't
navigate the stairs?
Style
Is the design and architecture of the house too modern or too
traditional for your preferences in furniture and home furnishings?
Resale potential
People move to a new home every seven years, on average. If you
wanted to sell your home or were forced by unexpected circumstances
to sell it, how easy would it be to find a ready, willing and able
buyer?
Features
Some buyers fall in love with pricey home amenities that seem
attractive and desirable at the time, but later prove to be more
headache and less pleasure than the buyers anticipated. Do you
really want a swimming pool? High-maintenance ornamental trees?
Commercial-grade built-in kitchen appliances? Expensive hardwood
floors? Some homes are easier to visit than they are to own.
