Purchasing real estate is quite possibly the most challenging purchase you will ever make in your life. Certainly for most people this decision is one of the biggest because it carries with it such a long term economic impact upon their lives. Once you have opted to become a home buyer there is no turning back. You will have committed yourself to that property, and you might be there for a very long time so you should make sure that it is somewhere that you really want to live.
This of course brings me to my first point and it is something that I truly believe. Location, when you are buying a home, is everything. If you do not love your neighborhood you will never love your house for very long. I think some of the saddest words a person could say are “I hate where I live, but I love my house.” That is not an existence that anyone should be stuck with.
Yet that is what could happen if you are hasty with your purchasing decision. Keep in mind that selling a home is not always the easiest things to do, especially if you end up looking to sell not long after you made the purchase in the first. The market always has up and down swings and it is very likely that it will be a while before you are able to sell your home at a price that would allow you to pay the mortgage off.
The moral here is that you need to focus on location first when you are searching for a house. Everything else can follow after.
If you know where you would like your home to be located then you can start focusing in on those little details that will form the picture of what a perfect house is for you. So what is it that you are looking for? Probably the most popular size of home is a 3 bedroom 2 bath. In my people’s minds this fits the needs of the average sized family perfectly. However you will have to really look to see if this size of home is actually in your price range in your desired neighborhood.
If you look around and find that you cannot locate a house of this size in the place that you want to live. You have a few options. Stay within that area and look for a smaller home. A 2 bedroom 1 bath home is generally quite a bit cheaper than a 3 bedroom. Another option that you can look into is going a few blocks outside of your ideal neighborhood. Sometimes a few blocks move can make a very big difference in the purchase price. The final option you could look into is purchasing a fixer upper in your ideal neighborhood and putting in some sweat equity.
Whatever you choose to do you should never be hasty with your decision because it is a choice that you will be stuck with for a long time.
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