We all make mistakes sometimes that we regret. One time I spent a little more money on my hair getting highlighted. Although it looked fine, because of the length of my hair, it only lasted a few weeks until I got my next haircut. Some decisions can cause much more significant regret. When you get a home you don’t like for whatever reason; it can cost you much more anguish. Before you buy a house, make sure you are doing the right amount of research. If you don’t, you could be in a house too long that you couldn’t afford, or one that doesn’t work for your family. Here are a few things you should know before buying a new home.
Only buy as much home as you need
Buying as much as you need depends on your family. If you have a small family, you might not need 5 or 6 bedrooms, with three bathrooms and a large kitchen. What should be necessary for you and your family is buying a home that is the right price for you and your family? A general rule of thumb is to pay about 28% of your monthly gross income. Another rule to consider is that one partner’s income should be able to cover the mortgage. If one partner lost their job, you should be able to cover the cost of the mortgage comfortably.
Plan to live in your First Home for Several Years
When you buy a home, make sure to view it as a long-term investment. Although most homes are a good investment and do increase over time, not all areas or time periods are a good investment. If you are counting on a quick turnaround, the economy could crash, and you could end up underwater. Always plan on living in your home for at least a few years, and putting some equity into it.
Negotiation is a big part of the home buying and selling process. Depending on many factors, a listing price is not always accurate. In fact, most sellers will list an amount a little higher so they can make room for negotiation. You may find that a home is a little high, but with talks, a seller may be willing to settle for a lower price. An inspection may turn up with some massive problems that you should negotiate as well. Don’t be afraid to negotiate a lower price if you don’t feel comfortable with certain aspects of a house.
Don’t Be Afraid to Walk Away
There may be a handful of things that give you pause when it comes to buying a house. If you feel like a house is wrong for any reason, there are always clauses that allow you out of a sale. Whether it is the inspection, or appraisal or the price being too high, there are times within the home buying process when you can walk away, even if you lose your earnest money. It is better to lose the earnest money than to be stuck with a house you don’t love or can’t afford.
Don’t be stuck with regret. Make sure you love your home and remember that this house will be something you will live in for years. Make sure it is something that will make you feel at home.