Everywhere you go, you hear people say that it’s a “buyer’s market”.  But before you grab your checkbook and start purchasing properties, there are a few important factors to consider.  Whether you are a first time home buyer or this is your second home, here are three essential steps to consider before you buy a house.

  • Location!

It sounds cliché, but where you purchase is extremely important and should mirror your values.  Do you need to be near work?  How about near a good school district for your children?  Need to live near the college campus?  Also, take the time to research the crime rate in potential neighborhoods you are considering so you won’t be afraid to take out your trash!

  • Can I really afford this?

 Why would anyone buy something they couldn’t afford?  It seems like a silly question, yet here we are in the largest debt crisis the United States has ever seen!  A large cause of the problem comes from people who purchased homes they could not afford.  When you are excited to buy a home, it is easy to forget the bottom line of what you are truly paying each month.  Consider factors such as utilities and home maintenance costs.  Found a home you like? Research previous utility costs and when the last time major items (air conditioning, plumbing, etc.) were serviced.

There are pros and cons to buying a new or resale home.  If you plan to resell your house in the future and have the resources to invest, consider a foreclosed or a short sale home that needs a little TLC.  If you do not want a fixer upper there are many brand new homes available that have affordable price plans and amenities to consider.

In this buyer’s market, it pays to be equipped with knowledge so that you make the best house purchasing decisions.  Remember to research your location, find out the bottom line, and weigh your options to buy new or a resale.  Before you know it, you’ll be living on easy street in your fabulous house!

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