3 Questions To Ask Yourself Before Making An Offer On A Home
Posted on: 30 October 2017
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Making an offer on a home is a major move. If your offer is accepted, it could have an impact on your life for years to come. Therefore, it is important to take the time to determine if you are in the right position to buy a home. As a first-timer, you are likely anxious and excited about buying a home, but you should wait to make an offer until you have asked these questions.
What Is in Your Future?
Some first-timers are so focused on whether they can financially afford a home that they forget there are other considerations that should be made when determining if now is the time to buy. For instance, what you will be doing in the next five to six years matters.
If you are planning a move or want to expand your family, you might have to make some changes to your home-buying considerations. For instance, waiting until after the move is an ideal time to buy. If you want to grow your family, you might want to consider a larger home to avoid the need to move in a few years.
Is It the Right Neighborhood?
It can be easy to get excited about a home, but if it is in the wrong neighborhood, that excitement could wane quickly after moving in. Therefore, you need to take the time to research the neighborhood before you make an offer on a home for sale.
In assessing the neighborhood, think about the things that matter to you. For instance, do need a home that is close to public transportation? Is being located near a gym important? Whatever your wants and needs, make sure the neighborhood has at least some of them before you move forward.
Is the Listing Price Reasonable?
The listing price of a home is sometimes not what it is worth. If the price is too much, your lender could refuse to provide the funds needed to buy it. Even if the lender does agree to the purchase, the resale value might not be enough to make it a worthy investment.
There are several factors that you should consider before deciding if you want to make an offer that is at, below, or over the listing price. For instance, how much did the seller originally pay for it? What are comparable homes in the area selling for?
A real estate agent can be important in determining what other questions you need to ask before making your offer on a home.