There is absolutely no denying the fact that buying a home is a BIG deal. We want to help you make the decision that is right for you, and guide you through every step along the way. Whether you’re a first-time home buyer, or a seasoned expert in this industry, it never hurts to refresh yourself on some of the most important things to consider when making this decision.
Provided below is a guide to help you get there:
Buying or Renting?
Every child dreams of what it will be like when they finally move out on their own and make their first home purchase. The biggest question that most of us neglect to ask is -- when is it truly the right time? You want to make sure that you are financially, emotionally, and mentally prepared for everything that comes with buying a new home.
Try to envision what the next five to ten years are going to look like for you and consider the length of time you actually plan to live in your home. If you are only planning to live there for a few years, then buying might not be the most cost effective decision to make.
Another thing to consider is what your finances are going to look like, and if you have the financial room for unexpected expenses. Most people can handle their monthly mortgage and utility payments without any issue, but the real thing to consider is what happens when unexpected damages occur to your home -- and if you are going to be able to cover these costs.
Stay Within Budget
You might get approved for a $400,000 loan, but that doesn’t necessarily mean you HAVE to buy a home at that price point. Before making a firm decision on how much you want to invest, consider all of the taxes, closing costs, insurance, monthly bills, and any repairs that will need to be made in order to successfully purchase your home.
Become Familiar With the Neighborhood
If you are from the area in which you are looking to buy, then this section might be easy for you. However, it never hurts to become more familiar with your surroundings, and make sure that the area is right for you. If you are looking to buy in Anchorage for example, there are a ton of different neighborhoods that offer a variety of different amenities and conveniences -- and some of them might be more appealing to you than others. Make yourself aware of the place you want to live, and some of the amenities you need to have close to home before making that decision.
Consider the “Long-Term”
The housing market is constantly changing, but the location and overall appearance of your home will not. The most common mistake people make is thinking that they will get a huge return on their investment when they turn around to sell in a few years -- but that is not always the case. Make sure that you really love the home you choose to buy, and it's a place you could see yourself living for a long time. Thinking about the long-term will make you much happier with your final decision -- even if you don't see a dramatic increase in your home's appreciation if you decide to sell later on.
Understand Your “Must Haves”
Getting a good idea of what you need to have in a prospective home is the key to finding something that is perfect for you. One of the best things you can do before you really start to look at houses is make a list of your “must haves.” Write down every feature that you would like to have, and put a star next to the items you absolutely cannot live without.
There is no worse feeling than walking into a home that ends up being a disappointment. Making your “must have” checklist will help your Realtor narrow down the homes to show, and it will give you a better understanding of exactly what you’re looking for.
Don't Let Your Emotions Control You
Buying a home is very rewarding, but can also be very stressful, and you don’t want your feelings to cloud your judgements when making such a big decision. If you let emotions control your decisions, you might end up looking over costly problems or overpaying for your home.
Some things you can do to avoid clouding your judgement are:
Pick the right Realtor
Trust your Realtors input
Prioritize your needs
Be logical with negotiating
Remember that the seller of the home might be emotional too
At Precision Home Group, we take the necessary measures to ensure that you have everything you need to be successful in buying your home. You want to be happy with your purchase, and we want you to be as informed as possible before making that decision. The most important thing in this industry is you -- and your satisfaction is our top priority.
Precision Home Group is based in Anchorage, and provides real estate services to Southcentral Alaska. We will keep you informed on current trends and market dynamics to help you make the best informed decision. If you are interested in purchasing a home, get in touch with our experienced real estate agents! Our team of experts will negotiate great deals for your home and help you navigate the buying or selling process every step of the way. If you are looking to get into a property that makes sense, or need help analyzing a potential property, reach out at 907-302-1011 or email at email@example.com.
Properties in Anchorage
Posted by Matthew Lindsay on