The Five Things To Consider When Buying A House
By: James William Smith | Posted: 09th November 2007
It will be a great party, I told myself, as I set up the makeshift dining room table. However, I did feel distracted from the task at hand, because the events of the last few weeks were still on my mind.
The process of buying a house can be a challenging experience for the first time buyer. However, I learned a great deal about purchasing a new home in the last several weeks. As I arranged the table, I silently recounted a list of the five things to consider when making an offer on a home.
1. Affordability: It would be wise to pre-qualify for a mortgage at a bank or mortgage company. Pre-qualification eliminates the guesswork about how much money you can spend on your new house. Review financing plans by comparing the advantages of adjustable rate mortgages and fixed rate mortgages.
2. Space Requirements: Determine needs as far as size of house and yard. Include requirements for bathrooms, bedrooms, and family working and living areas.
3. Location: Ask these questions to determine whether the house is in an appropriate location: Is the house located in a good, safe neighborhood? What are the property taxes? Is it located near a good school if children are a consideration. Where is the nearest hospital? Where is the nearest shopping? Is the house near a train or bus station if public transportation is necessary? How long is the daily commute to work from this location?
4. Age and Condition of the Home: Older houses may need more repair due to age, so look for telling signs of wear. Consider the age of important features of the home including the roof, electrical wiring, windows, heating system, and appliances. Look for the age and condition of all bathrooms and kitchens. Check the basement for indications of water. Consider when repairs or remodeling may need to occur and estimate what that work might cost.
5. The Offer: Before the offer is formalized, do some research. Ask these questions. What are comparable homes in the area selling for? What is the house currently assessed for? Is the asking price fair? Are there any special conditions attached to the sale that may be difficult to meet? The offer should be made conditional on a home inspection.
Having a list of these five things to consider prior to making an offer on a home made house hunting much easier for me during the last few weeks. The house closing meeting this morning meant that I have just become a homeowner.
Suddenly, the doorbell rang and I opened the front door. As my guests were arriving, the excitement hit me. My first house warming party was about to begin.
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James William Smith has worked in senior management positions for some of the largest financial services firms in the United States for the last twenty five years. He has also provided business consulting support for insurance organizations and start up businesses. Mr. Smith has a Bachelor of Science Degree from Boston College. He enjoys writing articles on political, national, and world events.
Visit his website at http://www.eworldvu.com
About the Author
Occupation: Consultant/Writer
James William Smith has worked in Senior management positions for some of the largest Financial Services firms in the United States for the last twenty five years. He has also provided business consulting support for insurance organizations and start up businesses. He has always been interested in writing and listening to different viewpoints on interesting topics.
Visit his website at
http://www.eworldvu.com.
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Tags: affordability, space requirements, guesswork, buying a house, dining room table, mortgage company, public transportation, fixed rate mortgages, adjustable rate mortgages, pre qualification, property taxes, first time buyer, electrical wiring, purchasing a new home, bus station, home 1, bathrooms and kitchens, nearest hospital