Deciding To Buy
Buying a house is an exciting undertaking that can be stressful at times. Its important to realize that within the real estate cycle of buying, owning, and selling it is during the buying process that you have the most control over the overall financial success of your property. The key to a successful purchase is knowledge and patience.
What are my needs?
Before you start your search take a minute to write down what exactly you need out of your new home. Then take this exercise a step further a prioritize those needs. When you’ve completed this jump on a computer and take a look at properties that match those needs in the area you’re searching in and determine if your expectations are in line with the resources available to you for the purchase of your home. Common needs to consider:
- School District
- Budget Constraints
- Amenities Available
- Special Needs for Children, Elderly, or Disabled
- Maintenance Requirements
When should I buy?
Almost all real estate markets operate in cycles that can be either advantageous or disadvantageous to buyers. If your motives allow for a flexible timeline you should definitely take advantage of these cycles. However, if your motives constrain your options you should look for ways to mitigate effects of buying during disadvantageous periods-we have experience helping with this.
What are the current market conditions?
Understanding the current local market is important as it will give you information the will affect your purchasing strategy and transition planning. Information like:
- Pricing Information
- Property Features
- Community Amenities Available
- Financing Considerations
- Market Norms for Transaction Terms
How can I optimize my financial situation?
For many people selling or buying a home is the largest financial transaction you will ever make involving hundreds of thousands of dollars. It definitely makes sense to think about the short term and long term impacts of this transaction. Things to consider include:
- Estimated Amount Due at Closing (to include down payment and other costs)
- Timing of Availability of Funds
- Tax Consequences
- Estate Planning Concerns