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Crucial Factors When Buying Real Estate
by Tim Richmond

Buying real estate is a big deal. A piece of property is likely the most significant financial investment that people will make, and because of this, care must be taken to ensure that the right decision is made. Financial ramifications are not the only issue that potential homeowners should consider when stopping by the local open house. Below I list the top components of homeownership to consider when considering the acquisition of real estate.


1. Finances

It can’t be ignored that finances are a crucial part of buying property. Do you have enough money for a down payment? Do you have the right credit? Your bank will help you with this part of the process, but it is important to understand the complexity of real estate finances. Not only is it a huge investment financially, but it is a large commitment with regards to your personal budget. Will you have to alter your lifestyle? Are your children going to be in college soon? Be sure to consider all aspects of how the new acquisition will affect your bank account.

Golden advice: Money is important when buying a house. Be sure to work with not only your bank, but yourself, when deciding if your finances are sound enough to purchase real estate. It will pay off later and make life much easier on you.


2. Job security

Income is often an underrated factor in buying a house, and job security is directly linked to income. How stable does your job feel? Even if you feel good about it, how stable is the company in the market? Do you anticipate having that job or a job with similar pay five years down the road? These are questions that are nearly impossible for anyone to answer, but they are issues that must be analyzed. A mortgage is a serious matter, and one that requires constant payment and monetary maintenance. Aside from mortgage, there are many other expenses like property tax that come along with real estate ownership. It can be done, but be sure to consider your job both in the present and future.

Golden advice: A job provides you with the ability to pay a mortgage and to cover any other expenses related to the property (often many that are unexpected). Be sure to self-reflect and take a hard look at your job, both in the present and future.


3. Location

Buying real estate differs from renting in the obvious way that ownership is more permanent. You can always sell a house, but it’s a bigger deal than breaking a lease. You like the location of your potential home, but how ideal is it for your current or future family? How advanced is the school system? How is the safety? Is it easy to travel to and from? Does the location offer the activities that you and your close ones enjoy? Your satisfaction with the city or town you have chosen is just as important as the property.

Golden advice: The physical location where you live will be a place you spend a lot of time. It’s important to understand and appreciate the privilege of choosing where to buy real estate. Talk with your family and gauge the comfort level of the new area you might reside within. Visualize yourself in the setting, and go with your gut instinct.


4. Property

The physical property you are considering should be of value to you as a buyer. How well is it built? When was it built? When was the roof replaced? Are the wood floors refinished? Real estate is an industry where a homebuyer should never have to settle on a price. The price range of a house is too monumental to get the short end of the stick. There are too many houses on the market to settle and feel like you are throwing an extra $50,000 on the table. Make sure everything is in order, and updated, in the property you are assessing. Take your time, and realize that as the buyer you have the leverage.

Golden advice: You are the one offering the money, and with real estate the margin is too costly to be casual. Pick your spots, and make sure the value you are paying equates with the product you are getting in return.


Takeaway

Buying a house is a key component of the American Dream. Make sure you enjoy yourself, but at the same time consider all aspects of your decision. Buying a house is a situation that deserves your full attention. Staying confident and not cutting yourself short will pay off in the long run, and help you lead a more relaxed life.


About the Author:

Tim Richmond writes about the mortgage industry, real estate, green building, personal finance and home ownership. He currently writes for the Native American mortgage specialists 1st Tribal Lending.

Tim Richmond 2013 – All Rights Reserved


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