What Constitutes a "Good Buy?"
It doesn’t matter if you are a first time homebuyer or buying your twelfth investment property; you probably question if you are involved in a “good buy.” Here are a few topics that could help you determine if you are headed down a stable path.
Within Your Means – Did you buy within your means or did your budget become a gray area? Often, people buy well outside their means because they find the “perfect” home. However, in doing this, they mistakenly set themselves up for failure in not being able to either repay the loan or afford the day-to-day maintenance and upkeep of the property.
Weighed Your Options – It can be easy to go after something shiny and bright before weighing your options against other opportunities. But take a look around, be picky, and really weigh your options before finalizing anything. Often times, you will see something new that could change your opinion.
Took the Appropriate Route – Did you get all the tests and inspections necessary? By following the appropriate process, you are setting yourself up for success further down the road. Skipping inspections could mean more money or hassle for you after you acquire the property.
Well-Informed Decision – We all like to think we consistently make well-informed decisions. But in the heat of the moment and during stressful times, sometimes we think more with our hearts and emotions than our minds. It is important to carefully determine the pros and cons of each potential decision. Also, be sure to talk to a housing or mortgage professional for expert tips, advice, and information to be sure you have all the knowledge you can when finalizing your decision.
If these four items were on your radar throughout the process, the chances are you grabbed a “good buy.” There is no one home that depicts the “perfect” buy as we are unique and have different wants and needs. But if you are able to keep these thing in mind when trekking through the process, you will likely come out ahead of the game and happy with your choice later down the line.