For Sale by Owner News and Articles
Are You Buying the Wrong House?
Most people buy a home only infrequently and, consequently, they don't know why one home is priced higher or lower than another, why one home is actually worth more than another or whether a particular home is priced to sell or to flatter the seller. The best way to avoid over-paying for a home is to acquire market knowledge. Visit some open houses and compare them on the basis of price. Ask to see the "comps" before you make an offer. Did you remember visiting any of the recently sold homes on the comp sheet? If so, how do they compare to the one you're preparing to purchase?
Any well-priced home in good condition may be perfect for you and your family. But if you can't stand the neighborhood or will be moving a long distance away from your place of employment, your friends and your favorite shops, restaurants and community services, that mint-condition home might still not be right for you. Buying the wrong home in the right location is generally a lesser mistake than buying the right home in the wrong location.
Some buyers fall in love with pricey home amenities that seem attractive and desirable at the time, but later prove to be more headache and less pleasure than the buyers anticipated. Do you really want a swimming pool? High-maintenance ornamental trees? Commercial-grade built-in kitchen appliances? Expensive hardwood floors? Some homes are easier to visit than they are to own.
A traditional single-family house surrounded by other single-family houses in a predominantly residential neighborhood is the preferred living situation for many people. But a surprising number of for-sale homes are located next to multifamily buildings or commercial properties. Do you really want to live next to a large apartment complex? An office building? A fast-food restaurant? A mini mall? An elementary school? Maybe yes. Maybe no.
Some people rely primarily on their intellect and reason to make good decisions, while others are more intuitive. If your gut feelings are usually on target and you just simply don't feel comfortable in a home you're thinking of buying, you might want to reconsider - even if all else seems acceptable. Don't confuse bad vibes with the classic "buyer's remorse" syndrome, but do pay attention to a small inner voice telling you not to buy a particular home.
© Copyright Marcie Geffner. All Rights Reserved.
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