Things to Consider When Buying a Home
Asking yourself these questions when looking at a listing or visiting a home can help you decide if a home is the right choice for your current situation—and for your future.
- How much have similar homes in the area sold for lately? Asking your agent to provide you with market research will help you determine the right offer to make.
- How long has this home been on the market? If a home has been listed for three weeks or longer, the asking price may be too high and the time might be right to negotiate.
- Will 8 out of 10 other buyers be interested in this home? You should always buy something that 80% of buyers after you will want to buy.
- Does this home look like other homes in the same neighborhood? Avoid buying a home that’s of a very different style. For example, a contemporary-style home in a neighborhood full of traditional homes may be harder to sell.
- Is this the best home on the street? If so, other homes may bring down the market value of your home.
- Is this home on a busy street? A home on a busy street will sell for a lower asking price than a home on a quiet street.
- Does this home have a “significant negative”—is it close to a major highway or cemetery, in a location with a poor school system or high crime rate, or does it lack a driveway or backyard? If it does, make sure to factor these “negatives” into your offer (and your resale value).