There’s no such thing as an inexpensive house. Even the most affordable fixer-upper on the market costs more money than most of us can manage without taking out a loan. It’s not surprising, then, that a buyer would want to make sure the price they’re paying is warranted. Before you make a purchase you end up regretting, ask yourself the following four questions:
Can You Afford It Now & Later?
Before you begin worrying about if a home is worth its listing price, it’s worth considering if you can afford it in the first place. And not just now, but for the foreseeable future. Buying a home requires both time and money. In addition to a percentage-based down payment, you’ll also have to take into account mortgage payments, interest rates, utility bills, maintenance costs, taxes, insurance, and more. Using an online house payment calculator can help you get a better idea of what you can afford.
Does It Meet All Your Needs?
There are two different ways of looking at value when it comes to buying a house. The first involves a property’s value on the real estate market. We’ll get to that in a second. For now, though, you should think about the second way of looking at value, which is how worthwhile a property is to you personally. Simply put, it doesn’t matter how cheap or expensive a home is, nor how luxurious or plain. If it doesn’t meet your specific needs then it’s not worth any price.
What Do Similar Homes Cost?
Now that we’ve got the topic of subjective value out of the way, let’s move onto the matter of objective value. Determining if a home is really worth the price it’s listed is surprisingly easy sometimes. The quickest way to get an idea of what a property’s listing price should be is to compare it with the listing price of other homes in the region, especially those of similar age, condition, size, and amenities. If the house you’re looking at is more expensive than another home just like it, why not buy that one instead?
What Are the Experts Saying?
Unless you’re in the real estate business, chances are home valuation is something of a mystery to you. Luckily, you have plenty of experts at your disposal. You may want to think about hiring a professional appraiser to inspect a property you’re thinking about purchasing and have them give you their opinion. Alternatively, most banks and other lenders will hire an appraiser of their own when deciding whether or not to approve your mortgage. You might also want to ask your realtor or your attorney.
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