Three Things to Consider Before You Buy a Home

When buying a home, you may find it difficult to choose between two properties you like equally. To avoid feeling buyer's remorse, there are a few factors you may consider when making your choice.

Compare How Characteristics of Each Home Fit Your Needs

Take some time before looking at homes in person to figure out what characteristics are necessities, and which would be preferred but are optional. For example, if you have several children, you may be unwilling to compromise on the minimum number of bedrooms required, while the age of the kitchen might be less important as long as it’s in good repair.

Keep in mind that price range is only part of the equation. If you tell your agent in advance what specific requirements you have, it can expedite the search significantly. Landscaping, hardwood or carpeted floors, a finished basement and other amenities may be necessary for your desired lifestyle.

Check out the Neighborhood

So what if both homes fit your needs? Compare the communities to determine which one is a better fit. There are several factors you should consider, such as proximity to your office, how the school systems compare with surrounding areas and the crime rates of the neighborhood.

It could also be helpful to meet some of the neighbors and ask about their experiences living in the area. Polls and statistics can also tell you a great deal about a community, but speaking with the locals allows you to both learn more about the culture of the area and introduce yourself to your prospective new neighbors.

Consider the Future Value of the Home

Take into account your long-term goals. You may be looking for a starter house, or perhaps you are searching for a property where you can retire. If you plan to sell your home within a few years and other houses in the area are depreciating in real estate value, this may influence your decision. On the flip side, properties in some areas may be appreciating in value, which can be beneficial to your future plans.

If money is the deciding factor in purchasing a home, speak with your real estate agent about whether there is room for negotiations with the sellers of the two properties. You may get a better price with one seller over the other.