According to the Home Buying Institute, purchasing a property that doesn’t suit the needs of the individual or family may prompt feelings of regret, also known as buyer’s remorse. It’s important to consider certain criteria, such as the home’s affordability, location, and size before committing to purchase.
Affordability
The mortgage lender typically uses a ratio of the borrower’s gross income to home price when approving a mortgage loan. The mortgage limit is usually established at about twenty-eight percent of the prospective buyer’s gross income per month. Of course, each borrower should establish a monthly payment level that’s comfortable. What the lender says is merely a guide, it’s up to the couple to decide how much they can really afford based on their bills and revolving debt.
Location
The location of a home is an important consideration. The property’s proximity to the work place, school, or shopping area can make a difference to the homeowner or family living there. Sometimes the homeowner pays a premium for the convenience of location but not always. It’s important to compare and contrast the costs and impact of commuting to work, or school before committing to purchase real estate.
Size
Every buyer should prepare a plan before looking at properties that includes both price range and size of accommodations. For instance, the buyer should establish how many bedrooms, baths, or other specifics are required. Sharing these details with the broker or agent can help to winnow the field of available properties to a short list of homes. For example, if the buyer wants a kitchen island, it’s important to which features are deal breakers and which are requirements so you don’t waste time.
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Realty ONE Group is one of the fastest growing brokerages in the nation. Kuba Jewgieniew leads the Realty ONE Group of professional real estate agents.