Becoming selective when purchasing a home - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Becoming selective when purchasing a home

Start by making a list of your home-buying wants and needs, and rank them in order. Then, decide where you're willing to trade off. © istockphoto.com/Justin Horrocks Start by making a list of your home-buying wants and needs, and rank them in order. Then, decide where you're willing to trade off. © istockphoto.com/Justin Horrocks
By Jim Sulski, Studio One Networks

Worried about the possibility of rising mortgage rates, a couple decided to end their home search by choosing a house from among three prospective candidates they had looked at.

They chose a modest wood-framed two-story home. While the house was conveniently close to a school, it lacked the big backyard and the two-car garage they had hoped for. It had other shortcomings as well.

Because they focused on the mortgage interest rate, the couple was less selective with their home purchase, a decision that would haunt them over the years as each shortcoming became more glaring. It would also fuel their buyer's remorse.

Being selective when purchasing a house isn't a bad thing - although it can get out of control. But how far should you go?

Start by making a list of your home-buying wants and needs, and rank them in order. Then, decide where you're willing to trade off.

For example, if you have children, being near schools and parks may be more important than being close to restaurants and shops. On the other hand, there are neighborhoods where homes are near both schools and commercial districts.

Other parameters to consider include proximity to your job, public transportation, and cultural and recreational opportunities. And then there's the type of home you would prefer: Are you hoping for an older home with historical charm on a more urban street, or a newer home at the end of a cul-de-sac? And how many bedrooms and bathrooms do you need? Also consider the value of the home and how much it may appreciate.

And then there's price. Getting pre-approved for your home loan at the start of your search should give you an idea of what you can spend on a house.

Finally, don't be pressured into a decision by your real estate agent. Tell your agent clearly not only why a particular house may not be right, but also how close it is to the mark.

But don't be too picky. There is no such thing as a true dream home. If you're willing to compromise and give up a few items on your priority checklist, you'll find a house that suits you and your budget.

Copyright (c) 2008 Studio One Networks. All rights reserved.

*DISCLAIMER*: The information contained in or provided through this site section is intended for general consumer understanding and education only and is not intended to be and is not a substitute for professional advice. Use of this site section and any information contained on or provided through this site section is at your own risk and any information contained on or provided through this site section is provided on an "as is" basis without any representations or warranties.
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact News Director Dan Schillinger at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.