5 questions to consider when buying Arizona real estate
Posted by forexauthor - 11/03/10 at 08:03 pm
Even though you feel you may have found the perfect home, it’s vital to look at the big picture and make sure you haven’t overlooked anything that could be a potential pitfall. When buying Arizona real estate, here are 5 questions you should ask yourself before buying a new home:
1. Do I qualify for the loan?
Many inexperienced homeowners will swoon over a home and then discover they don’t qualify for the loan to purchase. Before looking at Arizona homes, talk with a mortgage broker FIRST and find out how much your down payment will be, the amount needed for closing costs and what type of home you are qualified to purchase. (for example, some lenders won’t give out loans for certain manufactured homes) Knowing how much you qualify for from the get-go allows you to focus on homes in your price range and it makes you more appealing to the seller.
2. Is this the right community for me?
Evaluating certain neighborhoods before looking at Arizona real estate is essential in the home buying process. Looking at neighborhood profiles can be done by the homeowner online or by a trusted Arizona realtor. Factors to consider are property taxes, commute time for work and errands, median age, and safety. It won’t matter how much a home is perfect for you, if the neighborhood has a poor quality of life.
3. Can I really afford this home?
The house many be in your price range and have an affordable mortgage payment, but there are additional expenses that can sometimes shock first-time homeowners. Details you should analyze include: price fluctuations with property taxes, monthly utility costs, and condo or homeowners association dues. Failure to budget for additional costs can break your bank if you don’t plan for them.
4. Will my furniture fit?
There is nothing worse than moving into your “dream home” and then discovering that your bed won’t fit in the bedroom, or your living room will now be overcrowded with furniture. When looking at Arizona homes, always measure the dimensions of each room. Comparing total square footage and visualizing how your furnishings will look in each room can keep you from spending money on new furniture that wasn’t planned for in your original budget.
5. Are there any major flaws with the home?
It’s extremely important for homeowners to have a home inspection before the close of the sale. Many homeowners let emotions override sensibility and miss infrastructure problems that can cause potential heartache in the long run. If the inspector discovers issues such as mold, water damage, poor wiring or a weak foundation, talk to the seller to see if they will fix the problem. If not, it’s probably best just to walk away.
