There are many factors to consider during the home buying process. After all, buying a home most likely will be the biggest purchase ever in your life.
1. How Much Can I Afford?
This question may seem to be the most obvious every potential homebuyer should ask. But, unfortunately, it’s not unheard of a person falling in with a house for sale without looking at their finances.
Although the home’s purchase price may be attractive, it’s essential to account for property taxes because they vary from neighborhood to neighborhood.
Typically, closing costs are between 2% to 5% of a house’s purchase price. So, for a home for sale at $250,000, the closing costs would be at least $5,000 ($250,000 x 0.02).
Usually, people sell their homes to upgrade to a bigger house or downsize because they are empty nesters. Another reason is their employer is relocating them to another city for work.
There is a charm with older homes. They are not typical cookie-cutter houses you find in new suburban areas.
Unfortunately, homes built decades old are not necessarily up to the house standards today.