When it comes to purchasing a home, do you know what is a good deal? Is it just the price or the size of the home that you are considering? Sometimes, what we think are good deals in real estate, are not good deals at all. In fact, they can be a real money pit.
Let's think about what is considered a good deal in real estate when buying a home.
Price - too many times people rush to buy a home because they believe that the price is right and the purchase is a good deal. This may not be the case. When ascertaining whether the price is fair, consider the condition of the home. Make sure that an appraisal and an inspection is done to determine this. See what houses are going for in the same neighborhood. The appraisal will tell you what the same type of homes sold for in the same immediate area. The inspection will tell you how much work and repairs need to be done on the home. It may not be such a good deal after all when these things are taken into consideration. With the over abundance of foreclosures, short sales and regular priced homes on the market, prices will vary tremendously. A lot of thought and consideration needs to be put into this area.
Size - the decision on the size of the home needed is an individual preference. Too much house will most likely cost more per square foot. Take into consideration that more house is going to cost more in heating and cooling, in real estate taxes and maintenance. In the end, it may not be such a good deal after all.
Location - a perfect house in the perfect location is what everyone strives for. It is no longer perfect when the ride to work or school is too long. Consider the location in regards to your workplace, schools and shopping when choosing a home. The cost of gas and maintenance of vehicles may change a good deal into a bad decision.
A lot of homework and time needs to be put into determining whether a home is a good deal or not. The pros and cons of each home that is considered need to be addressed. Only then will you, the buyer, be in the best position possible to pick a good deal and pursue the purchase.