5 questions to evaluate when purchasing Arizona real estate
Even though you think you have found the home of your dreams, it’s important to look at the overall picture and affirm you haven’t overlooked something that could be a costly pitfall. When purchasing Arizona real estate, here are 5 questions you should ask yourself before buying a new home:
1. Do I qualify?
Many first time homeowners will fall in love with an Arizona home, and then find out they don’t qualify for a 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, certain manufactured homes won’t qualify for a particular loan) Knowing how much you quaify at the beginning allows you to narrow your focus, saves time and makes you a more appealing buyer.
2. Is this the right neighborhood for me?
Evaluating certain neighborhoods before looking at Arizona real estate is crucial 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 you love a home, if the neighborhood doesn’t meet your quality of life expectations.
3. Can I afford it?
You may be qualified for the loan and can pay the mortgage, but there are other expenses that sometimes first-time homeowners fail to consider. Details you should analyze include: price fluctuations with property taxes, monthly utility costs, and condo or homeowners association dues. Failure to account for additional expenses can break the bank if you don’t plan for them.
4. Will my furniture fit?
There is nothing more disappointing that moving into a new home and discovering that your sofa is too big for the living room or your bedroom furniture won’t fit. When looking at Arizona real estate, always bring a tape measure and get the dimensions for 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 finds issues such as poor wiring, weak foundation, mold or termite damage, negotiate with the seller to see if they will fix the problems. If not, it’s probably wise to say goodbye and keep looking.
Tags: Arizona homes, arizona real estate, arizona realtor, buying homes, first time homeowners, Home Improvement, homes for sale
This entry was posted on Wednesday, February 24th, 2010 at 8:36 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.