08 Jun Be careful out there, ‘Value’ is not the same as cheap, especially in home buying….
The prices are falling, the prices are falling! Buyers in all of Apple Valley, Burnsville, Eagan, Rosemount, Lakeville and Farmington are eagerly shopping for the ‘Best Deal’, and rightfully so. Listening to clients discuss their purchase while riding in my car between showings is instrumental to providing advise and counsel about their purchase.
There are two distinct categories on which Buyers base their Home Purchase decision. The first is Financial Considerations and the second category I like to call Quality of Life.
Pay attention to the thoughts running through your mind as you view homes for sale, and you will know which category of thinking you are using to evaluate the purchase of your new home.
If you find yourself mulling over these questions, you are in the Financial Consideration mode.
1. Does this house fit my budget
2. Can I pay the monthly payment without hardship
3. Will we have to sacrifice other things to make the payment
4. What’s the likely resale value of this home
5. How much will it cost to heat, cool and insure
6. Level of Property Taxes associated with the property
The Quality of Life way of thinking prompts thoughts like these.
1. Is there enough space in this home
2. Will the kids like the local schools
3. Can we comfortably entertain family and friends
4. Do I like the colors and decor or do I need to paint
5. Would we be close to shopping and activities
6. Does the layout of rooms appeal to us and function well
My opinion, based on experience, is Buyers who select a home simply because it’s the Best Financial Choice are quickly disappointed. After adjusting to the new house payment and utilities, they become frusterated trying to fit everything into the two car garage. They will ask themselves, Why didn’t we buy the house with a 3 car garage?
Likewise, Buyers who select a home because it strongly appealed to their Quality of Life style of thinking can regret their home purchase too. It’s no fun to have a home in which you wish to entertain and decorate if the cost of the new house payment prevents you from doing either.
When two people are purchasing a home together it quickly becomes visible to their Realtor which person thinks strongly in each category. The most successful South of the River Home Buyers challenge themselves to consider both categories as they make their decisions. The home you purchase will better fit your needs for the long term if you balance your decision between all considerations. If you have specific questions about Buying a South of the River Home, call or email me. We are always happy to help you.
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