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5 questions to evaluate when purchasing Arizona real estate
By Billy | March 9, 2010
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?
Many new homeowners will fall head over heels for a home, and then discover they don’t qualify for the loan to buy. 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?
Researching particular neighborhoods before looking at Arizona real estate is essential in the home buying process. Examining in-depth neighborhood profiles can be done online or by an experienced Arizona realtor. Factors to consider are property taxes, commute time for work and school, culture, crime rates and the amount of foreclosures in the community. It won’t matter how much you love a home, if the neighborhood doesn’t meet your quality of life expectations.
3. Can I really afford this home?
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 scrutinize include: the cost of property taxes, estimate of monthly utilities, homeowners insurance and any dues such as condo or homeowner 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 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 square footage and visualizing how your furnishings will look in a space may keep you from spending money on new furniture that wasn’t in the 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 take control and miss huge problems that will be expensive to fix in the future. 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.
Topics: Real Estate Investing |
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