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It happens to the best of us: one minute you’re innocently scrolling through the Zillow lists and the next you’re planning your life in a former industrial town where you’ve found the historic home of your dreams at a price you seemingly can yourself Afford. You might even go to the next step and take a look at the house in person and realize two things: the house needs a lot of work and you are completely in love with the place.
But no matter how many HGTV shows you watch, when you turn around old happy ending houses, the reality isn’t always that good. Regardless of when the house was built or in what condition it is, ask yourself these questions first when you find yourself in a situation where you are ready to make a bid to make sure it is really that right house for you (and your budget)).
Questions To Ask Before Buying The Wrong Home
in the an article for BobVila.comTerri Williams breaks down several signs that you are about to buy a home that isn’t really working for you. Here are some questions to consider to determine if this is your best option:
- Are you forcing the numbers to work?
Being able to afford a home goes way beyond whether you can hypothetically secure the funds for a down payment and get a mortgage. It also includes all repairs, taxes, maintenance fees, utilities, and who knows what else will show up over time. Make sure you take all of this into account and be realistic about what you can afford.
- Do you love the house?
Not everyone is in a place where they can stand up for a house that they “love”, but if so, why spend so much money on something that you are not really into?
- Does the house meet all needs?
If you live alone this is not a problem. However, if you live with a partner and / or family, make sure the home is suitable for everyone – not just you.
- Are you ready to forego the inspection eventuality?
It’s a sellers’ market. So if you are trying to make your offering stand out by foregoing the inspection contingency, it could be a problem later. “There could be something in the inspection report that completely changes your enthusiasm for buying a home,” said Tyler Forte, CEO of Felix Homes tells BobVila.com.
- Are you ignoring the results of the inspection report?
If so, this may not be the place for you. “When the inspection comes back with a red flag telling you this is not the house for you, listen to them,” said Kris Lindahl, CEO and Founder of Kris Lindahl Real Estate tells BobVila.com. “As soon as we imagine ourselves in a house or envision ourselves raising children in a house, it is really difficult to leave.”
- Will you be able to do all the repairs the house will require?
Please note that home improvement shows only show a tiny part of the entire renovation process. It’s so much work. And expensive too. If you don’t have the skills to do it yourself or the money to hire people to do the repairs, it’s time to go by.
- Does the house have a high turnover rate?
Do a little research and find out the home’s sales history. If it changes hands frequently, that’s not a good sign and you should find out why this is happening.
As heartbreaking as it is to move away from what you believe could be your dream home, the reality is that it may not work. And that’s better to know now than after the papers are signed.