Evaluating Potential Deal Breakers When Buying A Home

Posted on: 28 April 2017

When you're searching for the right homes for sale for your family, you may find a few homes that you love. But, inevitably, none of these homes will be perfect. There's always a need to decide whether the flaws in your potential new home are too big to overlook. Here are some questions to ask.

What's My Budget?

If there are fixable "dealbreakers" in the house, you're probably going to need a budget that extends beyond the closing costs. So be sure that you shop around for home mortgage loans that maximize your spending cap while also keeping your interest rates low.

What Are the Damages?

Some home flaws are harder to overlook than others. If you have structural damage, that can be expensive to fix and dangerous to ignore. If you have an electrical problem, you may not know the extent of the problem until your electrician starts working on it. It's a great idea to get a home inspection so that you know the extent of the damages, and whether there is anything else wrong with the home.

Is the Seller Willing to Negotiate?

If your potential dealbreaker is one that the seller didn't know about when they priced the home, they might be willing to bring down the price or negotiate other parts of the deal, such as leaving the furniture along with the closing price. Your dealbreaker may not be a big deal at all if your real estate agent can help you negotiate a significant portion off of the asking price.

What Is Unique About this Home?

If you cannot bring the price down enough for your liking, consider what else you would be giving up by throwing this home back into the pond and looking for others. Are you willing to give up a few thousand dollars for a unique patio or historic finishes? Sometimes, these things can more than make up for a repair need. That's especially true when the best features of the home are handmade and one-of-a-kind features that you can't replicate on another property.

What Does My Realtor Think?

Finally, see what your realtor thinks about moving forward with the property, given all that you've found out so far. Since they look at properties day in and day out, they should have a really good sense of what's available in your price range. They may know that, should you reject this property, you'll probably not find something else like it within your budget. Or they may advise you that you can do better. That's the benefit a knowledgeable and trustworthy real estate agent can provide you as you attempt to find the home of your dreams. For more information, contact a company like Dave Schell at Guaranteed Rate Mortgage