It goes without saying that the biggest investment you will probably ever make is in your home. And with that in mind, it is important that you don’t rush into a quick decision and wind up throwing all of your money into a pit of a home. If you are in the market for a home, then here are some tips to help make the whole process go smoother and give you the best long-term investment (https://www.totalmortgage.com/blog/housing-market-2/money-pit-or-money-maker-how-to-invest-in-the-right-property/32513).
Make a plan—Before you even begin looking at homes or talking to real estate agents, you need to have a serious look at your finances. Part of the problem when the housing bubble burst was because families were buying homes that they could not realistically afford. You need to sit down and make sure that this new home will not clear out your checking account every month. Even after you meet your mortgage payment and your other bills, you should still have some money left over for emergencies. If you can’t afford the house and potential renovations/repairs, it may be wise to either look for a smaller place or wait for a shift in the housing market.
Find the right spot—There are many things that you want to look at to see if you can get a good return on your investment. But the primary one is still where it is located. Finding a good neighborhood with amenities such as quality schools is essential to finding the right home.
Get an inspection—If a house has been on the market for a while, the seller may become so desperate to sell that he may play fast and loose with truth when it comes to the quality of the home. An inspector may cost you a few hundred dollars, but it could save you thousands in the long run if he can protect you from buying a money pit.
A house is not an impulse buy that you jump into without careful planning and consideration. It should be given all of the attention that it deserves. By following some simple steps, you can find a way to get the house of your dreams.