Avoiding a “bad marriage” when buying a home

Avoiding a “bad marriage” when buying a home

Like marriage, buying a home is one of the big events of life. In fact the two are a lot alike– the pursuit, the “getting to know you” period, the proposal (aka “the offer”), and the marriage (aka “closing”). If you want your relationship with your new home to be a happy one, there’s a few things you need to know before you fall in love.

 1. Know thy numbers.

You’d be surprised at how many home buyers start their new home pursuit without really knowing what they can and can’t afford. Avoid being disappointed later by getting preapproved for a mortgage before you even get started. And be sure you know the difference between being “prequalified” and “preapproved.” You can be preapproved only after a lender has reviewed all your financial information and has told you how much the bank is willing to lend to you. Being pre-approved will let sellers know you’re a serious buyer, and it will also prevent you from falling in love with a home that is financially “out of your league.”

2. Love thy neighborhood, not just thy house.

It’s easy to get caught up in how perfect a house is and forget that the house is only part of a bigger picture. It won’t matter how awesome the master bathroom is if you find out later that the neighborhood isn’t a good fit for you. Spend as much time researching the neighborhood as you do checking into all the nooks and crannies of the house. Regardless of whether or not you have kids, ask questions about the neighborhood’s school district since that will impact the home’s resale value. And be sure to drive through the neighborhood at various times of day to make sure you’re not missing any “deal breaking” factors.

3. Yield not to the temptation of the low-ball offer.

Even though buying a home is mostly a financial decision, it is also an emotional one. If you’re tempted to make a low-ball offer on a home just to see what happens, be aware that some sellers will be so offended that they won’t entertain future offers from you. It may be a business deal, but this is still their home – and that’s personal. A realistic offer based on the sales price of other homes in the same neighborhood is more likely to be favorably received.

4. Get thyself a home inspector’s “blessing.”

Some churches require engaged couples to go through premarital counseling before they can be married in the church. Similarly, you’d be wise to seek the counsel of a licensed home inspector before you make things official with a new home. If the house has hidden baggage, a good home inspector will find it, which gives you the opportunity to decide if it’s something you’re willing to deal with or not.

By following a few simple guidelines and leading with your head instead of your heart, your destiny with a new home is much more likely to end “happily ever after.”

Avoiding a “bad marriage” when buying a home