Questions To Consider When Buying A Home
These are questions you should consider when searching for real estate in Columbus GA. First get a large piece of paper & make 3 columns. Title the columns needs, wants & wishes. I did this for young couple, first time home buyers, and they quickly determined what they really could afford. This couple, both recent graduates from pharmacy school, and both had large student debt. They did build/purchase a 2 story home with a full finished basement. The exercise in seeing what they really needed and could afford was enlightening.
Questions To Ask About Home Buying In Columbus GA & Phenix City AL
- First and foremost is the big question: What is your budget?
- What payments can you handle with current income
- o What else do I need to plan/budget for? Payment, interest, (taxes & insurance are usually included/escrowed into monthly payment).
- oDo you know what PMI is? Mortgage insurance to protect the bank! If you can generally pay 20% or more as a down payment, you can avoid paying this charge. Your taxes and insurance can be paid as they come due without escrow account as well.
- Do you have any cash for a down payment?
- What type of loan are your seeking, VA, FHA, Conventional, other?
- Do you want to be within the city limits of Columbus Georgia area or in the country with some acreage and privacy?
- Do you still have kids at home to be concerned about schools and travel times?
- What means of transportation to school, work or local area amenities, (bus, car, train, bike, walk)?
- Do you want to live in a neighborhood in Phenix City AL? If so is there an HOA & how much per month or per year? If there is an HOA is it mandatory or voluntary? Mandatory is best in my opinion, therefore all residents pay to keep up the common areas, entrance, pool, lake, clubhouse, golf course, tennis courts. If a resident does not pay the HOA generally will send a notice before they file for a property lien. Once the lien is filed the homeowner in arrears on HOA fees CAN N OT sell their house until the lien is paid.
- Ask yourself and make a list of needs, wants and wishes for your home. They will all come with a price.
- Do you want a new or existing home in Columbus GA?
- Are you able to do any renovation yourself? The TV shows make it look easy…there are lots of pitfalls and unexpected expenses.
- How much yard do you want to maintain?
- Is this your forever/retirement home?
- Is this a future rental property?
- Think about the property in these terms: Can you purchase and be in the midpoint or less of the neighborhood comparisons? If not you may have problems with resale down the road. Is the property unusual or unique? If so, there may be a limited number of buyers to buy it in 5, 10, 15 years down the road.
- If building a home in Phenix City AL or Columbus GA, have you thought about energy efficiency ideas: extra insulation or spray foam, higher SEER HVAC units, tank less water heaters, NEST thermostats, double pane low-E gas filled windows.