what is the most important aspect to consider when buying a home?

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January 24 2011 - US
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If it is not a cash purchase, to get pre-approved. So you know the price range to be looking at, to where you will qualify to receive a mortgage loan.

Happy funding, Rudi
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January 24 2011
Profile picture for SteadyState
The the monthly mortgage payment is within 10% of the monthly rental prices in your area of interest.
 
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January 24 2011
Profile picture for the_country_hick
Falling prices. It makes no sense to buy now when prices are falling and rent is a whole lot cheaper.

How much it costs to drive to work and any HOA fees and the cost of taxes and insurance should also be considered along with the crime rate.
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January 24 2011
Profile picture for Gemini.Coast
Rent is NOT a "whole lot cheaper" where I recently bought; my mortgage payment is less than rentals here.  I got tired of paying someone else's mortgage and having yearly rent increases just because they could. 
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January 26 2011
The most important aspect to buying a home is to find out the real reason qwhy you want to buy instead of renting. . Find out you wants and needs and make sure that your financials are in place.
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January 26 2011
Hi.  One word, location, location, location!
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January 26 2011
Profile picture for SteadyState
That you do not foreclosed on or forced into a short sale situation.
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January 26 2011
After you talk to a mortgage broker or bank to determine your price range, and assuming you know your general needs, there is no single most important thing. There is only the "big three"...location, location, location.
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January 26 2011
Profile picture for Pasadenan
Well, if "location" is so important, I guess nobody should EVER buy in Elk Rapids Michigan..., nor Hamilton New Jersey...

And if it is that important, why is it when you ask any of these agent "experts" on location demographics, they state that it is a violation of the Fair Housing Act for them to give you any of that kind of information?

And if that "location" is so important, why do almost all of the houses ever listed eventually sell?  If the location was really that bad, don't you think it would have become a "ghost town" a long time ago?  After all, if there are no jobs, no transportation, no water, no energy, and no amenities, why would ANYONE want to live there ever, especially if it is too cold and it costs too much too heat?
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January 26 2011
SO hard to list just one single most important aspect to consider... so I have to list 3.

1.) BUY ONLY WHAT YOU CAN COMFORTABLY AFFORD
(to figure out what you will be comfortable with, consider "playing house" for a few months. Find out about how much you might qualify for by talking to a reputable mortgage broker.  Then, figure out what your estimated monthly payment would be – not just for the mortgage itself  (principal and interest), but the monthly tax payments and the monthly homeowner's insurance as well.  Don't forget about the dreaded PMI (Private Mortgage Insurance) buyers are required to pay if they don't put a full 20% down on their homes, and the monthly condo fees if you are planning to buy a condominium.  Each month thereafter, take the difference between what you're currently paying for rent and what you will be paying to live in your own home, and bank that amount. This activity is twofold - if you are comfortable banking that extra money between rent and future mortgage payment (and you haven't needed to "dip" into that account)- then you've answered the question, "Can I afford it?" PLUS you will also have a nice amount saved up to put towards the costs of home-buying like home inspections, appraisals, etc. 

 Once that's taken care of, the next important factor is...

2.) LOCATION! (SO unbelievably cliche, I know, but hear me out.  The location really is of utmost importance for you because it is the ONE THING about the property that you can NEVER change.  You can fix up and update a dumpy property, but you can't move it!  The definition of a "good location" is totally different for each buyer, so it is totally up to each individual buyer what is important to them.  Quiet country road? In the hustle and bustle of the city, close to everything?  Cul de Sac?  Near family?  Everyone has their "thing" when it comes to location - figure out yours and don't compromise!  I found that out the hard way when I bought a house in a location I knew I hated just because it was the biggest house I could get in my price range.  People say "Location! Location! Location!" so much it just sounds silly, but it's a saying for a reason. It is REALLY important!

Last, but not least...

3.) SURROUND YOURSELF WITH TRUSTWORTHY PROFESSIONALS THROUGH THE ENTIRE PROCESS: i.e., a fabulous buyer's agent, mortgage broker, real estate attorney, and home inspector.

Sorry for the long-winded response to a simple question!  Hope some of it helps you! :)
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January 27 2011
Up and coming part of your city.
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January 27 2011
Everybody is different so I suggest buyers make a Wish List and have 2 sides: Must Have and Would Like.  Definitely get a Home & Termite Inspection and work with an agent that you're comfortable with.
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January 28 2011
Hi there!

The location. Are there kids? Will there be kids? What's the daily commute to?  Are school districts important? The are questions that determine the location. Location. Location.

Good Luck!

www.NaomiPrestonRealtor.com
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January 29 2011
The most important item is can you afford to buy the home and continue
to live the life you want to lead. If the answer is no, buy a less expensive home. Always try to buy a home in the location you desire and feel safe in-Good luck
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January 29 2011
 
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