You’ve decided, for any, of a number of reasons, it’s the right time, to own your own home, or your little slice, of the so – called, American Dream! Instead of, either, becoming, overly logical, and risking, not being happy with your choice, or excessively, emotional, and becoming, house – rich, but otherwise, poor, I have, after, over a decade, as a Real Estate Licensed Salesperson, in the State of New York, to recommend, proceeding, using the ANSWER system, or approach. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means, and includes, and why it’s an effective approach, to making an important personal decision.
1. Afford: Do you know, what you can, really, afford? This does not mean, merely, meeting the requirements of your lending institutions, which might include, certain income requirements, reserves, down – payments, closing costs, etc. It also means, you should, give yourself, a check – up, from the neck – up, and examine, your personal comfort zone, and if, you will be comfortable, with all the aspects, of home ownership! For example, have you considered, the necessary reserves, you might need? These include, reserves for: expected repairs; unanticipated repairs; appliance repair/ replacement; renovations; major issues; contingencies (due to employment interruptions, etc).
2. Needs; neighborhood: What do you like, and what might you not, be pleased with, about the specific neighborhood, this house is located in? Does it meet your needs, including, regarding: safety issues; access to transportation; conveniences; shopping; Houses of Worship, etc?
3. Serve; solutions; strengths: Do the strengths of this house, far, outweigh, the disadvantages? How will this home serve your needs, and desires, and where might it, fall short? Are there easy, viable solutions, to address, any areas, where you may not be satisfied?
4. Where: Is this house, where you want to live? Does the specific region, provide the schools/ school quality, you desire, for your family? Is it convenient, to your personal, life – style?
5. Energy; emphasis: Don’t forget to consider, thoroughly, energy considerations, and costs! Is it affordable, and have you figured, these costs, into your monthly budget? If you are a clean – energy, advocate, does this home, comply with your preference, and priorities? Are you placing your emphasis, where it will best focus, on the bigger – picture?
6. Real estate; relevant; realistic: Don’t proceed with rose – colored glasses, but review as much as possible, in a realistic way! Does this property, make sense, from a real estate – related, perspective? Is it relevant to you, and your family’s specific needs, and circumstances?
Use this ANSWER method, to assist you, in considering, which house, is for you! Will you be a prepared, knowledgable, home – buyer?