We often refer to owning a home of our own as the American Dream. Since for most people, their house represents their single biggest financial asset, doesn’t it make sense to proceed in a well – considered manner, and considering as many of the necessities, positives, negatives, and potential ramifications and responsibilities as possible so as to be as prepared as possible? After over a decade, as a Real Estate Licensed Salesperson, I have created a simple set of priorities to focus on and emphasize, which I refer to, as the MINSTS of deciding to buy a home. With that in mind, this article will attempt to briefly examine, consider and review using the mnemonic approach, some of the central components, and considerations.
1. Meets your present needs: What are your present needs and priorities? Are you considering these, rather than pursuing some emotional attachments, etc, and becoming your own worst enemy? Unless/ until someone considers,in advance what he needs, how is it possible to know what to look at and pursue and make the wisest decision for his personal situation?
2. Imagine future necessities: What is the focus of purchasing a particular home? Do you hope to merely purchase a starter – home, or to buy something which meets both your present needs, while considering your future necessities?
3. Neighborhood: What do you like about the particular neighborhood? Why and how does it address your needs and priorities/ purposes? Will you consider issues such as schools, safety, conveniences, etc, in a focused manner? Will you be happy there?
4. Schools: Whether you presently have school – aged children or not, the quality of local schools and the school – system are significant in terms of real estate values, etc. However, you must also carefully consider and examine the balance between the quality of the schools and the impact on your real estate taxes!
5. Transportation: Is the house conveniently located to a variety of forms of transportation? Are there quality, public transportation facilities nearby this property? Are you close, but not too close, so as to enjoy quiet enjoyment of your home?
6. Safety: Before purchasing any house, closely examine the public safety and crime rates in the specific area. Will you be able to live in relative peace – of – mind, because the area is a safe one?
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