Bigger Isn’t Always Better: House Buying Tip #6

Posted by wadmin on Friday, May 26, 2017

Stonebridge Mortage_Home_Buying_Tips_bigger_isnt_better_6

Bigger isn’t always better is the sixth segment of our House Buying Tips series:

When buying a house, don’t be too hasty to sign the papers–even if it seems like the perfect house. Many people get so focused on planning their lives in a potential new home that they may not look at other factors that could reveal some undesirable qualities in a new house. Do your homework first! Knowing how to bid, issues to walk away from, issues to utilize as a bargaining tool, or know if the timing is a factor will make you a well-informed buyer. We have gathered some of the best home-buying tips we’ve seen so you can get the most out of your money! The old saying in real estate is that the most expensive house on the block is not always the best investment. Making bigger isn’t always better is our house buying tip #6.

Buying Secret # 6: Bigger Isn’t Always Better
Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house.

At Stonebridge Mortgage, we thoroughly go over an applicant’s financials and find out what loan amount is appropriate. We will not put an individual at risk for default by overestimating his or her payment capabilities. Click to learn about our Real Estate Loan Integrity.

SRC: Click to read more house buying tips.

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