Ever fallen head over heels in love with something that you know is not good for you? I think we all have. While I cannot help you if you have fallen in love with the wrong person, I can definitely help you if you have fallen in love with the wrong house. Here are 5 valid reasons you need to walk away from a house, even if you think it is your dream home.
1. It is too expensive.
This seems like common sense but I have seen many Buyers purchase a house that they simply cannot afford. You may be expecting a big bonus or a pay raise, but you should never base your current mortgage payments on projected future earnings. Buy a house that you can comfortably afford today.
2. You like the house but not the neighbourhood.
You can always change a house but you can never change the neighbourhood that the house is in. Walk away from your dream home if you do not like the neighbourhood. If the house is located too far from things that are important to you like work, amenities, family, or activities then you will eventually end up looking for another home located in a preferable neighbourhood.
3. You are looking at how the home is decorated.
It is so easy to fall in love with a home that is well-decorated. Many Buyers think they love a house but when I ask them what they like about it, their answers revolve around things like furniture or paint colours. When you are house hunting, try to see beyond the décor and make sure that you actually like the layout of the home. If you only like how it looks then do not buy it.
4. The layout is not functional.
When you are in a home, try to picture how you go about your daily routine. If the layout of the home does not seem to mesh well with how you will use the space, then you need to keep looking. Really pay attention to the layout if you or your family members have special considerations such as medical conditions, mobility impairments, or unique circumstances.
5. The home requires extensive repairs.
If the home inspection report reveals major deficiencies that are beyond your current budget, then do not buy that home. Things like foundation, roof, or air quality issues tend to require pricey repairs. If the current homeowner is not willing to reduce the price so that you can afford those repairs, find a house that is in better condition.
It can be hard to walk away from a home that has captured your heart but it is even harder to live in a home that you cannot afford or that does not meet your needs. The best thing you can do is talk to your Realtor about what your major criteria are to feel happy in a home. Realtors have the knowledge and expertise to help you find the dream home that will be your happy ending for years to come!