How does someone, know, what he should pay, for a particular house? How will he best, determine, his personal process, for evaluating, this essential consideration? Since, for most people, the value of their house, represents their single – biggest, financial asset, doesn’t it make sense, to do, everything one can, and properly prepare, for such a meaningful decision? How should you, decide, what PRICE to pay, which you can, afford, is acceptable to the seller, and meets your personal needs, etc? With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it may be, from a financial perspective, one of your most meaningful exercises, and processes.
1. Priorities; purposes; plans: Give yourself, a check – up, from the neck – up, and determine your personal priorities, for your home! Why are these important to you, and, how, might you determine them? Which is most essential, and how, would you rate them? Have you considered, and determined, your primary purposes, and what you need, in your residence? Before making such an important decision, proceed, with well – considered, action plans, focused on what you truly need, wish for, and want!
2. Region; recent sales; responsive; realistic; rooms: Is this the right region, for you, and your family? What are the pros and cons? Take a close look, at the recent sales, and use, a well – considered, well – developed, Competitive Market Analysis (CMA), so you have a realistic perception, of the area’s pricing! Consider, and compare, which potential houses, have features, and pricing, which are most responsive to your needs, and priorities. Closely examine the key rooms in the house, which differ, for each person. How much would, altering/ renovating certain items, which don’t meet your requirements, or aspirations? Factor these into the price, and, proceed, in a logical, rather than, strictly, emotional manner!
3, Ideas; issues; imagination: Look at houses, with the imagination, to see through the merely, esthetic factors, and identify, any potential issues, which might be deal – breakers! What might be your ideas, for making these essential determinations?
4. Condition; core; competition: Know the competition, and compare, what’s available, and the core components, which matter most, to you! How is the overall condition, of the subject property?
5. Earnings; examine; enriches you: Based on your earnings, examine whether, you can afford, and fully enjoy, the prospective home! Your residence must enrich you, in whatever, is most important, to you, and your needs!
Use a professional, real estate buyer – broker, who has the knowledge, experience, and expertise, to help guide you, negotiate for you, and make you most satisfied, in your potential living areas! Will you proceed, wisely?