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Torn Between Two…Houses?

An article from the Chronicle Herald

What happens if you fall in love with two houses? When it comes to buying a new home, it’s easy to get caught between two or even more potential winners. And some individuals get so caught up in that choice they miss out on both — it happens more than you’d think.

You need both decisiveness and courage to take the final plunge, and more than a bit of speedy logic and calculation. Give your emotions a fair shake with this one as well. Making that final decision should never be taken lightly, so let’s review some of the main factors to consider when you’re weighing up two properties:

Neighbourhood

From schools and crime levels, to transport and community spirit, the strength of a neighbourhood can be a real vote swayer for many people. You want to feel at home somewhere, feel comfortable and safe, and be confident that you will want to stay somewhere, particularly if you want to bring children to the area. There can be many practical aspects to a neighbourhood, but it might be a gut decision of what feels right, especially if your final choices are in different parts of a community. If not, you will need to turn to other pros or cons to make a decision.

Problem areas

Almost every property will have something needing to be fixed, or at the very least changed to suit you as the new owner. But the extent of problems needing repairs or overhauls could have serious repercussions for your finances, which may or may not be critical in making a final choice.

You should also consider the length of time a property has been on the market. This may indicate issues with the home that aren’t immediately apparent to the naked eye, or even surveys. What do other buyers know that you don’t? Sometimes it’s just the state of the market, but it is a question worth asking as a potential warning bell.

Investment potential

As committed as you may be to your new home, you will, guaranteed, eventually die. Someone will sell the house after that, and even if you haven’t years before, what is the future value going to be on the home? Is the neighbourhood up and coming? If you decided to expand your family and move to a bigger property, will you make enough profit to help up-change?

Obviously it’s a tad difficult to see the future, but if you’ve got two potential properties to buy, it may be best to go with the one that will serve you best as an investment opportunity in the future.

Emotions

One last factor to take into consideration is how you feel about a property. Take some quiet time just to be in the space, feel the vibe of a house, let your instincts give you some feedback. I have worked with many buyers over the years and each one has felt something immediately upon walking in the door. Sometimes it is love at first sight, sometimes they can’t wait to leave and other times it is a blasé Meh. But when trying to narrow down the choice, give your gut reaction to a home a chance to weigh in on the decision.

All of these factors will be things you’re already considering, even to come up with a top two on a list of potential buys. Somewhere within those is the answer you’re looking for. You simply have to figure out what aspect is most important, and what puts one home above another.

You can be careful and cautious with your decision, but ultimately you’ll have to pick one, or lose out on both.