Buying a house: More things to consider when buying a house.

It is often said that one should buy the smallest house in the nicest neighbourhood that you can afford. The logic behind this is that the house will be the cheapest in the area and you could do your own renovations for cheaper instead of paying extra for a bigger home. In time, the house will appreciate and should you ever decide to sell, you would receive a bigger profit.

When buying a home, what most prospective buyers do not ask themselves is: “How easy will it be to sell this house?”

A highly desirable house will cost you a premium, but you may be able to sell the house quickly, if needed. In our current economic climate, there is an influx of good houses on the market and less competition. The price of houses have come down and foreclosures have gone up, and you may find one of these highly desirable houses for cheaper than normal.

A house on sale with an complete building, e.g. an incomplete granny flat, could hamper the desirability of that house. If you bought a house like that, you’d need additional funds to complete the building which might not be in your budget. You would need to put up with strangers working on your property and the noise that goes along with completing that building; and then there is also the dust and dirt to consider.

Unexpected things can happen and you might need to sell your home very quickly. If you can’t sell your home, then your plans would need to change which might result in a lost opportunity.

I live in an area where houses are usually sold very quickly, but one of my neighbours had much difficulty in trying to sell his home. Last year he had a great opportunity to invest in a business, but this required him to sell his home and move to the northern part of the country. For almost 6 months he tried selling his home through various estate agents, but no sale resulted. He has had to remain living in his home and postpone his business adventure. It’s not the type of house I’d buy for myself.