Priceless Tips for Buying a House in Columbia MO
Buy it right. Whether you’re hoping to buy a personal residence that appreciates over time or you’re investing in the Columbia Housing market, BUY LOW!
Buying right also means buying homes in neighborhoods that have a strong future, due to low crime rates, nearby job and school district, and all-around neighborhood aesthetics.
To buy low and buy in these neighborhoods, though, you have to be willing to take emotion out of the game. Too many buyers buy on emotion and not facts. Sure, it might feel great at closing when you bought that house with the purple tile you loved so much….now how is it going to feel when you are trying to sell that purple tile and no one wants it.
You also have to be willing to work and bear some inconvenience to get the best deals. In today’s Columbia housing market, that means buying short sales and foreclosures in great neighborhoods but in bad shape; being willing to pay cash and/or put in some serious sweat equity; and building strong relationships with local real estate pros who can advocate for you to get the deal you want.
Know your exit strategy — and your backup plan — before you buy. If you’re buying a home to live in, don’t even start your house hunt without knowing how long you expect to be there and what your next move will be. In this way, you can be sure to buy a home that will work at least as long as your plan A is in effect. Of course, even the best-laid plans can be foiled by forces beyond your control, so make sure you have plans B, C and on down the alphabet in place upfront, and not making the buy until you have accounted for these various outcomes.
Do the math. Then do it again. Prices for painting and new cabinets, home purchase prices, various appreciate rate and rental income scenarios, interest rates, opportunity costs, vacancy buffers, landscaping and maintenance, insurance — every single line item must be considered.
Practicing these tips when buying a home in Columbia MO, will pay huge dividends later.