How to Avoid Home-buying Errors

Physician's Money Digest, November 2005, Volume 12, Issue 15

Many doctors, and you may be amongthem, have purchased a home after fallingin love with its aesthetic appearance orthinking about what a good investment itwould make. However, according toBankrate.com, in order to get the most outof buying a home, there are many otherfactors to consider and mistakes to duck.Be sure to do your homework and learnthe housing market before you take theplunge. There is a wealth of informationavailable on the Internet that you can useas a weapon to achieve the best price.Think of your family first when buying ahome, not if it will be a great investmentopportunity down the road. Also, choose ahome that best suits your family. If you'relooking at a home with a formal diningroom, ask yourself if your family reallyneeds one, or if an eat-in kitchen will workbetter. To prevent construction surprises,find out which company built the homeand talk to a few people who live in homesbuilt by that company in order to get anidea of its workmanship. Lastly, youshouldn't wait to buy a home based onanticipation of a better market or interestrates. Rates are difficult to predict, so buynow and take advantage of the tax deductions,equity-building, and appreciation.