Source: https://unsplash.com/photos/0yfWDwHOB0g

Buying a house is always an emotional undertaking, not only because it is the most significant investment many people make in their lifetime but also because it is a process imbued with memories, experiences, hopes, and dreams.

While it is okay to have a healthy level of emotional attachment, too much of it can cloud your judgment on the positives and negatives of your options. By knowing what to look for in a property before you start viewing homes, you can revert to your objectives for buying a house should sentimentality distract you from making a sound decision.

Focus on Resale Value

When buying a house, you should never lose sight of the fact that you may want to sell it one day in the future. There are all sorts of reasons why people move. Some outgrow their homes, some become empty nesters, and other changes in circumstances like financial difficulties, job relocations, and relationship changes are all common reasons people change homes. And since the real estate market can be volatile and unpredictable, and its transaction costs are high, you want to make sure that the home's value will not depreciate under your ownership.

Think Twice About Square Footage

Everyone needs more space, right? But the trade-offs are not always worth it. First, a bigger house doesn't necessarily provide you with more functional space, and under-utilized space is wasted space. Most people feel much better when living in a house in which all the rooms are optimally used than in a big house where rooms sit empty or underused. This is one of the reasons why empty nesters tend to downsize.

Second, a bigger house comes with higher expenses in more ways than you may anticipate. Not only does it have a bigger mortgage due to its higher price tag, but it also has higher property taxes as well as higher furnishing, insurance, utility, maintenance, and renovation costs. Even if you can afford it all now, you'd better take into account your long-term financial objectives, such as your retirement plan or your children's education, to make the final decision.  

Stay Within Your Means

One of the first things you need to honestly and objectively look at before you begin your house hunt is your affordability level. For many, a good way to do it is to get mortgage advice or pre-approval for a loan. This way, you are ensuring that the houses you are going to look at are not out of reach and unattainable based on your income and overall financial situation. Even better advice is to settle on a number for the down payment and monthly installments that are not at the top of your affordability range. Leaving some room for flexibility not only puts you in a better position to deal with an unexpected financial crisis but also allows you more breathing room to enjoy life or take better advantage of financial opportunities that you might bump into in the future. 

Research the Neighborhood, Evaluate House Condition

No house should be judged solely on its own merits. If anything, the surrounding area should be more weighed in the screening process than the house itself. Gathering the right information about a neighborhood before committing to live in it saves you a lot of headaches and disappointment. 

First and foremost, learn about the average house prices in the area, the previously sold prices, and the price of houses that are currently for sale. This will give you a point of comparison by which you can judge whether or not you are getting a good deal. Look at the history of the area and its property trends over time. See how houses have gone up and down in price to predict how the property you are looking at will sell if it ever comes to that.

Another critical factor you should pay special attention to is the crime rates. While you will not find an area where crime does not occur, you can put the figures into context, e.g., crime rates per capita, to assess a neighborhood's safety. Free up some time to drive by or walk around a few blocks in every direction to get a personal feeling about the features and characteristics that make a house and neighborhood more or less desirable. Are the houses and streets in the vicinity well maintained? How far is the house from local amenities like bus and train stations, parks, schools, colleges, and public recreational spaces? How bad is the traffic on the roads and streets around the house?

When it comes to the house itself, consider both interior and exterior aspects. Is the roof in good shape? Does the house have a normal street frontage, or is it located on a battle axe block? What is the condition of the home's major systems, such as the HVAC and plumbing? How old are the appliances? Make sure to conduct an inspection to uncover serious structural and safety issues before finalizing your decision.