“Maybe the house is near a sewage plant or waste dump. Maybe it’s too close to a freeway or airport. Or maybe the neighborhood feels just a little too gritty,” says Ericson (Realtor.com). “Or maybe the location is great now, but is in the path of future freeways, neighborhood expansions, or a new shopping mall.” Do some research about the future zoning plans for your neighborhood. And take a cold, hard, critical look at the neighborhood, without factoring in your emotions about the home itself. Remember, you can often fix up a home, but you Now here is a make-it-or-break-it type of deal: affordability. When push comes to shove, you need to be able to afford the house you want to buy. If you know in your gut that in the long run, it won’t be affordable, then please save yourself the trouble and say “no” — walk away, don’t look back, and find a home that you can afford. “There’s been that nagging thought that the house feels like a financial stretch, but you’ve convinced yourself you can make the mortgage payments. Even if it means skipping Tuesday night takeout or that weekend getaway in Vegas,” writes Ericson. “But then you realize that you’re one transmission issue or dishwasher breakdown away from being flat broke.” Obviously, the hope or goal is that you don’t get too far into the home search and home-buying process before realizing you can’t afford the home, but this still happens. Many buyers find the home of their dreams randomly, even if it’s outside their budget, and they believe that they will do whatever it takes to be able to afford it. But this can be a big mistake! generally can’t fix a neighborhood. 10. YOU JUST CAN’T AFFORD IT
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