What You Should Look for When Buying a Home:
What You Should Look for When Buying a Home:
With the inventory being on the lower side, prices being on the higher, and the demand being sky high this last year, home buyers have been juggling all kinds of priority decisions! With inventory increasing, slowly but surely, and the demand decreasing a bit, here are a few things you should keep in mind when buying a house:
1. Search for the right price
Your price range will ultimately decide whether you can buy a house or not! Although looking at big, nice, beautiful, expensive homes above your budget can be fun and give you a sense of the market, it’s very possible you could fall in love with a home that you cannot afford. You do not want to disappoint yourself if the home you fall for is outside of your price range!
2. Prioritize the location
The location of your next home is one of the most important things to consider when buying! Work with your agent to find your ideal location based off your price range. Your agent will likely have knowledge about the market in that area and will likely know things like the closer to downtown typically means a higher price range. Other attributes to consider when deciding on a location are school district quality, community features, flood zone status, and home orientation on property. You want to be comfortable and safe in and around your home so be sure to make the location of your next home one of your top priorities!
3. Think long term
According to Zillow, research states that typical homeowners stay in their home for 14 years before selling. When hunting for your next home, think beyond your immediate needs to make sure your home matches with your long-term goals and plans! Consider number of bedrooms and bathrooms if you plan to grow your family in the near future. Whether you are planning to have children of your own or your in-laws are moving in, you certainly will want space to have time to yourself and they will too! Other things you should think about is the potential to personalize and lifestyle amenities. If you are wanting to infuse your personal flair into your home, be sure that the home you are buying allows change. You do not what to get into your new home with all these great ideas just to be let down because your budget or the home itself does not allow. Take into consideration your hobbies or other things that make you happy and how well they would work in a new house. If you love to cook, pay special attention to the kitchen’s size and what it offers you. If you like to exercise, be sure to purchase a home with extra indoor space and/ or around local gyms, hiking trails, and friendly neighborhoods that will allow you to do the things you love comfortably!
4. Assess property condition
There are three major categories of property condition. It is important to decide what you are looking for in a home because, although television makes home renovations look easy, it can be anything but. Move-in ready homes are new, close to new, or recently renovated. These homes are exactly that, move-in ready! Unfortunately, not all homes are in ‘new’ or ‘like new’ shape. Houses that need minor updates or repairs likely have cosmetic issues you would like to change or have some dated mechanical systems that could use updating. These homes are in the “needs repairs” category. Houses in need of major repairs also fall into this category but will typically find themselves with a lower asking price due to the time and money spent on fixing what needs to be repaired. If the house is in need of major repairs, you should contemplate whether this property is something your budget will allow in the long run. Regardless of a home’s condition, it is important that an inspector checks major systems and mechanicals to ensure they are in working order, for if they are not, it could be extremely expensive for you after close. These major systems and mechanicals include damaged roofs, older furnace or HVAS system, flooding, water damage and mold, old insulation, plumbing issues, exterior cracks, uneven floors, and inefficient windows.
5. Don’t focus on minor cosmetic details
Although a clean, tidy house with beautifully decorated shelves, and the perfectly painted walls are appealing, understand that all those decorations and the seller’s stuff will not be there when you move in! Of course, you would love to sneak by without having to paint or redoing the landscaping in the front yard but remember that these are repairs that are fairly easy and relatively affordable!
6. Stick with your must-haves
Separate your needs from you nice-to-haves! You may be that buyer that gets everything they wanted and everything they need and maybe your house checks all the boxes, but chances are you’ll have to make a few compromises. Make sure you are not compromising on the things you must have for the amenities that are not necessary.
Happy house hunting!