Buying a new home is the most expensive purchase most people will ever make. Finding a home that meets the needs and wants of the family is important, but there is more to consider than the layout and finishes. The location, the price of the home and the investment itself are all things you should consider when buying a new home. Check out these tips to help ensure that you find a home you love at a price that makes sense.
Financing
One of the first steps in the home buying process is being pre-approved for a home loan. Even with a set budget, it can be very tempting to fall in love with a home that is out of your price range. Be cautious when facing this decision. There are more things to consider than the mortgage payment including property taxes, utilities, insurance, maintenance and homeowner’s association dues. You won’t enjoy your new home as much if you feel burdened by a heavy cost of ownership.
Professionals
In the “do-it-yourself” society we live in, many are opting to forgo a realtor and tackle the home buying experience on their own. A home is the biggest investment you will make in your lifetime and conscientious real estate professionals can help you minimize as many risks as possible. Realtors can provide insight beyond the buying process. This is particularly true if you are new to the area. If you are looking for help or just researching for different real estate agents you could click here for more info.
Consider Your Future
Although you may have found the perfect home that fits your families current needs, it is important to plan for the future. Are you planning to have children in the future? Are your children almost ready to leave the nest? Do you have an aging parent that may need support? Do you want a family pet? Discuss the future with your family and make sure the most likely scenarios are included in your planning. Think about how long you plan on staying in your home and what life events are likely to occur during that time span.
Investment
Home ownership is a smart and potentially lucrative investment. However, you must buy your home for a fair price relative to its appraised value and considering any renovations that are planned to make your home fit your family. Investing in your home with a remodeling project can be smart but you need to understand how it will affect your home value and how long you will need to stay in your home to realize that value. Of course, some people believe that the usefulness of the renovation is sometimes worth the sacrifice in value relative to the cost of the project because of the advantages the family gains in lifestyle. This is a personal decision but one that should be undertaken with the knowledge of what you are doing.
Location
In real estate you always hear, “location, location, location”. While you may fall in love with the granite counter tops or huge walk in closet, location is one of the single biggest considerations when valuing a home and in determining how long it will stay on the market when you sell it. Consider the area of town and the crime statistics for that area, the condition of the neighborhood, the schools that serve the area and their desirability, access to public spaces, traffic flow to and from your are, drainage system (for which you can hire someone similar to the essex drain unblocking services available to assess) and proximity to popular destinations. Historical valuations do not always perfectly predict future values but are strong indicators of what to expect in the coming years.
Inspection
Having a home inspection service come to visit your house is a great way to take the emotion out of buying a home. When done properly it will give you a general, objective idea about the condition of the house you want to buy. So if you have been putting off that electrical repair that was supposed to be done a few months ago, this is the best time to search for electricians to fix any issues you have in the home, ready for the inspection. During a home inspection, the home inspector will concentrate on the condition and structure of your home and point out observed safety concerns. The home inspection is a visual inspection of the house – home inspectors do not do any destructive testing, nor can they inspect what they cannot see. If something in the inspection points to potential problems, you can always request additional investigation before you are willing to complete the sale.
