How do you know what to look for in a home? I’ll go over a few tips for you today.
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What should you look for when buying a home?
What should you look for when buying a home?
First of all, you need to know your budget. What do you want your monthly house payment to be? The best way to figure that out is to go get pre-approved through your mortgage lender. Your lender will figure out what price range you should look in based on the monthly payment you can afford.
You then need to consider functionality. What school do you want your kids to go to? How many bedrooms and bathrooms do you need? How far is the commute to work? Keep in mind that there are “must haves” and “nice to haves” when it comes to functionality. Schools are usually on the “must haves” list, while a fenced in yard would be nice to have. After all, you can always build a fence later on.
Next, pay attention to the condition of the home. Your offer needs to be contingent on a home inspection. A home inspection will let you know exactly what is going on with the property. You then have the option to negotiate repairs with the seller or walk away from the deal. Inspections are very important because you don’t want to buy the house and then get stuck with thousands of dollars in repair bills because we didn’t check out the roof or the air conditioning.
You also need to look at the value of the home. A good agent will tell you if the home is worth it. Whenever we make an offer on a home, we make sure the sale is contingent on the appraisal. The home must appraise at or above the sales price that you offer. If it doesn’t, you can get out of the contract. Your agent should also have a list of comparable properties and be able to guide you when it comes to market value.
Resale value is also important. You may love a purple house with pink curtains and crazy tile floors, but you need to consider the property’s resale value. People spend an average of about five years in a home. We always tell people about the pros and cons of resale so they know what they will need to do in five years to prepare the home for the market. If your agent tries to get you into a house but doesn’t warn you about the nearby interstate or railroad tracks, they are not looking out for your best interests.
Remember that there will be compromises when you buy a home.
Finally, remember that there will be compromises. I’ve never seen a home meet everything a buyer wants. By the time you’re done with your home search, you will find yourself either compromising on some things or completely changing what you wanted in the first place. For instance, you may get a home in the school district that you want but have a longer commute to work than originally planned.
If you have any other questions about finding the right home or how to navigate our current market, just give me a call or send me an email. I would be happy to help you!
If you have any other questions about finding the right home or how to navigate our current market, just give me a call or send me an email. I would be happy to help you!
