Whether it's your first home or the latest in a long line of house purchases, the more thought you devote to the buying process the better the ultimate result is likely to be.
Here's 5 key considerations for any home buyer, aimed at providing you with a more focused set of requirements:
Affordability - Working out what home you can comfortably afford is, of course, the single most defining factor in setting out your goals. There really is no sense in viewing homes that are out of your reach. Equally, if you aren't sure of what you are capable of purchasing, maybe you are looking at properties beneath the standard of what you could own. It therefore makes huge sense to get pre-approved for a home loan even before you start to look in earnest. You will know where you are and, crucially, sellers will take you much more seriously and will be more inclined to accept your offer if your financing is already agreed in principle. Why not click here and make a free mortgage application to establish your parameters from the get go.
Location - Such an important subject that we recently devoted a whole blog article to it. Many factors play into what makes an ideal location for a specific buyer. It's something you really need to spend time on, because the consequences of getting it wrong can be long term, expensive and far reaching. Use our location blog as a guide to doing it right and you should be on target to find exactly the right spot to set up your home.
Condition - We all start our home search hoping to find somewhere that's in perfect condition and beautifully decorated and equipped with all the latest features. Here's where affordability can rear its head again, plus your willingness to accept something in less than an ideal state. If you have a pretty solid set of requirements for a certain size of home but your ability to afford it is marginal, a home in less than sparkling condition can be a great option, as this will be reflected in the asking price. OK, it might not be all you want it to be right now, but with some TLC in the months and years to come, plus your willingness to invest both time and money in improvements, it could even end up being better than you ever envisaged. All that being said, it is vital that you commission a home inspection to make sure that any imperfections aren't hiding serious underlying issues that make the home an unviable purchase.
Potential - Following on from our points on condition, you really should be looking at what the potential of the home is, not just from an aesthetic standpoint, but also as an investment. Is the home situated in a highly desirable area? Is it well located for access to many workplaces and leisure amenities? Would its value sky rocket with significant remodeling? Are home values in the area rising higher than the average home price? Are there any future developments in the area that could positively or adversely affect values? These, and other, important considerations should help you to decide if you are making a wise investment or heading for a large slice of buyer's remorse somewhere down the line.
Saleability - If you envisage your next home as being your last, future saleability is probably not a major consideration. If, on the other hand, you are viewing your next purchase as a stepping stone to an ultimate goal, make sure there's nothing significant about the property that might be off putting to future buyers. Whereas you might not consider a home situated on a dirt road to be a problem, or even a bonus if you own, say, horses, that is probably not something everyone might want to entertain. Are there any noises near the home like traffic on a nearby freeway? Again it may be something you are happy to tolerate for a few years, but it will not be acceptable to everyone. Even a seemingly minor factor like poor internet speed can be enough to send buyers elsewhere.
We hope these pointers provide you with some food for thought. The good news is that, with Everest Peak Realty's enthusiastic involvement, you are not on your own in making these considerations, as we will take the necessary time with you to come up with the perfect solution that fits you and your likely future needs. Call us to today and find out more.