There are a lot of things a person has to think about when considering buying a home. Price, location, and size are some of the most obvious factors, but there are others that might be less obvious but are as important in the long run. Here are a few other items you might want to think about if you are in the market for a new home.
1. Once you have settled on a price with your mortgage loan officer, you need to pick the location. This can be done by proximity to work, quality of the school district, or many other features. However, sometimes it might be too expensive to have everything you want in a home in the neighborhood you want to live in. In those instances, it might be worth considering a fixer-upper, which could use some renovations. Typically going for below market value, there are mortgages available to help finance some of the renovations, bringing the house up to or even surpassing market value for less than you might have spent on a home in good condition. This takes a little more work and dedication from a home owner, and it is not the right solution for everyone. But for some people, it is a dream come true!
2. Consider the condition of the home next. Did something turn up in an inspection that makes you nervous? Does the seller avoid questions about the condition of the roofing? Some of these might be cause for concern – typically, they are, in fact. However, it still does not mean you have to rule the home out entirely. Maybe you just need a good roofing contractor to take a look at the roof or someone to double check the sewer lines. These are the types of routine checks that can also usually be negotiated with the seller to cover the costs. A roofing inspection should not be considered abnormal, as roof repairs can be quite expensive. Doing this up front shows you are a responsible home owner even before purchasing the home. Having a roofing contractor attest to the quality of the roof or other inspections can help you catch a break on your homeowner’s insurance as well.
3. Is it the right size for you? You want to make sure if you plan on having a family in the near future that there is space in the house for you and your family to grow into it. If you are moving into a one bedroom condo with your partner but want to have kids in a couple of years, you might find yourself out growing the unit pretty quickly and having to go to the trouble of moving again.
These are just a few things to keep an eye out for in your search to become a new or repeat home owner. A lot of little things that can make a big difference, so knowing where your priorities lie and how to get where you want to be is important when searching for a home. Otherwise you will be adrift for the entire process, and might end up somewhere that does not meet your needs.