The process of looking for, and ultimately, buying a home is hard work. Often times, people feel restricted by price ranges in the investment they are able to make. However, this does not mean that one can't fulfill their unique needs when purchasing a home. One home buyer's dream home can sometimes be another home buyer's nightmare. However, no matter what your standards might be, it makes sense to have a working list of parameters before you hit the open house circuit:
Type of Home: Determining the type of home you want will eliminate a lot of the guess work out of your search. If you know for a fact you're looking to purchase a home with a yard, or significantly see your investment appreciate while eliminating HOA fees, a Single Family Residence (SFR) might be ideal for you. If you're concerned that a SFR might be out of your price range, there are many options out there to purchase a distressed, short sale, or even foreclosed upon home. Colorado based company, RenovationReady (www.renovationready.com) is able to provide renovation certified homes, and start-to- finish financing to fit home buyers needs and budgets. If a single family residence is not your ideal, and the thought of weekends spend doing yard work is not your forte, one might consider looking into a condo, townhome, or cooperative. Generally newer, these three options often times, require lesser maintenance.
Location and Neighborhood: Finding the best value for your dollar in your preferred location is crucial. Are you a country mouse or a city mouse? Sit down and decide if you're willing to live in the suburbs/country or is a more urban setting ideal for you and your family. . .take into consideration things like how far to your employer, the grocery store, your proximity to having necessities within walking distance. Are busy streets a bother? Or is a cul-de-sac a curse? What are your thoughts on purchasing a corner lot? Is the school district important to you and your family? Make sure to research the surrounding areas, if there is a home you have your heart set on, make sure to visit the neighborhood during the day, during the evenings, and on a weekend to see the type of neighbors and location in which you'd be buying into. Additionally, should you find a home in a great location/neighborhood but it's in need of significant repairs, don't be deterred, there are many financing options available to restore homes to their original luster.
Interior Specifications: Being choosy is not a bad thing. In fact, the "choosier", the better. This is your investment, treat it as one. Number of bedrooms, bathrooms, and square footage are all items to take into consideration. . . you may be looking for 2000 sq. ft; however, you may find that 1500 sq ft. with the correct lay out, does the job just fine. Generally, 1 bathroom homes cost less than those with 2 bathrooms; however, don't discount a home because it only has one bathroom. Often times, it may be cheaper to add on an additional bathroom then it would be to purchase a home with a second bath. Also, is your heart set on a 4 bedroom home or would a 3 bedroom with a den do the trick? To modify a home in order to make it your dream home is much less hassle than you might believe. There are now companies out there that oversee your renovation from start to finish to take the burden and the guess-work out of turning your newly purchased home into your dream home.
Number of Stories: For some buyers, the number of stories is important: single story, more than one story, and split level homes. Each home has it's pro's and con's but ultimately, it's up to the buyer. Single story homes are usually easier to clean and provide better access for those with medical conditions or who might need wheelchair access. Two story homes sometimes provide more living space on the same foundation as a one story home. And split-level homes can sometimes be less expensive if one of the levels (usually lower) is purchased unfinished. However, remember, an unfinished level can quickly and easily be renovated to add value to your investment.
All in all, the home buying process is a tedious search for an individual treasure. Having a list of standards or a list of pros and cons on hand and ready to go will help you as you begin and eventually, narrow down, your search. Researching those companies that can assist you in your home buying or come to the rescue through the renovation process is also key prior to purchasing a home. Let RenovationReady be your "go to" as you make your home buying decision.
Watch video of the RenovationReady Program.
For more information on RenovationReady visit www.cfs-mortgage.com, call 800-494-2371, or info@cfs-mortgage.com
Comments(1)