Buying a Home - What to Look For and Avoid

Last night, I had the opportunity to meet with another individual that was interested in starting the home buying process. I love these coffee meet-ups, since so many people have misunderstandings, reservations and questions about how to get started and what to look for. 

I really take pride in working with someone to make sure that we determine and locate the best options for what they value in life. After all, an investment of this size should be one that is beneficial. Here are some things that you may want to consider in your home search.

Location

It affects everything from home value, to medical care, to your child's education - and since you can't change your home's location once you've bought it, you should consider this factor closely. For starters, remember to evaluate a property's location from every perspective. 

While a home may look great from the street, a bird's eye view may reveal nearby highways, industrial properties or busy retail centers - all of which will affect your value.

Work: How long will your commute be? What's traffic like? Is there public transportation?

Schools: Whether you have children or not, school quality can affect your home's long-term value

Public Services: Where's the nearest hospital? Fire and police?

Crime: Beyond the obvious safety implications, crime rates can affect your homes resale value. 

Shopping and Attractions: How far are the nearest stores? What about restaurants, nightlife, parks?

Ownership situations: Are there a lot of bank-owned properties for sale in the neighborhood? This may depress a home's value going forward.

Price

Thanks to your financial preparations, you should have a clear picture of how much you can budget for your new home. Still, you shouldn't rely solely on your bank's pre-approval for guidance. Before you start touring homes, determing the highest monthly payment you are comfortable with, and then stick to it. While this may seem like a buzzkill, it will keep you realistic. 

Don't forget to factor in property taxes and home insurance costs. But on the upside, your new home may give you access to tax deductions for mortgage interest, property taxes, and other factors.

Size and Type

When determining how much space you need in your new home, it's important to consider hidden costs. While a larger home will give you more flexibility and extra space for storage and growth, it will also mean higher utility bills, maintenance and property taxes. Still, it's important to plan for the long haul; one bathroom may fit your current needs, but one might not be enough when you are sharing it with a spouse and two children.

When it comes to property type, location is the major determining factor. Townhomes and condos are more common in urban parts of Dallas. Single-family will be the norm surrounding downtown and in suburbs. Each have their advantages, and will offer different levels of privacy and space. You may consider pre-owned versus new. Again, there are pros and cons to each. New are typically more expensive up front, but more energy efficient. Older are cheaper and often have more character, but may need some updates and have hidden maintenance costs.

Condition

Most homes have defects. Some have worn carpet and tired paint (or, gasp, wallpaper) but can be fixed. Other issues, however, can be deal breakers. Here are major things to watch for:

Foundation: Check for bulges, diagonal cracks, rotting supports, sticky doors, slanting walls or pests like termites. These may be indicative of costly repair needed.

Power and Heat: Look for faulty switches, buzzing switches, adequate insulation, old electrical panels and up-to-date heating and cooling systems.

Exterior: Check siding, brick work and roofing. Shingle roofs usually have a life expectancy of 15-20 years. Clay tiles or slate can last for 50 years or so.

Odors: Trust you senses. A funky odor may indicate something hidden, like mold or water damage.

My job is to make the process of buying a home as easy and enjoyable as possible, and I have dedicated my career and livelihood to this goal. As your agent, I will be your advocate, ensuring that you secure the right home at the right price. Contact me for any questions you might have about the buying process, and I'm happy to meet for coffee anytime to discuss your plans. I look forward to meeting you.