Beauty is in the eye of the beholder, particularly when it comes to buying a home. So, how do you know if a property is a great buy? Features that attract one home-buyer may repel another. However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away.
That’s why knowing what to look for before you buy can save you time, energy and money down the line. The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary?
Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed? Evaluate the front and back yards. Is there enough space to accommodate your children? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep. Next, determine how much work is required to make the house you are considering livable.
Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code A roomy, modern easy-to-clean kitchen is the best selling point a home can have.
A house with only one bathroom is less desirable than a house with two or more. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features. Don’t forget the old adage: location, location, location. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
It’s important to consider not only purchase price but also the monthly cost of maintaining a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis or will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? You can find a bargain instead of a money pit!
Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home that asks you the right questions and listens to your needs. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
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