Essential Factors for Buying a New House
Buying a new house isn’t that simple.
There are so many things to think about: location, space, utilities, rooms, price, and so much more. It’s crucial to consider all of these factors to ensure you get what you’ve paid for.
That means buying a new house is all about making big decisions. It requires careful thought and planning -- and if you can find it, expert advice.
Fortunately for you, this article offers just that. Here we’ll be going over the essential factors you need to consider before paying top dollar for a new house.
Checklist for Choosing a House
Sometimes, when a house looks pretty enough or has one attribute you really like, you can end up so infatuated that you overlook its other features. You may even end up making a rush purchase.
It’s a common mistake when buying a new house: buying on impulse instead of after careful consideration. That’s not a good thing for your pocket… or your family’s future.
Having a checklist can help in that regard. It reminds you of all the things you need to think about when making the decision.
In other words, a checklist helps you see if a house actually fits all of your needs and wants instead of just one of them.
But what if you don’t know where to begin with your checklist? Well, that’s still all right, since I’m going to help you. Here are the things you should do when buying a new house.
Inspect the House Thoroughly
As an aspiring homeowner, it’s important to make sure that the house you’re going to buy is worthy of your money.
Many real estate agents will be aggressive in their attempts to persuade you to buy a house they’re selling. You’re going to hear a lot of beautiful things about the house. Just remember that it’s their job, though, so you have to take their words with a grain of salt.
When buying a new house, don’t let anyone else’s opinion affect your decision. Instead, make the decision yourself.
While you’re checking the property, pretend that you’re living in there. Try doing some of your everyday activities: flushing the toilets, turning on the lights, climbing the stairs, or checking water flow in sinks and showers.
Doing this allows you to see potential problems you might face were you actually to live in the house you’re considering.
Be nitpicky when buying a new house! If you see a single flaw in the property, never take it for granted. Ignoring little problems in your house can lead to the discovery of bigger problems later.
For example, a simple leak in the bathroom can be a sign of a major defect in the property’s plumbing. A hairline crack in a wall could be the symptom of a shifting foundation.
When buying a new house, you can perform the assessment yourself. But you should also think about hiring a professional inspector to help you. You should ask and expect a professional inspector to look at the following:
Roofs and lofts,
Ceilings, internal walls, and fireplaces,
Walls and damp,
Windows doors and joinery,
If there’s a lot to repair in the property, weigh the pros and cons of buying a new house like this. The cost of the house along with your planned renovations shouldn’t exceed the cost of other properties in the area.
If the price is way above the average cost of the same type of house, then it’s not worth your money.
Consider the Size and Storage
The next thing to think about when buying a new house is the amount of space you need.
Buying a new house that’s too small for you or your family will see you bumping into corners and elbows at every turn when you live there.
On the other hand, purchasing a house that’s too large will increase your expenses unnecessarily.
To determine the right size for you and your family, think about the space that your house currently has. Do you have enough bedrooms or do some of you have to share? Is your storage room enough for all of your belongings?
Apart from that, you should also consider your plans for the future. If you're planning to have another child sometime soon, for example, look for an extra room when buying a new house.
The house that you’re going to purchase should be big enough for the unexpected. That means you should pick a house with renovation potential. It should be capable of expansion in case you ever need it.
Also, visualize the pieces of furniture that you already have inside your new house. It’s usually wise to aim for a little more space than before when buying a new house. This gives you room for more things in the future.
Assess the Aesthetics and Decors
The next thing to do when buying a new house is to think about the value and cost added by each option’s aesthetic trimmings.
You'll see houses with eye-catching decorations, furnishings, and the like. If you’re on a budget, you may want to steer clear of houses with too many of these.
Things like high-end countertops in kitchens and baths drive up the overall cost of a house. But most people don’t actually need countertops like these to use a kitchen or bath, do they?
To get the most bang for your buck when buying a new house, focus on sturdiness and utility, not on the trimmings.
For example, a house may have a luxurious bidet in its master bathroom. That’s fine, but what if you don’t actually need or use a bidet?
What if the amount that bidet added to the price tag were better off spent on a double sink in the bathroom for you and your spouse instead?
In sum, try not to be taken in by the aesthetics if they won’t actually add value to your purchase. Buying a new house is about to find a place to live in, not finding one you can only stare at admiringly.
Pick the Right Neighborhood
Last but not least, you want to find the right location when you’re buying a new house.
The prerequisites for “the right location” vary widely, of course. However, since most aspiring homeowners are professionals with families, I’ll focus here on finding the right location for your kids and your work.
When choosing a location, make sure that the house is in a family-friendly neighborhood. Try walking around it to check that.
During your walk, take a look at the following in particular:
The availability of transportation in the neighborhood,
The water supply in the area, and
Amenities such as street lighting, telephone, and Internet connectivity.
You also want to check the safeness of the neighborhood. Consider finding information about the people who already live there. Talk to some of the locals and see how they interact with you.
If the people living in the neighborhood are friendly, it’s usually a good sign. You can try asking them about their experiences living in the area.
Lastly, check the distance between the house and establishments like schools, markets, malls, hospitals, police outposts, and government offices. This can tell you how long it may take to reach those places if you do start living there.
Take note that having a house that’s near a school or college may be especially desirable. That’s because it can open opportunities for capital growth.
Real estate near schools tends to appreciate over time, especially if the school is a thriving one. That means your house may go up in value if it happens to be in the area.
Final Thoughts on Buying a New House
Buying a new house isn’t that simple, but it can be managed with a good property buyer’s checklist. Covering all the steps listed in the checklist can limit the risks of buying a new house.
A thorough inspection of the house can help you determine problems that might come from living there. The size and storage are also important things to consider. You want to pick a house that can accommodate your belongings and your family.
If you’re planning to expand your house, make sure it’s good for potential renovations.
Lastly, pick a location that has a safe and friendly neighborhood perfect for your kids and career.
Real estate professionals in reputable companies like The Tye Group can help you make wise decisions when buying a new house. They can assist, teach and guide you through the real estate buying or selling process.
If you want to learn more about buying a new house, you can reach The Tye Group at 513-549-7469.