How Do You Know When a Home is a Good Buy?

August 18, 2015

How Do You Know When a Home is a Good Buy?

Buying a home is not easy. Every one of us might have gone through the rollercoaster of emotion about making that purchase. If you are a smart consumer, then you should consider a lot of factors in order to get the best out of your purchase. The same goes for when investing into a property or buying a home. Let’s face it – there is no such perfect home, but some factors should be considered in order to make sure that the home you will purchase is ideal for you and your family. When buying a home – there are four certain factors to consider: that is Price, Location, Features and Condition. Meeting all these four criteria will ensure that you got or have made a good buy.

Price

Price is the most important factor to consider. First question to ask is – how much can you afford? This is very well true even with any other industry. Buying a home is not just a simple purchase because it requires a lump sum of money and is the investment going to be worth your time and your hard-earned money. Will you benefit from it in the long term (financially and emotionally)? Will you be comfortable paying for it without compromising your budget? To determine what you can comfortably afford, seek the advice or talk to your real estate professional. They can be able to recommend a lender who will prequalify you for a purchase loan. When you know how much you can spend, it will be easier to shop for home within your price range. With luck, one will stand out.

Location

Another important factor to consider is the location. Location means everything. Highly accessible areas such as those close to business areas, schools and commercial sites such as malls, etc. tend to be expensive as it provides the ease and accessibility to commute to and from your place of work. Well-kept and maintained living areas also have higher value homes. So the question is what would be the best location to live in?

Feature

Size and activity of your household determines the features you would want in your next home. This factor provides you with such deciding option on how many bedrooms and bathrooms you will be looking for when purchasing for a new home. An extra bedroom could be convenient for guests or a second master bedroom for parents. If you work a lot at home, a private home office or a computer nook should be conducive enough to get your productivity going. If you have kids, a playroom would be ideal, a separate laundry area and a fenced yard and patio for entertaining guests. An eat-in kitchen may be more important instead of a formal dining room. Features should be able to accommodate the lifestyle that you have. So it is better to list down your “must-haves” to help you look at homes more objectively.

Condition

Condition is the state of repair. Is it updated and well-maintained? Or do you need to do a couple of major repairs in a few years time? Consider the design and functionality – is the kitchen too small and if it is, would you be able to afford to remodel it? Inspections are imperative in order to closely check at repairs, cleanliness and traffic flow. Buying a home that needs updates or repairs can be less expensive than the updated homes within the same neighborhood.

Now, you may or may not be able to find the perfect home for you or your family and this could be quite frustrating, but you should be prepared and know how to compromise. Finding the ideal home for you is something that may not have all the features you want in a home, or it could be a little further away than your favorite neighborhood but you will be happy if it falls or has the most criteria you want at the price you can afford. It is always best to speak with a real estate professional as they can be able to provide you with the best options that you are looking for in a home such as these 4 factors.

Source: http://ybelisle.realtytimes.com/consumeradvice/buyersadvice1/item/37228-20150806-what-makes-a-home-a-good-buy