Here are some key criteria to consider when buying a home:
Price
What is your financial limit for a given property? The preapproval letter that your lender gives you will also contain the maximum loan amount that you can get. Think regarding the size of your down payment and your monthly income verses your monthly mortgage payment combined with your other recurring debts and other necessary living expenses such as child care, food bills, electricity, school fees etc. You will also likely want to have provisions for major upkeep, or large-scale repairs, for your home.
Location
The area of the neighborhood, city, town or state one chooses is as crucial as the features of a home to be constructed or bought. Are you interested in silence or in areas with recreational or entertainment facilities? How about proximity with shopping, eating places, grocery, schools, and other business facilities?
Commute Time
To and from work and/or school, how long would your commute be? How readily will you be able to access public transportation, and how critical is this factor needs in your daily life?
Schools
For instance, if you are a parent or planning to be one soon, the quality of the schools a home is assigned to is important. Focus on school performance, obtained results, the proportion of teachers to students together with other performance indicators to assess schools or districts where you consider to buy a house.
Home Type
Compared to condo or townhomes, single-family homes often require more and a bigger initial investment and regular repairs and maintenance. It was observed that the condos and townhomes are not as large and cheap as the other types of residential structures. But it comes with a higher monthly cost in units known as homeowners’ association or condo fees, for the common utilities, facilities, and maintenance.
Design And Upgrades
A new construction home is in fact brand new, and its energy efficient, and you always have the option of the design and aesthetics of it. The same applies to a flipped home which is a home that is bought, needing some repair work then sold after a short duration. In a flipped home, some of the factors that affect the layout, color, and even the appliances are predetermined meaning that one has no say in this but they’ll pay more than a normal home that is already on the market because everything in it has been newly installed. There is the possibility of purchasing a home that already exists but it may require some few renovations; however, it may cost less.
Condition
Some properties may only require cosmetic repairs to include repainting and re-carpeting while others may require major repairs or renovation or you might have to replace some very essential costly systems. For instance, do you have the extra capital, time and efforts meant for naming a house that is not yet fit for occupation?
Space
Think of how many bedrooms, bathrooms, offices and any other rooms that the construction may require. Is it important to have more space in the kitchen or several bedrooms for an increasing number of children? Is the property providing all of those spaces today or can the spaces be built in the future and/or added to the portfolio?
Energy Efficiency
The payment of utility bills is also relevant to the extent of expenses within the monthly budget. Performance of the property in terms of energy? What would have to be done for it to become intelligible? Are the appliances, windows and other structure that are installed in a home friendly to energy? What orientation is the home and how does that affect the energy consumption?
Square Footage
At what point does the home have to be so large for it to accommodate your lifestyle, your family and storage requirements that you have? More so, when considering a home/property size, be aware that the greater the size the greater acreage that will be incurred to maintain it. A larger home implies you are going to be charged a higher price for the purchase.
Parking. Would you like to have a private space for your car/Garage/off/Street parking or are you comfortable with having your car parked out on the road? Do you require other outdoor storage areas for a boat or an RV?
Property Additions
Are you looking for a property with any of the following; internal or external space to increase the property area or change the existing structure of the building to include a loft / garage conversion? Is there a potential basement area that you could one day finish to obtain more living space as a result?
Outside Space
Would you prefer garden, patio or back deck? As much as one would like a home to be self-sufficient and trouble free, you have to honestly ask yourself and with your budget, how much maintenance are you able and willing to do for your home? If you are planning to purchase a townhome or condo, will the homeowner have individual yard or the compound will be divided among other homeowners?
Historical District
Such areas are protected by the state laws and if the home is situated in any of the historic regions, it will come with special regulations. This may reduce your possibilities to expand the property or any changes to the outside appearance of the property.
Potential Drawbacks
Is the property situated at a noisy area, such as by the side of a main road, a main transport corridor such as railway line or located in an area where there is no access to shops selling fresh food, or located in an area of high criminal activities & there are more chances to suffer from minor injuries due to abrupt patterns? Choose the problems you would like to live with before you purchase. These properties could equally take longer to resell and may not sell at all.
Overall, a real estate lawyer can help you to go through all pros & cons regarding real estate legislations.
Author Bio:
Justin William, a dedicated Motorcycle Accident in Yonkers NY, has over 15 years of experience advocating for accident victims. In his free time, Justin enjoys gardening and hiking, which reflect his commitment to balance and well-being both personally and professionally.
