Factors to Consider When Buying A House

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Questions to Ask When Buying A House

So, are you looking to invest on a home of your own? While it can be exciting to pursue this task, this is a tedious activity that requires thorough thinking and careful research. The last thing you want is to end up buying a home that is not worth the price you pay.

If you are new to the process of searching and buying for homes such as going to open houses on weekends, chances are you have been asked by agents if you have any certain questions or some important things you need to know of before you decide to buy a home. You must be clear about what you really want for your ideal home, since this will guide you when you go house-hunting. Also, you can spare yourself from future headaches caused by houses that are poorly-constructed or situated in an area you do not prefer to live in.

A lot of first-time home buyers immediately make a house purchase simply because they have fallen in love with the house . This is a common mistake that buyers make, and it comes with so much regrets and waste of money in the long run. There are still a lot of things you might want to consider, especially when you’re in it for a number of years.

Here are 3 main issues that home buyers should address upfront:

House Condition, House Location, and Offering Price.

1.House Condition:

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Is the house in perfect shape? What is the type of foundation? Does the home have insulation? Does the plumbing work, do the floor tiles need changing, does the wallpaper work for you and a lot of things you need to check on before you put in your furniture. Ask about the repair cost if need be, and fit this into your overall budget and factor these into your offering price.

Have basic knowledge on the life expectancy of fixtures as this may also be a factor in the safety of living.

2.House Location:

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The better the location, the higher the cost of the house – this is not a big surprise to any home buyer. However, you should always look into buying a house in a location you prefer, since you should never compromise this factor just to get the cheaper rates in town.

In this case, you should do your research when it comes to the different location types available. In addition, you should check out properties offered in the location you are looking into. In case you want to get a cheaper rate, you may want to check out areas that are surrounded by industrial, commercial and apartment buildings. Properties in such type of location are usually much cheaper than in other areas.

If you find some issues with the noise surrounding the location, you may want to take these into consideration. You may want to check out potential nuisance that will disrupt the peace and quiet in the area such as neighborhood dogs, freeways and motorists passing every now and then. Poor locations can be very inconvenient to you, and this will have a serious impact in case you decide to sell the property in the future.

Know what the neighborhood demographics are; talk to neighbors and go around the area. Do research and follow up with the agent on this information.

Know where the schools are. Schools are a huge concern to parents with children, especially the younger ones. Take the time to ask the school if your child gets permitted given the circumstance that you live within the boundary of the school district.

Consider strategic locations when buying homes, consider the environment, the time and type of travel you have to make to reach home and its accessibility to everyday necessities.

3. Offering Price.

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What is the offered price for the property? Keep in mind that the asking price tends to have minimal relevance to the actual home’s value, or the cost that buyers should offer. So, you may want to put this aspect into consideration when buying a home.

Nowadays, there are various online sources that will enable you to compare prices. However, you still need to do further research since the prices indicated may not be up-to-date. You can still have an idea, though, on the price of the property. Yet, do not hesitate to contact a professional for further and accurate information on the price. This way, you can set your budget.

When it comes to the offering price, ask the following:

1. The Price the house seller paid for the property

By determining this aspect, you should be able to know whether the home has depreciated or gone up in value ever since it was purchased by the seller.

2. The Money that the seller owe

Does the seller owe so much more than what the asking price is? If so, you run the risk of purchasing the item at a short sale. Moreover, the seller will have to bring extra cash to closing. These are key aspects to keep in mind, so be sure you know the answer to this question.

3. What is the value of the other residential properties within the neighborhood?

It helps to be aware of the price of the homes that are currently sold in the neighborhood. This is an aspect that the bank appraiser will consider when determining the value of the property. Also, do not forget to ask about the number of offers received by the seller. There are instances when multiple offers are given to homes, which means there is a tough competition you need to look into.

4. Has the property been on the market for quite a while?

Homes that have been on the market for a long time such as over 90 days are usually non-negotiable. You run the risk of not getting a discounted rate for the price of the property.

Always take note that markets are subject to highs and lows. If your desired house is on good market, you may not have a lot of time left to ask any questions before it is sold to someone else. Do not ever hesitate to ask your agents on any questions that you think are relevant into buying your new or next home.

Final Word

Finding the best home is a crucial task. It is best for you to be aware of the different factors that impact your decision including the price, location and condition of the house. By checking out this guide on questions to ask yourself before buying a home, you should be able to have a much easier process in this task that would lead you to an excellent investment worth your dollar.

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