Things To Consider If You’re In The Housing Market

For many people a home is the biggest investment they will make. It is one of the most costly things people spend money on. It’s also the place where most people will spend the majority of their day.

It would be an understatement to say that buying a home should involve a lot of planning and consideration. This is emphasized by the fact that avoiding mistakes in the home buying process can make the difference between a peaceful and safe living situation vs. one that is not.

It may seem overwhelming and scary for some people, but it really doesn’t have to be. It is important to think clearly and make sure you account for all the important features you need in a house.

If you are in the real estate market for a house, here are some important things to know before you buy.

1. Price vs. what is offered

First of all it is important to consider budget. If you are paying for your house entirely (not common but possible) then you simply need to consider how much you can spend. If you are going to be acquiring the funds from a lender you ought to consider how much you’re approved you for.

It is also important to remember that the price of a house may not be what you ultimately have to pay so some wiggle room is important. You could have closing costs, lawyer fees, home inspection fees, renovation fees or something else. Maybe you need to buy appliances or maybe they’re already included. Make sure you are aware of how much you will ultimately need to spend between buying the home and actually living comfortably in it.

It’s also important to consider what the house offers for the price you’ve been presented. A house that requires a lot of renovation should not be priced too similar to a same sized home in the same neighborhood that does not require renovations. If you’re willing to pay less for a fixer upper that should also be considered in your budgeting – but make sure the price you pay is fair.

If a house is cheaper you should consider if there are any cons and whether or not you’re willing to put up with these to save. For example, if you work remotely and you find a cheaper house that is slightly further from where your work. That is a fair trade-off (assuming everything else checks off).

2. Distance from things you need access to

Consider once again if you work remotely vs. if you need to access an office building. Are you still studying? You might need a place close to school. Your transportation is important, as well. If you have a car you may be able to go out slightly further but if you need to take public transport you should consider the length of your trip and access to modes of public transportation.

You might have kids that need to go to school, as well. It is smart to avoid moving somewhere where they’ll need to travel long distances. Is a school bus available in your area? If you need to drop your kids off will it be convenient for you and suitable for your schedule if you live in a certain area?

Finally, consider access to goods and services. Where is the closest grocery store? Are there shopping centers nearby? Would you be able to get easy access to a doctor, hospital or pharmacy? In a pinch, it is important to be able to reach necessary places in a timely manner.

3. Size and layout

The interior space and layout you need really depends on your circumstances. If you have kids you ought to make sure they have rooms and they can live comfortably. If you have a baby, you may need to put a crib in the same bedroom as you. With young children, you may want them to have rooms close to you so you can hear if they need anything.

Entertaining guests may or may not be a big deal for you. Maybe your kitchen and living room should be open to each other for this. Having a spacious area to host guests might also be something you need to consider.

Determine what you need, how many people are living with you and if you plan to grow your family within your house. If you tour a house or look at a floor plan, you should imagine what living in it would mean for you. Brainstorm possible inconveniences that may arise and look at possible pros from the way the house is overall.

Tip: if you have a floor plan with room measurements available, take out a tape measure and determine how big the rooms are visually. This can help you decide if they are the right size.

4. Finishes

If you are in the market for a new home, ask the builder what finishes they offer or get a list of finishes that come standard from them. On the other hand, if you are shopping for a built home then pay close attention to what is there already. Finishes are in the details but they are also an important consideration as they can present issues down the road if they are not of good quality.

Wall baseboard moulding is an example. This is not detrimental to the quality of the house unless they are moldy. Otherwise, it might be something that effects the interior look for the most part. Tiles, however, might need to be changed if they’re not good quality or if they were poorly installed.

Being aware of the quality of the smallest things can make a difference. Cabinetry (how things open and close), drywall quality, flooring, doors, masonry, etc. – all things that should be given thought. The quality of the finishes and the overall effect they have on the value of the home (if any) are important considerations here.

5. Home inspection

Before you finalize the closing of a new home you should be allowed to walk through the home with a rep from the builder in order to determine if any additional work should be done before you move in. As for an old home, an inspection usually needs to be requested.

You should get an inspector to check the home before finalizing an offer. An inspection may reveal a major drawback of the house that wouldn’t have been easily noticeable without inspection.

Your home inspector should be professional/licensed and should be able to check for issues with structure and/or safety. Your inspector should check for mold, rust, concerns with the foundation or any other major issues. Even minute things should be brought up so that you can make decisions as to whether or not you are comfortable with the house.

6. Surroundings/neighborhood

No matter how beautiful a house may be, you might want to reconsider it if the area around it has a major drawback or drawbacks. When you are looking for a house it is important to research the area around you. Things to consider include the following:

• the general safety of the community
• the crime rate
• quality of schools (check online reviews or test scores if they’re available)
• if it’s close to any sources of noise (airport, major highway, nightclub, etc.)
• any factories that may be nearby and what they do
• any large bodies of water that could potentially lead to flooding

This is not a comprehensive list but they are some important factors. Doing some general scouring online should yield information as to what is around you.

7. Curb appeal

Okay, this one is mostly aesthetic but a lot of people do care what their house looks like on the outside. Beauty is in the eye of the beholder so it really depends on what you want your house to look like.

Sometimes, though, curb appeal does reveal important flaws with the house overall. For example, if a large chunk of shingles are missing or the window frames are worn down this could potentially cause issues within the house. These should be fixed immediately. Making changes to the exterior for aesthetic reasons may be forbidden depending on where the house is, so make sure to look into that as well.

8. Land size

It’s not the most important thing, but the size of the land that comes with the house and the lot dimensions in general can be major considerations. It might even off-set some other minor things that you don’t like. Don’t compromise safety for land size, though.

A large piece of land can be a huge pro but do consider if anything can be done on it. For example, you might buy a house on 5 acres of land but due to zoning restrictions you might end up with little freedom in terms of what you can do with it. Overall, though, your land size might be a huge plus in the right circumstances.