Updated: Jan 7
The idea of purchasing a new home can be stressful, but there are measures you can take to make the process clearer and easier to navigate. Everybody wants to purchase their dream home – imagining a place where you and your family can live happily ever-after. But it’s not always that simple. If you are buying a home, there are several factors that will indicate if it should be considered a “good buy” that will lead to a good quality of life or financial gain. Every home is different. So, keep these items in mind.
Factor #1: Location
The location of a home is vital. Whether it’s the quality of the local school district, proximity to public transit/entertainment/shopping/grocery stores, or local tax rates – where your home is located will determine its value and help you know if you’re getting what you’re paying for. Pay attention to population growth or decline, and whether the economy is growing – it’s often a sign that more and more people are moving into the area.
Factor #2: Age and Condition
Sometimes, it’s smart to stay away from old houses. They require more upkeep and renovations that will have you consistently spending to keep it up-to-date, whereas newer homes are less likely to require plumbing, appliance, electrical or roofing work. You can make this analysis by assessing specific areas of the home, taking detailed notes and getting assistance from trusted contractors who can offer their opinions. If a house has undergone recent renovations, it is definitely a hint that the home is a good buy. It basically means that the house is in good condition, and action has been taken to improve certain areas of it that may have been outdated or faulty. To do this, you can request to obtain a list of renovation history from the seller.
Factor #3: Size
The size of a home can also determine if it is a good buy or not. If you are renting or flipping it, the larger the house means the more value it will demand on the market and lead to lucrative opportunities down the line. And, if it’s for personal use, the house may be expensive, but more space will allow you to do more with it – especially if you are raising a family or plan to live with roommates.
Factor #4: Does It Fit Your Needs?
Before you buy a house, know what you are looking to get out of it. That way, you will fully understand if it fits your needs as a purchaser. Does it have enough rooms? A garage for that car you might buy? A backyard for the kids to play in? The more boxes you can check off the list, the better chance you’re buying a house that will fit your present AND future needs. That’s certainly a good buy!
We hope these tips will help you make the best decision before purchasing your next home. Are you getting ready to buy? Don’t hesitate to reach out if you have any questions!