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Buying a home can be an exciting process. From picking the neighborhood and schools of your dreams to finding the perfect home within your parameters, the home buying process opens you to a world of possibilities.
But what are some vital factors to consider?
What are you going to need in your home?
Are you seeking a smaller home with a big backyard? Perhaps you’re seeking a home with a spacious kitchen or plenty of entertainment space? To start, it’s vital to nail down what you want in a home. Some important factors to consider in your home selection process: the parking situation – do you have several family vehicles and need parking for everyone, do you like to host get-togethers and need more than just street parking? Be sure to check the street and drive-way situation prior to scheduling an interior showing of the home. Do you like to ride bikes or take walks? - Then you’ll need to be cognizant of the neighborhood walkability and if there are sidewalks on that street. Do you need a short commute time so you can come home for lunch? - Then be certain of street access and traffic during that time of day. The one thing that you cannot change about a home is its location, so be sure that you are in an area that suits the needs of you and your family.
Are you planning on renovate and resell your home?
HGTV has made a cottage industry out of buying homes to flip. If you’re dipping your toes into the business of buying and flipping homes, you need to do your homework. This would include resale value in specific areas, cost of materials for the specific project you plan to undertake, and cost of labor if you plan to contract work done to the home (i.e. plumbers, electricians, and roofers). Buying a bigger house for more money can often times seem very tempting, but a consideration to make would be that the more square footage a house has, the more amount of time, money, and effort it may take to renovate or remodel that home.
How does financing a home work?
A home can be one of the biggest purchases you ever make, so lining up financing and understanding what type of loan best suits your needs is key. Your credit score is not the only factor in determining your intertest rate, and not every type of loan will be applicable for every property. Whether you are wanting to live in a more rural area, are wanting to purchase a fixer-upper, or are needing a large amount of land to begin your farm, a multitude of loan products are available that can suit your needs. Contact your local Realtor to connect you with a loan specialist or speak with your own personal bank to get an understanding of what may work best for you and your home buying goals.
How do short-term and long-term goals play a factor in buying your home?
Sometimes the home you buy doesn’t end up being your forever home. It’s best to go into buying a home knowing how long you plan to stay. The longer you stay in a home, the greater amount of equity you can potentially build into it. However, as many of us have seen in the last 3 years, the market will ebb and flow, as will your home’s perceived value. It’s important to understand that these trends do happen, and it is completely normal. Knowing this can help you gauge when could be a potentially lucrative time to sell your home. Are you planning to use equity to fund a child’s college education and want to sit on your investment for an extended period of time, or are you wanting to live in a home for 7-8 years and then take that equity and re-invest in larger home? Knowing these goals in the beginning can aid in setting you up for success.
Find a Realtor® you can trust.
By researching local Realtor® in the area you wish to purchase a home and go with the one that makes you feel the safest and most comfortable. Ask your friends and neighbors and be sure to check Google reviews.
The wonderful folks at Dee’s Real Estate Service, Inc. want to aid you in your quest for the right home for you. If you’d like to know more about their services, head on over to their website for more.