How to spot a good buy
Beauty is in the eye of the beholder, especially when it comes to buying a home. Features that attract one home buyer may repel another.
However, the only feature of interest to every home buyer is price. Getting the most out of your money at home is paramount. The real problem is figuring out whether that street-repaired apartment is a better buy than the next-to-new condition house two blocks away. That’s why knowing what to look for before you buy can save you time, energy, and money down the road.
The first step is to find out what type of home you need. A good buy is only a good buy if it meets your current and future life requirements. Before buying a home, decide how much space you and your family need. How many bedrooms, bathrooms? Is a family room necessary? Do you need a design that suits a lot of entertainment? Do you prefer a spacious or compact workspace in the kitchen? If you have small children, can the house be easily protected?
Assess the front and back yards. Is there enough space to accommodate your children? Do you want an environment similar to a park or a garden? Do you enjoy gardening and gardening, or do you want a low-maintenance garden? Consider the cost of extensive landscaping and maintenance.
Next, determine how much work is required to make the home you are considering habitable. Make an honest assessment of your troubleshooting skills. How much work are you willing to do or pay someone else to do? Do you have basic knowledge of decorating, carpentry and plumbing? If you plan to learn as you go, make sure you’ve pinpointed what you’re getting into. Ask an experienced friend, family member, or real estate agent for input, and be sure to consider how many remodeling hassles the rest of the family can handle.
Unless you’re ready and able to tackle a major remodel, look for a home or condo that only needs cosmetic upgrades. These include painting, wallpapering, and replacing items such as flooring, window treatments, kitchen and bathroom fixtures, light fixtures, cabinets and hardware, and interior door appliances. Remember that even these simple changes can be expensive if you have to make a lot of them.
Beware of upgrades that seem easy enough at first glance; shopping can become huge headaches and require a lot of money once you have moved in. Remodeled kitchens and baths, floor plan changes, room additions, and redesigned landscaping are examples of seemingly minor changes that can easily consume the money you thought you saved by selecting a home called “bargain price.” Of course, you may be perfectly willing to spend the money to customize the home to suit your tastes and needs.
Make sure the home’s major systems are in good working order. The furnace, air conditioning, and plumbing need to be up to date, as repairs can be expensive. Your agent can arrange for a professional inspector to determine if the electrical wiring and additions to the room are code compliant. Local utilities often offer free or low-cost inspections to let you know if the home is energy efficient.
Look for a home with universally popular outlets. If you’re impressed, the next buyer in the line surely will be, too. For example, a spacious and modern kitchen from this to clean is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom offering a sense of privacy. Plenty of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “big rooms” are also desirable. On closer examination, a home that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you are looking for a home for repairs, the home should be in comparable condition to other homes in the neighborhood. Avoid buying the biggest or fanciest house on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will have a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants, and theaters will also make the location more desirable.
Good community facilities also add appeal; Swimming pools, sports fields, community centers, libraries and hospitals add to the value and convenience of a neighborhood. Transportation needs must also be considered. Is there local public transportation available? How long do regular trips to current and potential places of employment last? Are there several alternative routes? How close is a major airport? All of these can affect the price of a home.
Consider the cost of living in a home. It is important to consider not only the purchase price, but also the monthly cost of living in a home. Calculate your utility and maintenance costs. For example, will you need to paint your house regularly and will you need to spend money on maintaining a swimming pool? Ask your agent about the property tax rate and if any increases are anticipated. Will you have to pay special fees for a homeowners association? Consider the point in the life cycle of major home systems, such as the oven, air conditioner, roof, and kitchen appliances.
You can find a bargain! Your first step should be to find a real estate agent with knowledge and experience in the areas of the market where you want to buy a home. Your agent can help you locate those properties that really are “bargains” and help you find the home that best meets your wants and needs.