Published on July 11th, 2017 | by Home and Family0
5 Unique Home Buying Considerations
If you are currently in the buying process, you have probably already gone over the traditional home search questionnaire. This questionnaire consists of questions like what size house are you looking for, how much land do you require, how many bedrooms and bathrooms do you desire, and are there any other special features you would like in your new house? Although these questions are very important to finding the right house, there are other overlooked, yet important factors to also consider.
Previously lived in versus new houses
While much of real estate consists of previously lived in houses, new houses are always an option. Yet, many buyers are not even aware that they can purchase new homes for an affordable price. It is important to evaluate the differences and costs of each option. You can often get a great deal on a previously lived in house that requires numerous repairs. However, if you are not handy or simply do not have the time available to make needed repairs, a new house or entirely new houses may be a better option. Buying a new home is similar to that of buying previously used real estate.
Type of residential property
According to Realtor.com?s Active Home Shopper Report, 24% of current buyers prefer townhouses, 56% prefer single family homes, and 8% prefer condos. Each type of real estate has its own set of advantages and disadvantages and your specific living needs will decide which is best for you. However, before you begin your home buying search, you will want to consider the differences. The buying process for each type of residential property is also similar to buying traditional single family homes.
Most home buyers focus singly on the property. The community is perhaps, just as important as the house. This is a community that you will live in for many years. It is the community that you will build your life on. Consider shopping, eating, and business opportunities in the area. You will also want to consider the transportability of the city. Do you want a city that allows you to have your own vehicle with private parking? Would you prefer to take a public transportation system? In a recent survey by Urban Land Institute, 50% of respondents said that walkability is either the top or a high priority in where they would choose to live.
Local real estate market
Buying new houses is a financial process. It is one of the biggest investments that you will make in your entire life. You want to ensure that you are making a good financial investment. Purchase a home in an area that is expected to grow. With the city growth, you will also see your investment returns grow. You are also more likely to see a return on your investment if you choose a home that is in good condition. For example, luxury real estate tends to hold its value well. There will always be a market for luxury homes, because they are move in ready.
Evaluating your privacy needs and wants is also important when shopping for a new house. Some types of homes, like homes within homeowners associations or condos have less privacy. Those home buyers who desire maximum amounts of privacy may want large acreages of land. Others may find a large fenced in house to be acceptable. The top three goals among all current home buyers are privacy, family needs, and asset accumulation. It is important to understand your top priorities in a home, before beginning your home search.
Buying a home often begins with a realtor consultation. The real estate professional will ask you a series of questions. While these questions are crucial to the home buying process and to understanding your needs in a house, they are not the only thing to consider. You will also want to consider the community, the current trend of the real estate in that community, your desired level of privacy, and the specific type of residential property that you want to purchase. Keep these factors in mind as you begin the search for your perfect house.