There's no doubt, you're overwhelmed with excitement when purchasing the home of your dreams. But this begs the question,
what to consider when house-hunting?
Buying a home is a common goal that will
improve your life
in several ways. And while house-hunting is often described as a seemingly never-ending challenge filled with disappointment, there is no doubt you won't want to settle for a home that doesn't quite meet the expectations you have for a dream home.
Even though everyone has their own idea of a dream house, you can find yours by focusing on a few essential details while you are still hunting. Alternatively, there is always the option of having a dream house built to your precise requirements.
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However, if building a home isn't an appealing solution for you, considering these details will help you narrow down your hunt significantly.
New Developments vs. Older Homes
For some, the idea of living in an older home is appealing as architecture has changed dramatically and rapidly over the years.
So, if your dream home is an older design, you should consider only viewing listings of homes built at least a decade ago.
Older homes hold a certain charm
that can be regarded as elegant as window frames and roofing designs were quite delicate in years gone by.
On the other hand, some prefer the appeal of modern homes and new developments that are often a bit more structural with fewer details. If you are after a modern type of home design, you should consider
new homes for sale
that were built within the last five years or more recently. When comparing older homes to new developments, the primary consideration is the style of the home.
Therefore, you should first determine what type of home you are after before viewing any listings.
The Neighborhood and Surrounding Areas
It can be daunting to finally find the home of your dreams, only to realize later that the neighborhood is degrading in value for various reasons. This unfortunate situation will impact your home's market value, leaving you at a loss even if you have invested in upgrades and improvements.
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There are several reasons a neighborhood can degrade in value, and some of them include an increase in crime rates, neglected properties within the area, and numerous others.
So, before you close the deal on a home, you should factor in
neighborhood red flags
and consider the neighborhoods surrounding areas as well. Even if you opt for an upper-class neighborhood, dilapidating surrounding areas can creep in and negatively impact the value of the community over time, turning your dream home into a financial burden in the long run.
Lot Size and Location
In many cases, the specifics of the lot’s location and size are often only considered sometime after the home has been purchased. Unfortunately, if you are buying the home of your dreams based only on the property's structure and internal features, you may later realize you have made a mistake.
Therefore, by factoring in the size and location of the lot when house hunting, you will be able to find a home that can accommodate any changes that you may later decide to make. Perhaps in a few years, you would like to expand your home; you will need a large enough lot to accommodate the expansion in this case.
On the other hand, yard size is also essential as expanding your home and being left with a tiny yard may not be a solution later. At the same time, the location of the lot is also essential; whether you are after a corner property, one that is not near the main road, or one that is located within convenient proximity to amenities such as shops and schools, you should consider these necessary details instead of only looking at the structure of the home and its interior features.
A Purchase Price That Won't Leave You Stressed Out
Another critical detail to consider when buying a home, even if it is only a starter home, is the purchase price. Even if you have finally found a dream home that meets all your expectations, if the purchase price is too high, your monthly mortgage repayments will likely leave you stressed out, turning your dream home into a debt burden.
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Instead of searching for ways to lower your mortgage repayments in hopes of affording your dream home each month, you should only consider property listings within your price range. Instead of viewing homes that exceed your budget, you could consider buying a home that suits your budget and has the potential to be transformed into your dream home through renovations and improvements that you can manage along the way.
With this approach, you will inevitably have your dream home without finding yourself in debt later or losing your home when you can't afford the mortgage repayments.
Relying on An Estate Agent
Even though you may save a bit on the total purchase price by doing it yourself, relying on an agent often means viewing fewer homes. This is because a professional real estate agent will be able to find homes that suit your budget while also considering your expectations.
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You may have to spend slightly more as the agent will be entitled to a small percentage of the sale, although the extra spend is often worth it as you won't have to navigate the property market on your own.
What's more, an agent can also help you negotiate the asking price, determine neighborhood red flags, and narrow down candidate homes within a significantly short timeframe.
House hunting is a challenge regardless of your budget and expectations. With so many different types of homes out there, finding the perfect one can often feel like an endless endeavor.
However, by considering essential details before you start viewing listings, you will be able to effectively narrow down candidate properties and reduce the number of homes you are lining up to view. As a result, you will find your dream home with a lot less effort and frustration.
Additional resources
- Read on to learn how you can make your home energy efficient.
- Here’s what you need to know about a reverse mortgage.