What To Consider When Buying A New Home
At any point in time, there can be millions of homes for sale around the country.
With so many homes to choose from, finding the best house for you can be tough.
If you take time to think about what you want in a home, however, finding that amazing home can be a much easier process.
Here are ten things you should consider:
1. The price of the home
Don’t shop for a home until you know your budget.
To figure out your budget, determine the monthly payment you’re ok with making on a home. Then, use a mortgage calculator to work your way backwards toward your purchase price. Once you know your maximum purchase price, get in touch with a lender, who will tell you whether you could be approved at your intended home purchase price. This is called getting a pre-approval. It really helps your offer stand out.
Once you have your budget set, look for homes that fit. Searching for homes in a specific price range will narrow your search results for you and will also help guide you in choosing an appropriate location. For example, homes in the suburbs may be more affordable than homes closer to a city’s downtown district.
In addition to the price of your home, you should leave room in your budget for moving expenses, closing costs, and renovations to the home, if necessary.
2. How many bedrooms it has
Aside from its price, the size of a home is another important factor which will affect your decision to purchase. A good way to assess how big of a home you’ll need is to ask yourself how many bedrooms you would like for your home to have? If you have kids, this is especially important! If a house has fewer bedrooms than you’d like, are there other spaces in the house which could convert to a bedroom? For example, could an office could be converted into a small guest room? Could a finished basement could be converted into a playroom for kids?
You will also want to consider the size of the bedrooms. A large bedroom may be more suitable for kids to share than a small bedroom.
3. How many bathrooms it has
Similar to bedrooms, also consider how many bathrooms are needed. Consider how accessible they should be and where they are located in the house. Also, take note of the features you’d like.
You should also think about what features you want included in your bathrooms.
4. The kitchen
If you like to cook, chances are you’ll need a large kitchen. Contrarily, if you prefer to dine out frequently, having a deluxe gourmet kitchen may not be what you need.
One important thing to look for is how up-to-date its appliances are. This includes the dishwasher, stove, oven, and refrigerator. If you don’t like them, make room in your budget for upgrades!
5. The dining room
Some homes feature a combined kitchen and dining room. In others, the dining room is separate.
Whether you eat in the kitchen or dining room, consider the “extra space” a dining room may provide when hosting small or large numbers of guests.
Think about how your household dines, and make sure the home can accommodate. Dining rooms can be re-purposed as living rooms or music rooms, depending on your needs.
6. Where it’s located
Certain cities, neighborhoods, and even blocks can be dramatically different from each other. The location of your home is important.
If you have children or want children, consider living where the best school district is within your price range. Do you want to live within walking distance to schools, though? Or, would you rather your children take the bus? Furthermore, would you like to live in a community with a nearby arts district? Parks? Is it important that your neighborhood be kid-friendly? Is there a community pool nearby? What is the crime rate like?
Consider what you would like within walking distance from your home, and what you do not mind taking public transportation or driving to.
7. The type of home
Just as the size and location of your home is important, so is the “type” of home you buy.
Homebuyers who want a large backyard, or room to grow a garden, may not want to move into a condo or townhouse, where yard space is often limited.
If you would prefer a home without stairs, a ranch-style home may be better a two-story.
8. The front and back yards
When you’re buying a home, it’s important to consider its outdoor spaces, too.
For example, home buyers who love to garden may want to search for homes with favorable sun exposure and ample room to grow fruits and vegetables. Families with children may prefer a large yard for playing. Maybe you want room a swing set, a playhouse, or a pool? If you enjoy spending time outdoors, you may also want a good sized porch or patio. And, do you want a yard with a bit more privacy? Is there room to build a fence or plant bushes?
9. Parking
Adequate parking is also very important when looking for a home. If it has no driveway or garage, is there enough room to park on the street? What happens if you have guests over or a party? A house with a driveway or garage gives a home more privacy, and makes it easier to bring groceries inside. A long driveway may also keep young children from running into the street.
Households with multiple cars or sports equipment may need a garage for storage space.
10. How energy efficient it is
Finding a home that is energy-efficient doesn’t just the environment, it also saves you money. A home with a lot of windows may help to save money on electricity because of an abundance of natural light during the day.
Insulation of a home is also important, however. Having proper insulation can save you money on gas and electric bills. Some homes may even come with solar panels to help cut energy costs.