Tips to Consider When Purchasing a House
Purchasing a Home
When buying a house, everyone has top priorities. The purchasing process is complicated and requires time, and it's easy to get distracted, especially if you don’t know what you are looking for. However, knowing the most important thing to look for when touring properties can make the process easier. Likewise, relying upon the expertise of your realtor and other professionals can make the process less stressful. While everyone pretty much knows that location is important (even if they’re not exactly sure why), several other factors must be considered when purchasing a home. Below, we will briefly discuss the top 5 things you must consider when purchasing residential real estate.
Location of the Property
The expression "location, location, location" is absolutely true and continues to be the most essential element for the valuation of residential real estate. Proximity to markets, warehouses, transportation centers, highways, good school districts, restaurants, and amenities play a crucial role in assessing real estate value.
The Current and Future Property Value
Why is it important? Real estate financing during purchase, sale price during the sale, investment analysis, insurance premium, and taxation-- they all depend upon real estate appraisal. Besides, if this is not your "forever home," that you are purchasing, then you need to think 5-10 years in the future and make certain that the property value will appreciate, so you don’t lose money in the long run.
Age of your house
If you are prepared to look at homes in your price range that are not new construction, you might see homes that were built several decades ago. While older homes are often charming and have character, they might also need more repair work and upgrades.
Also, local building codes frequently change over the years; as such, it’s important to understand upgrades that may be required in the home. Your realtor may be able to educate you about your local building codes, if not, surely, they will be able to steer you to the appropriate professional who understands residential real estate in your area.
Having written priorities is the best way to guide you through the home buying process without the risk of forgetting features that are essential to you and your family. Your realtor will likewise want to understand your priorities. Grasping which features are important to you will help save you and your realtor time in the long run.
The Size of the Lot
Many residential home-buyers don’t adequately consider the size of the lot they are purchasing; however, they should.
If there appears to be a concern about where one lot ends, and another begins, examine the lot description and measurements with your real estate agent or a surveyor. If you find a potential home that consists of two lots, think about the possibilities. If the second lot is build-able, you could potentially add another building (extra garage, workshop, etc.). You may even consider splitting the property at some point and constructing a second home and sell it.
Repair or Maintenance Issues
Unless you're purchasing new construction, there is typically a list of possible maintenance issues. When taking a look at your house, you are probably making a written or mental list of all the things that you may have to address. They might be repairs, small or big, replacements, or additions that would make your house a home.
However, some repairs may be mostly cosmetic, while others might take a great deal of money and time to complete. Be sure you write them down and review them. Also, make sure you confirm any repairs by ordering a home inspection. Once the home inspection is complete, ask yourself, would the remaining repairs interrupt your life or put you in a financial crunch? If the latter is true, you may want to reconsider purchasing this home.
When you work with us at Kontor, we look for all of the above listed advantages and warning signs when trying to find you a great residential property. Contact us today and lets build a portfolio that will get you where you need to go!
Kontor Realty, We keep you ahead of the curve!
Phone: (612) 567-1810
Kontor Realty Group
Give us a call at Kontor Realty, we keep you ahead of the curve so you know when the roller-coaster will drop before everyone else does!
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