4 Things To Look For When House Hunting
4 Things To Look For When House Hunting.
The home buying process is complicated. It's a very emotional process where you need to juggle property values, pre-approval chances, and the possibility of losing out on your dream home.
Whether you're only planning to start house hunting, you're already in the middle of the house hunting process, or waiting on your mortgage lender to get back to you, here are some house hunting tips to avoid a money pit and find the right home.
Size of the house.
Don't overestimate how much space you're getting.
If it's your first house, you may be tempted to compromise, especially depending on your debt situation. Young potential buyers tend to compromise more and space is one of the first things that get the axe.
While it may be easier to secure a down payment for a smaller property, not enough space in a new home can quickly kill the joy of move-in day. How much house you're getting for your mortgage loan varies based on quite a few factors but having enough storage space, enough bedrooms, and thick walls can be invaluable.
Buying a two bedroom home when you really need three bedrooms is going to be a headache for years, one your housing budget might have a hard time accounting for.
Don't underestimate the downsides of a larger house.
Home buyers, especially when they have the means, like the think big. But buying a house that has more square footage than you know what to do with can also be a hassle. You need to think to the future where your monthly payments toward your mortgage are also accompanied by costs related to the house's upkeep.
One of the best house hunting tips a real estate agent can give you is that maybe the house is too big. Unless you plan on expanding your family, a relatively smaller home in a better location with a similar property value can be a much better option.
Layout and design of the house.
Two houses may have the same asking price but be wildly different in terms of architectural style and internal layout.
Property websites do a great job of listing key information but one that many people don't know how to read is the floor plan. The way stairs connect and how much space they take can be hard to visualize. This is why new tools like virtual tours are much more often part of the home search process.
One of the main divides in property listings you'll see is the presence or absence of the words "open concept," or "open plan." Traditional layouts for homes mean more delineated rooms, the kitchen is its own unit, so is the living room and so on. But more modern homes tend to favor open plan living where rooms blend into each other with the absence of walls creating a more free-flowing space.
Not everyone likes that.
When you go to an open house, bring a digital camera with you - or use your phone if you want to be discrete. Ask if you can take a few pictures for your own reference and get to snapping so that you have a better idea of what the house's layout compared to the photos on the multiple listing service websites.
One of the most common house hunting mistakes is to rely on video content because it seems to give a full picture of a home.
Age of the house.
Some people are looking for a fixer-upper, some are looking at homes that are move-in ready. Regardless of what side you find yourself on, you need to do a home inspection to find out the age of the house. How old a home is will let you know how much work the home needs or will need soon.
The older the home, the more chances there are of issues that need fixing. If the house was built in the past decade however, you need to sniff out why it's being sold. Home values factor in the house's age but more importantly its condition. If something seems like a steal, figure out when it was built and how often and how quickly people move on from it.
In some situations, the age of the house can be a big deal as historical homes come with tax benefits in tandem with strict renovation restrictions.
Nearby amenities.
Grocery stores.
You may love driving around, but needing to drive half an hour for a loaf of bread can be a deal breaker.
When looking at homes online, take a look at the home's location and look it up on Google Maps. From there look at how long it would take from the front door to the nearest grocery store. Comparable homes may not be so comparable when you see how hard they make it to start shopping.
Parks.
Parks are a great place to get some exercise, see friends and spend time with family. They offer a variety of activities, such as playgrounds for children, sports fields for athletics or picnicking, and ponds or lakes for fishing or boating. Additionally, parks often have scenic areas with walking trails and beautiful landscaping.
Schools.
If you have children or planning to, then a house close to good schools is one of your house hunting must haves. The market values those houses quite a bit so the amount of money required to secure a sale will be substantial.
However, if schools are not a priority in your house hunt, let your real estate agent know ASAP.
Public transport.
If you don't like driving, have teenagers that need to get around, or live in an area where cars don't make sense, then having a home close to the public transportation system is essential.
This is especially true in the winter where the walk to and from public transport stops feels significantly more painful.
Hospitals.
Accidents happen, and sometimes those accidents require a trip to a nearby hospital. One of the hunting tips that people overlook is the proximity to healthcare centres but the peace of mind of knowing that a hospital isn't a three hour drive away is irreplaceable.
If you or someone in your family has a chronic health condition, being close to a hospital can reduce the amount of time wasted sitting in a car.
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