Manhattan – KS
We know how difficult it is to buy a home for your own. Even if most buyers are happy and excited that they finally have the means to buy one, knowing the details can be frightening. Your dream house will just turn to dust if you don’t plan it well.
Because of this, many potential buyers commit the mistake of buying a home that is way beyond their means. Before you buy a house, make sure you read everything that is posted by our contributors here. We are a group of professionals working in the real estate industry, giving you information to learn for free.
Owning a home and enjoying it for the long haul can be looked at a lot like running a business. Just like in business, it’s important to plan well in advance and make sure you buy the right home. The thing you do upfront include the location, price, surrounding amenities, and the condition of the house itself. Each of these areas can be a critical part of buying the right house, being happy living in it, and enjoying it for the duration of your needs. Conversely, if you don’t consider some important elements for your particular needs, things can get really problematic. For example, imagine if the location is noisy, due to an airport, a train station, or just a particular set of noisy neighbors. Or, what is the location is peaceful, but it’s too far away from everything that you need, like parks, schools, and other necessities? If you have kids or are planning on raising a family, the availability of schools and their quality is going to be important for you.
You also want to be sure that you have a good team to guarantee your success. Initially, you want to be sure you have an experience real estate professional that can do an effective search for you to consider the right properties before making a decision. And, when it comes to the purchase process, how a bid is structured and all other details of the sale process are important to get right. Especially in today’s high competition real estate market, there tends to be a lot of strategy involved in putting in a bid and timing the whole process in order to be successful and not pay too much.
The other aspect of the team that is especially critical are support professional after you have purchased and are now living in your home. Even if you buy a new construction home, there are no guarantees that things can’t go wrong. It could be that they weren’t done well right from the beginning or it could be a manufacturing defect in a product or component. In any case, these things happen and what a homeowner wants is quick, effective, and value-oriented results. Perhaps there isn’t a more stressful situation for a homeowner than a plumbing or water problem. The reason being that water seems innocuous, but can also do so much damage. There’s the actual water damage that is caused, initially. But, what can be far more damaging and insidious is post-water problems, such as mold. So, when there’s a leak or some kind of plumbing problem, it’s imperative to act quick and get things in control and addressed as soon as possible. Therefore, we recommend searching for an emergency plumber near me to get the problem fixed and get back on your way to home ownership!
No one in the real estate industry will tell you exactly what will happen to the housing values, but if you make the right choice in buying a house wherein it meets your priorities and needs, you won’t be having headaches in the future years to come.
Home or Neighborhood Amenities
There are some homebuyers wherein they prioritize living in a particular neighborhood over any other priorities. Others, the home matters to them. You will be able to find the perfect home right in the neighborhood that you love at a price that is well within or below the budget that you have set. But when you take a look at it realistically, most buyers take compromises if they want to have the house that badly.
Whether you are living on your own or buying the house with your partner, spouse or the entire family, it is a must that you make a list of features that you want to see from your house. For example, you want to specify how many rooms you want – whether you want a master bedroom, a room exclusive for guests, a kitchen, fenced yard, granite counters for your kitchen, etc. Rank your features according to priorities. You should also think about whether the community or the house matters more to you and whether it is worth it to make the long commute so that you can live in the home that has a bigger lot.
When must you compromise?
Once you have determined whether the house or the location itself matters to you the most, there might be times that you need to compromise a couple of the priorities you have. If location is the most important factor to you in determining your decision to buy the house, yet you find the homes are way priced over your budget, here are some ways that you can compromise:
- l Find a different type of home within the location or community that you are interested in, like a smaller home for single families, a condo unit or a townhouse. Decide whether you can live in a house with one less room or any other features taken out from your list.
- l You will find clarity by consulting with a financial planner or lender wherein you get to discuss your options for increasing your budget. There is rarely anyone that is willing to overspend for buying a home; you should also acknowledge that going $10,000 beyond the price range when you are financing the purchase within the 30-year loan at a fixed rate will only add about $30 in your monthly payment.
- l You might want to consider lowering your expectations in regards to the condition of your home. While every buyer prefers to go for a home that is move-in ready, sometimes you can get a better deal with a home that requires a few visual repairs. However, you need to be careful with this part. To avoid getting the wrong home with too many repairs to do, hire a home inspector and let them evaluate the house’s structure to see whether or not it meets your needs. Adding one more bathroom and moving the walls can be very costly renovations while replacing the appliances and doing some repainting jobs are the more reasonable moves.
If you have already set your heart on a particular home style or one that has a bigger yard for the children or one wherein you get to have a garden, the compromise you make here is more likely the location itself.
How Do You Know that a Home is the Right One?
Every potential home buyer is excited and at the same time terrified of what it is going to be when they look for a home. Where is the best location? What if the house has problems that you can’t afford to repair? What is the tiebreaker when there are 2 locations you love equally?
The main factor that will decide almost for everything when it comes to choosing a home is by getting your calculator. Your dream home will become a nightmare if your budget is nowhere near its purchasing price.