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.
One of the big things to consider when shopping for a home is whether one should go for a new home or for an existing home. Even an existing home can be quite young and have been constructed only in recent years and can be considered fairly new. So, the true discussion here will be about a home that is at least 5 to 10 years old versus once that has been recently constructed or is about to be finishing construction.
The benefits of a new home can be dramatic, in terms of the latest materials and construction techniques being employed. It will also likely have the newest design in terms of style, colors, and materials. Another big deal is that you can often make a lot of decisions around how you would like the home design, at least in terms of the materials and appliances used, if not actual layout and footprint decisions around the house and property. This can include wiring for home theater and whole house music purposes. It can also be the configuration of additional bedrooms or converting rooms from one purpose to another.
There’s also much to be said about having something that’s just been constructed and under full warranty. So, if anything goes wrong, often for many years depending on the portion of the house, you are covered and don’t have to worry. That’s a big thing when deciding on an older home is that the warranty may have already expired and soon will. So, if anything happens to the home and needs fixing or replacing, it’s all going to be out of pocket for the homeowner. If we’re talking about a new roof, for example, you’re talking about a major expense in the tens of thousands of dollars. The counterpoint to all this is that older homes have history. What this history means is that since the foundation, walls, yard, roof, and everything has been established and in place for a long time, you can get a solid idea of if the house had or is likely to have issues or not.
There’s also the charm of an established home that many people enjoy and admire. It’s difficult to recreate that with a new home. The “bones” that a home has, as they say, is one of the things that people look for in a home and is not offered by a new house. Either way, the decision is yours, but one needs to make sure that stay mindful that appliances will still be required in any home and you’ll need solid advice to make decisions around buying new or replacing old ones. The folks over at https://www.homefixplanet.com are a top choice for reviews and advice on how to obtain these appliances.
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.
Once you have your home, you’ll want to have a nice solid list of reliable repair people as problems will occur. If you ever run into issues, take a look for an emergency plumber near you to get problems quickly resolved.
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.