Five Things Buyers Often Do Not Consider While Buying a House

If you are a first time home buyer then you will learn many things during the process. However, many times buyers do not take into consideration some important aspects which play a significant role in the whole decision making process. Let us find out what those aspects are in the following sections.

5 Things First-Time Buyers Do Not Consider

a) Think About Resale Value: At the time of purchasing a house you need to think about its resale value in case there are plans to sell the property within a few years. You will have to imagine who will be your target audience when you list the home for sale.

If you are buying the home in a poor school district or close to very busy street then you will have to keep out families having children from your potential buyers list.

b) Items to Check: House purchase can often be a very emotional process but while evaluating a home you will have to set aside your emotions. To make this task easier you should create a checklist of most important, nice to have and general things.

Keep a copy of this list whenever you are visiting a property and check whether it matches your requirements. If a house looks attractive but it does not have any of your most important things as mentioned in the checklist then taking the right decision will become a lot easier.

c) Consider all the Expenses: Another important aspect revolves around proper budgeting for the property purchase. Apart from principal amount, taxes, interest and insurance, also consider expenditure on commute, utilities and upgrades.

Consult utilities companies and ask for estimated cost for servicing the various facilities available in the house. Will the traveling cost go up? Is the grocery store far away from the house? Take such expenses into consideration and think whether the property is still a good option.

d) HOA Contract: If after a few years you are planning to rent out the property then it will be important to check the homeowners association (HOA) contract. There could be a clause in it which prohibits anyone from renting out their property.

Thus, while buying a home which is part of homeowners association, you should at first go through their HOA contract to make sure there are no such clauses present in it.

e) Staged Houses: Staged properties do look better in comparison to ones which are still occupied. But you will have to look beyond the outer appeal. As for example, a nightstand with lamps beside the bed could be arranged in a way that it increases room’s appeal but the reality could be that there are no plug points close to the night stands.

This would mean that to maintain that appeal you will have to do a complete remodeling, which could be quite expensive. Thus you will have to check structure of the house as well as its layout and look beyond the staging. Forget about paint or ugly wallpapers, you can easily fix them up later on, rather concentrate on checking more important things.

Thus to summarize it can be easily said that it is necessary to take all aspects into consideration while buying a property, more so if you are a first time home buyer. By keeping note of all the facets you will be able to prevent problems after you occupy the house.

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10 Tips for Finding the Perfect Home

There is a lot that goes into deciding which house to buy. Money factors in, location factors in and most of all you want to love the place you will eventually call home. Here are ten tips to help you find the perfect home!

1. Put your roots in the ground: When looking for a home you want to pick a home that you could see yourself living in for many years, at least 5-7 years ideally.

2. Leave room for growth: Because you’ll want to stay in one home for several years you want to find a place that can adapt as your life changes. For instance you might have a new baby or if your child moves back home after college. Leave options open for those family planning moments, and even if you don’t have it in the budget to get a home big enough to fit those future needs you can look for one that will allow you to build on in the future.

3. What can’t you live without: Write down the features you require in a home, such as number of bedrooms and bathrooms, garage, formal dining room, family room and living room or great room, and the size of yard. These should be the items you absolutely cannot live without.

4. Check the surroundings: You aren’t just buying a home to live in when you pick a house out you are also choosing a neighborhood to live in. For instance It is preferable to buy a home that is in an up-and-coming or well-cared-for area. Homes in areas that are declining may lose value and never recover. Looking into the school systems and the crime-rate are also important factors.

5. Keep it in the budget: Understandably you want the best thing that your money can buy. However when buying a house you will need to check your finances, including looking towards current and future expenses, and don’t exceed that. It’s better to buy a home that you can easily afford than one you have to work to find money for.

6. Don’t limit yourself when looking: Make sure that you are seeing as many different homes in your price range as possible and don’t limit yourself to just old or just new, look at both.

7. Location matters: A house that is located on a busy street might be bothersome as a homeowner than one that is located inside a quiet neighborhood. Not to mention that when it comes time to re-sell your home will most likely be worth more if it’s located in a quiet area opposed to a busy one.

8. Pick your “type”: There are many different types of homes out there, so figure out which type best suites you whether it’s a single-family-home, a condo, a townhome, etc. You’ll want to pick a type that works with your lifestyle and your future plans. For instance a single-family-home will have to be maintained by the homeowner while a condo will have someone else to look over all of those needs.

9. Distinguish important from not so important: A small thing that can be fixed shouldn’t detract you from buying a perfectly good home. For instance you might go into a home and not like the paint, the cleanliness or the carpet but those are not things that are permanent so it’s something you should be able to look past. On the other hand you might be able to put a marble in the middle of the room and have it roll, you might have a slab issue and that would be something that would be something you wouldn’t want to have to deal with.

10. Look to the future’: Although you want to look at your house as a home first and not an investment you should put some thought into how easy or difficult it might be to resell the home eventually.

Take these things into account as you look for a new home and remember nothing is more rewarding than finding the perfect home!

Finding Cheap Houses for Sale

Many people who are starting out in real estate investment will purchase a cheap house, fix it up, and sell it for a profit but it is not always easy finding cheap homes for sale. To secure your financial future in real estate investment finding cheap houses to buy is imperative but this can be a competitive field. If this is your first venture into finding and buying cheap houses for sale here are a few pointers that might help make your venture more profitable. One of the most important things to consider is your budget. Make sure when figuring your budget that you are also including the material you will need to fix the house up so it is can be sold for a profit. You do not want to purchase a home at the top of your budget and then realize you have no money to fix it up to resell.

• Sort the homes by price-most people will start out looking online at various real estate websites. When clicking on the area of houses for sale by default the most expensive ones will be what you first see. Click on that button and select cheapest or lowest so they are the ones you are looking at.
• Look at several houses for sale-although this may take some time, by looking at several houses on different websites you will soon be able to sort the good buys from the bad buys along with training your mind to find deals that are great. Once you have a list of homes in the area where you want to buy start going to open houses or set up appointments with a real estate agent to see the homes. If possible try to see at least ten homes a day and take notes of what you like and do not like about the homes. The more homes you look at the better your odds are of finding that special deal.
• Make several offers-not all offers made will be accepted so make many offers on the homes you like.
• Look outside of the city-this is one of the best ways to find cheap homes for sale. Focus on the rural areas but make sure that the commute into the city is not overly long as that can reflect on reselling your home. Finding homes in rural areas will have a lower price.

These are just some of the many things you can do to start you on your real estate investment venture.

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