5 Things to Check for When Looking for a House to Buy
Buying a home can be an exciting process, but it’s not without its challenges. It’s important to make sure your priorities are clear and that you’re aware of any potential red flags.
It’s also a good idea to use a mortgage payment calculator to establish your budget and be realistic about what you can afford. Here are five things to check for when house hunting:
1. Location
The location of a home is one of the most important factors in determining its value. It is also one of the only things you cannot change.
You should consider proximity to work, shopping, schools and public transportation. It is also a good idea to know whether there are any neighborhood covenants or restrictions and how much they cost.
Try driving through a potential neighborhood at different times of the day to get a feel for traffic patterns and noise levels. Also, be sure to notice how the neighbors care for their homes and yards. If you see that they regularly shovel their walks and driveways, this is a sign of pride in ownership. Talk to locals and ask questions. They can be a wealth of information about the area and can help you determine whether it is the right place for you to live.
2. Amenities
When house hunting, it can be easy to get caught up on amenities. You have probably seen people on TV shows who have a laundry list of must-haves for their new home, from gourmet appliances to professional lighting and landscaping.
Unlike utilities, which provide the essentials of living (electricity, gas, water, and sewage), amenities are more like add-on features that make a house more attractive or functional. Some examples include a home theater system, a backyard pool, or security features.
Choosing a home with the right amenities will ensure that you’re satisfied with your purchase for years to come. However, you must be careful not to overspend on things that can be easily changed. For example, if you are looking for a new home with a pool, it may be better to choose one that has a community pool.
3. Size
There is no such thing as a perfect house size, but it's important to find the right one for your lifestyle. For example, if you travel a lot for work, you may want to consider a smaller home. A large home can be expensive to maintain, and it may not meet your family's needs for privacy or space.
A family of five requires at least five times as much living space as a single person. However, it is easy to get sucked into the idea of "keeping up with the Joneses" and end up purchasing a house that's far too big for your family's needs. Additionally, extra rooms can add up to higher energy bills and maintenance costs. Ultimately, it's worth taking the time to determine your ideal house size and floor plan before starting your search.
4. Price
A home’s price should always be considered carefully. You need to be able to afford your mortgage payments, as well as any other costs that come with homeownership. These include property taxes, homeowners insurance and maintenance costs.
You can use an online calculator to determine your affordability or ask a real estate professional for help. A real estate agent will have access to the Multiple Listing Service (MLS) database and can do a Comparative Market Analysis for you to determine what other homes in the area are selling for.
A home’s value will rise or fall depending on several factors, such as location and amenities. A home’s value will also be impacted by the time of year — homes sell faster during some months than others.
5. Energy Efficiency
Energy costs make up a significant portion of home expenses. Look for a house with high energy efficiency, such as spray foam insulation and efficient heating and cooling systems. You could save up to 30% on your electric, gas and water bills with these upgrades.
Ask for a year’s worth of energy bills to see how much the house uses each month. Compare this to the average use in the area to get a better idea of its energy efficiency.
Energy-efficient houses are a growing trend for buyers, and they often come with green features. Look for a house with a third-party green certification, such as the National Green Building Standard (NGBS) or Leadership in Energy and Environmental Design (LEED). NGBS and LEED homes have strict standards regarding indoor air quality, greenhouse gas emissions and water conservation.
Buying a home can be an exciting process, but it’s not without its challenges. It’s important to make sure your priorities are clear and that you’re aware of any potential red flags. It’s also a good idea to use a mortgage payment calculator to establish your budget and be realistic about what you can afford.…