Trends and research suggest that in 2014 house prices will continue to experience a steady rise. It is necessary to know exactly what you are spending your money on and ensure that you are getting what you pay for. Look past the superficial details of a home and dig below the surface, where the serious and often expensive problems lie.
Here are some of the major considerations every home owner should have on their radar:
Look Beyond What Meets the Eye
Home sellers dedicate time and money to staging their homes, prior to placing them on the market. This process often involves implementing cosmetic updates aimed at making the home look more valuable. While these are important details and can have a positive effect on the value of the home, you have to take note of the important factors that could end up costing you money if they are overlooked. Essential things to examine and assess are plumbing systems, the foundation of the home, and the insulation. If any of these areas are in major need of repair, the costs may be higher than you think. If you’re unsure of how to inspect these areas properly you can start here, but it is highly recommended that you hire a professional. The expense of this kind of support is absolutely worth it, since it could save literally tens of thousands in potential overlooked damages and future repairs.
Make it Your Own without Remaking the Home
Every homebuyer wants to be able to make their new home space their own. Having room to make adjustments and renovations to create your dream space leaves the opportunity for exciting home projects. However, you don’t want to drain your finances on expensive renovations after a home purchase. There are many ways to renovate and make the home meet your style that are affordable and minimal. You can choose new wall colors, change hardware, and install new fixtures and lighting. However, you may want to avoid a home purchase that would require new flooring, updating the kitchen, or removing any walls. These types of renovations will likely cut well into your budget.
Make Sure the Home Fits your Lifestyle
When you find a house that you love, it is easy to get distracted by the glamorous details and forget to make sure it fits your lifestyle. You may find a home that has dream kitchen, causing you to ignore the fact that it is much smaller than the size of home that you need. Consider the major needs and details demanded by your lifestyle, and ensure your house fits the bill. Important things to consider are size, location, and layout. Preferences will differ based on the buyer. Keep in mind what specifications are important to you.
Be Certain You Can Afford it
Take the necessary measures to ensure that you aren’t overpaying for a property and buying out of your price range. Checking these things off your list before beginning your search for the perfect home will reduce the chance of any financial roadblocks occurring down the road. Work with an experienced and knowledgeable real estate agent and acquire a market analysis of the area that you are considering. This will give you an adequate representation on the average sale prices relative to the type of home for which you are looking. Be sure to get your funds lined up prior to making an offer on a home, including discovering the type of loan that you prequalify for. Comfree touches on some of these points in their blog post about the risks of not prequalifying.
Keep these tips in mind as you start searching for a new place to call home. Arming yourself with this information will prevent you from making a financially-risky purchase. This guide will help you to focus on the important details that will ensure a home purchase of which you will be proud.
Photo: Dj Crazy Gabe