Throughout life, we reach many memorable milestones and, certainly, make many life altering decisions. One decision most people consider to be life altering is the decision of buying a house. When it comes to buying a new home for sale, there are many factors one needs to consider to ensure it is the right choice for the buyer. This article will go over nine factors that need to be considered when purchasing a home.
The size of your new home
Though it may be obvious, while buying a house, it needs to be said that the size of your home is a big factor. Here are some factors that play a part in your selection:
- The more space your house has, the more there is to maintain. Additional rooms equate to more to clean, higher utility bills, more upkeep, etc.
- Consider how many rooms you and your family need. Are you planning on having additional kids? Will family be moving in with you? Depending on your budget, consider purchasing something suitable for your needs and do not overdo it.
- Remember the acreage as well. More land will be a lot more work for you and your family to take care of. Landscaping is time consuming and I know from personal experience that if you cannot afford a landscaper, you will spend many hours mowing, weed-whacking, trimming, etc.
Before buying a house – do an inspection
When searching for new homes for sale, be prepared to undergo a home inspection. Though some may feel this is an unnecessary cost, it is a protective measure that can save you thousands of dollars down the road. Make sure to hire a third-party professional with the right tools (even for new build homes) to ensure the inspection of your potential new home is done right. Here are some other reasons you should get a home inspection:
- Even if the home looks great and the old owners rave about it, there can still be underlying issues. Don’t take other people’s word for it, hire a professional and know for yourself.
- Mold, termites, foundational issues, and even roof problems may not all be seen with the naked eye. Missing these issues could prove quite costly.
- Finding problems to fix could save you money. If known issues are discovered but were not disclosed, this could allow you to leverage a better deal or help you reevaluate who you want your agent to be.
Keep an eye on the housing market
Another factor to consider when buying a house is the market. Home prices and mortgage rates are constantly changing and seizing a good opportunity could save you a lot of money, especially on new build homes. Make sure to do some research on the market so you have some sort of basis for comparison. This includes past, current, and future rates to see if now is the right time to buy or not.
Also, on a more local level, be sure to research the neighborhood when buying a house. Are there new buildings being put up near your home? New employers moving in? These factors and more can significantly impact the price of your home and other new homes for sale in that area.
Buy what you can afford
This also goes without saying, but when buying a house, you need to purchase within your means. The 2008 housing crisis proved that unaffordable mortgages could significantly cripple your finances. In addition to mortgages, be sure to factor in other costs of the purchase such as utilities, maintenance, and more. You can always ask the previous owner about other expenses associated with maintaining the home.
When budgeting, be sure to give yourself some breathing room as well. Life can be unpredictable, and you never know what other expenses you may incur down the road. Also, make sure you are preapproved for a loan.
A factor when buying a house that may be overlooked is the layout. Having an idea in your head for what you want will save you time in your search as you can rule out what layouts you do not want. Consider these points when looking at homes:
- Make sure the layout is suitable for you and your family’s lifestyle.
- Factor in the ability to expand if you plan on growing a family, and the costs associated.
- Ensure the specific features you want are there or available to be built. Some of which include an open kitchen for entertaining, a bar or a fireplace.
The age of the property
Buying a house from a certain build year could determine what sort of layout and amenities come along with it. Also, and in relation to some of the previous points, the age can dictate how much additional money will need to be invested in terms of maintenance, etc.
Older properties – some perks that will be more likely to be found in older homes include:
- Classic styles – French, Cape Cod, Colonial, etc. are more likely to be found in older homes
- Amenities – Dumbwaiters, stone fireplaces, and more.
- Cost – Older homes in many cases can be less expensive than new build homes
Newer properties – some perks that you may see with new build homes:
- New styles – Unique contemporary designs make your new home stand out
- Amenities – Walk-in closets, open floor plans, more wiring for technology
- Low risk of issues – Given the age of a newer home, you’re less likely to run into issues like mold, etc.
The age and style of appliances
Though not always, appliances often come with your new house. If they do, you will need to be sure they are up to your standards. Some things to consider when checking out the home’s appliances are:
- Are they out of date? Old appliances could quickly end up requiring repair or replacement and if that is the case, you could end up shelling out thousands.
- Do they fit your needs? Is the refrigerator large enough? Is the stove gas vs. electric? Does the washer/dryer have enough settings to suit your clothing? All of these factors play a pivotal role in the selection of your home
As mentioned previously, buying a house will require a lot of planning and time to make it a success. One thing folks may forget to consider is what kind of future projects they may be doing. Be mindful of things like how much customization you think you may want to do, what kind of costs will be incurred before the work begins, and how much of a workload you can handle based on your schedule. Keep in mind that even ‘small projects’ like painting take a decent amount of time and that certain rooms in your home may not be accessible during renovations.
Last, but certainly not least, is the neighborhood. The list can go on for days, but here are a few big ticket items when considering where to buy your home.
- Proximity to places like work, school, entertainment, and other frequently visited places – adding the extra driving or transit distance can end up taking a lot of your time
- Traffic – similarly to the last point, traffic time can also impact how much time is required to do what might be normally quick tasks
- Proximity to destinations such as nearby cities – This can impact traffic, pollution, etc. though offering more to do and likely a better job market for you
When buying a house, you may need storage space
With the amount of time and money that will be spent on your new home, it is important to try and save resources any way you can. You may purchase a smaller home, for instance, and may end up losing storage space in the process. In that case, Boxie24 may be the right solution for you. We offer free pickup, secure storage facilities, and a convenient return of all of your items. All or one low cost. Never drive to a self-storage again — let us do the heavy lifting for you! We are currently offering storage units in NYC.