Are you thinking about buying your first home? Because of today’s low interest rates, some homebuyers may be able to afford the homes of their dream. But low interest rates aren’t the only thing you should consider when house shopping.
Due to high demand, the housing supply is slim. But that doesn’t mean you should settle for a house you don’t love. From square footage to location, here’s what you should consider when looking to move into your dream home:
1. Number Of Rooms
Bedrooms: Some people might want more than one bedroom for different reasons. For example, that number changes depending on if and how many kids you have. That factor will also depend on if you want any of them to share a room. And what about a guest room? Some homebuyers want to have a separate room for guests to use when they come into town.
Bathrooms: When it comes to bathrooms there are several factors to consider as well. The first one is how many you want. Some older houses come with one bathroom, and others come with one and a half, while others have two or more. Then, there is deciding if you want tubs or showers, or even both.
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Kitchen layout – Guests usually hang out in the kitchen, so the size is important depending on how much and how many people you entertain. You will need to know exactly what you are looking for. Do you need a large gourmet kitchen with lots of counter space, sinks and storage? Or, will an atypical kitchen will suffice? If you entertain guests frequently, a spacious kitchen is the best option.
The appliances – The age and condition of appliances is a big deal. If you want more of a modern look, old appliances probably won’t work for you and you’ll have to replace old appliances with new ones. However, there’s more to consider than age and condition. For instance, what surface do you prefer to cook on? Do you want gas or electricity?
2. Location
Before buying a home, consider the location. Some homebuyers make the mistake of putting the location on the backburner, especially if the home price is too high. And while price matters, it’s easier to renovate a home than pick up and move it to another city. Make sure you’re considering the home’s location prior to making an offer. For example, how close is the home to your children’s school? How far will you have to drive to visit your parents?
3. The Age Of The House
A home’s age can play a huge difference in if you want to buy it or not. After all, the older the home the more you might have to pay in renovations or general upkeep. Not to mention, older homes can cost more to insure if they need certain repairs. A study from Trulia reports that 41% of Americans prefer new houses over old ones. Nevertheless, some homebuyers may want an older house they can fix up. It depends on personal preferences and financial circumstances.
4. The Purchase Price
Certainly, budget plays a huge part in buying a house just as much as it does when you want to do renovations or remodeling to your house to make it more your style. Whichever idea you have, how much it is going to cost you, can be a deal-breaker.
Bottom line: Prioritization is key
Right now, we’re in a seller’s market. Because of this, you might have to adapt your home buying strategy. It’s okay to put your 10-page list of demands away, but make sure you’re prioritizing certain criteria. It’s a good idea to make a list of non-negotiable requirements to ensure you end up with your dream house.
