Is This Home a Good Deal? Consider These Four Criteria.
One concern that buyers often have when searching for a home is whether or not the house is a good deal. If you’re currently searching for the perfect home, there are a few things to take into consideration before making an offer.
The first is price. In any market, the price has to come first. To determine what you can comfortably afford, talk to your real estate professional. He or she can recommend a lender who will prequalify you for a purchase loan. When you know how much you can spend, it will be easier to shop for homes within your price range. With luck, one will stand out.
Next, is features. The size of your household and your activities determine the features you want in your next home. The number of bedrooms, baths, and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second master suite for parents.
Think about your daily life from morning to bedtime, and how your next home can make these activities more pleasant. This should be your "must-have" list and will help you look at homes more objectively.
Another thing to consider is location. Some areas will always be more expensive to live in than others. Neighborhoods that are well-kept tend to maintain higher home values. Homes that are close to jobs, schools, and shopping centers tend to sell for more money than homes without as much infrastructure.
What is the best home you can find in the area where you want to live? If these homes are out of your range, you can compromise -- buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.
Finally, condition. Condition refers to the state of repair. Does the home have curb appeal? Is it updated and well-maintained, or does it need extensive and expensive remodeling? Carefully consider any deferred maintenance, such as a roof that may need to be replaced in only a few years. Consider the design and functionality -- is the kitchen too small and would you be able to afford to remodel it? Look closely at repairs, cleanliness, and traffic flow.
The one advantage of buying a home that needs updates and repairs is that these homes cost less than updated homes in the same neighborhood.
Deciding on a home is never easy, but hopefully, these tips make things a little easier. If you have any questions about buying or selling your home, or if you have a topic you’d like us to cover, give us a call, or send us an email. We look forward to hearing from you!
And if you want to talk in a bit more detail about your Real Estate needs give me a call at (321) 340-2555. I have my finger on the pulse of the Orlando market, and I'm here to help.