How to
choose a home
Whether you are a first-time buyer or looking to
upgrade from your current property, there are a wide variety of factors to
consider in selecting your next home. The basic wish list for a buyer should
include the size of the property, the age and condition, the local and social
services as well as the particular features of the property. Even if you believe you have identified
the ideal structure for the property, those conditions may vary along with your
budget, market conditions and other factors that can impact the value realized
on the property. Taking inventory of your needs, budget and timeline can help
you to identify which properties are on your radar. With extensive input from
the experienced real estate professionals at PrimeSource Real Estate you can better
understand you needs and options in the market.
Property
Types, Options and Ownership Potential
There are four basic types of homes, which can vary
widely based upon your interests, needs and demands of the property. At the
most basic level, single family homes provide the traditional occupancy for
families or singles – traditionally situated on a lot, these homes are the
single most common form of property in most residential communities. By
contrast, multiple-family homes are often an option for those who want a more
affordable structure, since the rent is split and they are often eligible for FHA
homes as well as special grants. An option growing in popularity are
condominiums (condos) which offer ownership of interior spaces with a shared
foundation and edifice. As a result the common elements of the home, such as
the roof and lot make ownership more affordable, allowing first time property
buyers to invest in impressive metro markets. Similarly, cooperative homes
(co-ops) offer an opportunity to purchase the right for a perpetual lease of
the property, contingent upon the governing structure. Cooperatives also
provide an opportunity to purchase real estate without having to fully manage
the structures of a property, given the shared responsibility of the community.
Factors
involved in choosing a home purchase
An important consideration in your home decision is
the long term value of your investment into the property. While buying an older
home that requires repairs may be an attractive option, make sure you fully
understand what is required in order to keep it in top shape. Especially if you’re
considering the resale value of the home, it’s important to take a wide variety
of factors into account. Most home buyers will want a solid neighborhood with a
safe environment and easy access to top quality schools. Additionally, homes
with two or three bedrooms and baths are more appealing to families, which
represent a large segment of home buyers. Even if you’re just buying for
yourself, make sure to consider the long run return on your investment over
time. Rather than buying the most expensive home in a sub-par neighborhood,
focus on the location and community as a good proxy for the quality of life in
the area.
Finding the right home requires a balance of many
different considerations, including the features, location and options provided
on the property. While being selective is important, you should always track a
given property against your wish list – once you find a home that meets your
requirements you should act swiftly and decisively by putting in a fair offer
within your budget. Having an
offer sheet ready to move quickly on the right home will ensure you can
increase your chances of success when you find the right property within your
budget. Working with a trained professional from Prime Source, we can map out a
research, negotiation, offer and closing plan to help you get the right house.
To figure your estimated costs of buying your home, Click here
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