Housing is unarguably the biggest purchase you’ll make in life, so it only makes sense to cover all your bases. But it can be physically and mentally draining to go through the home-buying process, from going to open houses to talking rates with your chosen lender. To help you simplify the process, here are three things to look for:
Location is one of the biggest factors that affect property valuation over time. Whether you’re renting it out to tenants or living in the house yourself, property location will determine what amenities and businesses you have access to. Find a home situated in a prime area within the city which has a low crime rate and accessibility to businesses, school districts, and amenities that are important to you.
Homes come in a number of styles. The right house will vary based on how many rooms you need, budget, lifestyle, upkeep requirements, and other preferences. Some common housing styles include single-family and multi-family houses, condominium units, and manufactured homes. Each housing style has its own pros and cons that make it a better fit for specific homeowners. For instance, single-family homes may be ideal for bigger families, while condominium units are often marketed towards individuals and young professionals.
Since most home buyers procure their property with a mortgage that financially affects you for 10 to 30 years, it makes sense to at least consider your needs down the line. Ask yourself, do you see yourself living or keeping it as a rental property for the next 5 or 10 years? Are you looking to get married or have children next year or the year after? Are you planning to relocate for work? Answers to these questions can influence which house is actually right for you.
When it comes to finding the right house, the criteria for making the final decision may be slightly different for each home buyer. It could be an infinity pool in the backyard, good curb appeal, multiple bedrooms, and bathrooms, or whatever feature you might want. Start filtering the large volume of property listings you get by using the aforementioned parameters.