The process of purchasing a new home can be daunting. Whether buyers are looking for investment properties or single-family homes to call their own, they’ll need to consider more than just budgets. Read on to find out what factors to think about while looking at homes for sale.
Motivation for Buying
The first thing to consider is what the home’s primary use will be. People buying houses for themselves and their families usually plan to deal with things like minor repairs and maintenance themselves, while buyers looking for investment properties typically work with property managers like Valley Management Group. This may not seem like a big deal, but when it comes to what kinds of maintenance, repairs, and improvements the home will need, having a property manager rather than tackling everything alone makes a huge difference.
What to Consider for a Primary Home
There are some factors that weigh more heavily for buyers who intend on using properties as primary homes. Of course, investment property buyers will also want to consider how they will affect rental prices. That said, here are a few of the top factors that primary homebuyers should consider, especially if they plan to stay long-term.
Size of the Lot
It’s surprising how many buyers consider how many bedrooms and bathrooms a house has without giving any thought at all to the size of the lot it sits on. Keep in mind that smaller lots usually preclude things like adding garages and other outbuildings, maintaining substantial gardens or unique landscaping features, and having sufficient privacy if there are nosy neighbors.
Size of the Home
When it comes to a home’s size, the two primary concerns are the number of bedrooms and bathrooms. Most buyers like to have at least one extra bedroom to use as a guest room, office, or den, and those with growing families typically purchase larger homes to accommodate future children. It’s always better to have at least two bathrooms, especially if there are more than two people living in the home full-time.
Size of the Kitchen
The kitchen is the heart of every home, so don’t assume anything will do. Think about the family’s normal cooking, eating, and entertaining patterns, and plan appropriately. There are few things worse than trying to shove many cooks preparing huge meals into a tiny, poorly designed space.
What to Consider for an Investment Property
Just as most investors must see a potential property from a renter’s point of view, primary homeowners can also take these factors into account. However, investors should more heavily prioritize factors such as:
- The current real estate market
The neighborhood and its prospects
The age of the home
The required down payment
The current interest rates on mortgages
Factors like those described above aren’t always as important to rental property owners. Finding the right tenants may require making some home improvements or compromising on rent, but it’s less important how large the house is and how its kitchen is laid out.
Don’t Make Hasty Decisions
Regardless of a homebuyer’s intent for the property, it’s important not to make any hasty, emotionally driven decisions. Do plenty of research first, make a list of must-have features, come up with a reasonable budget, and view multiple properties before making a final decision to make sure a home really will be a good fit.