How to determine the right property for yourself
Making a huge decision like where you’re going to live is something you don’t want to take lightly. When you purchase a home, you are making a long-term commitment to that property and all that comes with it.
How do you know when you’ve found a location that’s worth your time? Sometimes, the instant you step into a house, its location seems like home. More than likely, it may take some time for you to locate anything you like, and the process may get increasingly irritating with each “not quite perfect” property you examine.
Fortunately, there are certain things you can do and suggestions to bear in mind to make the process go a bit more smoothly.
Figure Out Your Priorities
When searching for your ideal home, the location is going to be your most crucial factor.
Yo may find your absolute dream house – but upon discovering its location, you would scoff. One of the reasons location is so vital is that you want your home’s value to grow over time. Even a great home might not appreciate as well in a less ideal area.
A beautiful home overbuilt for the neighborhood is going to have a hard time appraising, a hard time maintaining value and can be a poor investment long term.
A good location can give you more than just a higher likelihood that the home’s value will increase; it can mean a tolerable commute, an easily accessible area with restaurants and shopping, access to good schools and more. Or it can mean the exact opposite if you’re looking for a home in a more secluded area, far away from the hustle and bustle of town. Finding the right location for your needs will likely make you much happier in the long run.
To do this, make a list of “non-negotiable must-haves,” such as being in a good school district, being near work or having a certain number of bedrooms. Then come up with a wish list of things you’d like, and try to match up your needs and wants with your budget and what’s available in the current market.
When creating your own list of needs and wants, consider your lifestyle. Do you need a house with a lot of yard space? Do you spend a lot of time in the kitchen? You might not get everything you want, but having a list will help point you and your agent in the right direction.
Narrow Your Search to True Contenders
Starting your search online allows you to see all the available homes in your desired area and narrow down your search to homes you’re truly interested in, saving you the time of having to tour each one in person.
There are many resources and websites that allow you to search real estate listings in your area. The most helpful sites will be the ones that allow you to narrow down your search by your own criteria.
Danbel Homes, for example, makes it simple to choose your dream home by displaying luxury properties that match all budgets, regardless of size, number of bedrooms and bathrooms, location, price range, and other factors. You may also save your searches so that you don’t have to constantly returning.
Consider Old vs. New
Do you see yourself in a beautiful older home or a more modern, chic abode? There are pros and cons to each, depending on what you’re looking for and your lifestyle.
You’re likely going to have to funnel more money into maintenance and renovation with an older home, which may have outdated and appliances.
Older homes can be good for people who want to be located in a well-established community that’s close to shopping and restaurants. They also tend to have better quality construction than more recently built homes.
On the other hand, newer homes tend to require less work, stress and money to get them into shape. This is not only true right when you move in, but likely in the years to follow as well, as more recently built homes generally require less maintenance and fewer repairs.
However, the asking price for a newer home will likely be higher than for older homes of the same size. Newer neighborhoods are also often farther away from schools, shops, restaurants and other amenities than older neighborhoods. And if you’ve always dreamed of having a big backyard, you might be out of luck, as newer homes tend to be built on smaller lots.
Look at how well maintained the property you’re looking at is, whether it’s an old home or a more modern one. Think about any renovations you would have to make if you were to purchase it. Consider the actual cost of maintaining an older home, not just the asking price.
The house you end up with, especially if you’re a first-time home buyer, probably isn’t going to be your dream house.
It’s imperative that you end up with a house you’re going to be happy living in, but you might also have to adjust your expectations if the home you want isn’t one you can afford.
It helps to know your budget from the get-go. While you may be itching to start house hunting and comparing kitchen backsplashes, you should first get an approved loan or look at your savings and work with it so you know what price range you’ll be looking at. This will help narrow down your choices and make the process a little less overwhelming, and it will make you look more serious in the eyes of the seller, which can only help your chances if you decide to make an offer.
You also want to make sure you’re thinking about your future finances. Even though a house on the more expensive end of your price range might seem worth it, take the time to think about whether you’ll still feel that way when you’re making the monthly payments.
Find out what the area’s property taxes are and going to be moving forward. Lagos state has several property taxes which we will talk about next week.
Keep in mind that homeownership very often comes with a menagerie of unexpected costs, some of them significant. If you spend all your money upfront on a large payment, you may run into trouble down the line when your new house suddenly needs an emergency repair.
Make Sure It Checks Off Some Essential Boxes
Before you start picturing yourself hanging out in the spacious living room or grilling out on the back porch, there are a few crucial tests your prospective new home should pass before you even consider purchasing it.
- Check out the vital components: Take a look at anything that would be costly if it needed to be repaired or replaced. Examine the roof and check for any signs of damage or disrepair. Make sure the windows open easily and are in good condition.
- Look at the plumbing: Look under sinks and behind toilets for signs of water damage or leaks. Be on the lookout for telltale discoloration of ceilings and walls as well.
- Do research on the area: Is the area prone to flooding? Is it a safe area? How far away would you be from the nearest hospital?
- Test everything: Once you’ve determined that the house is a real contender, utilize your second walkthrough to make sure everything works. Flip all the light switches and flush the toilets. Turn on the shower. Turn on the taps.
A simple way to avoid all of these tests is to contact Danbel Properties and we will assist you through the arduous process of purchasing your first home.