Reaching the point in your life where you are finally ready to make the decision to purchase a home is both exciting and daunting. There are a variety of factors that must be taken into account prior to making the decision to buy. On top of this, there is another slew of factors that must be considered when comparing different houses on the market. Learn everything there is to know about what to look for when purchasing a home in order to make an educated choice.
How Much Does the Average Home Cost?
Nowadays, the real estate market has become more expensive than ever before due to a variety of factors beyond anybody’s control. Since 1965, the prices for new homes sold in the United States have steadily risen, with the period following the 2008 housing market crash representing the fastest and strongest growth. In the modern day, the average new home sold in the United States went for $438,200.
Renting vs. Buying: Which is Better?
The age-old debate in the real estate market revolves around whether renting or buying a home is the better choice. The difference between renting and buying a home is that a person renting a home makes payments to a landlord on a monthly basis, rather than taking out a loan from a bank to purchase a home. They typically sign a lease for a single year with the ability to renew, but rent is at the discretion of the landlord.
A person who purchases a home, however, owns the property and makes monthly mortgage payments to the bank. They have the freedom to renovate the home or make changes, which is something those renting don’t always have. Generally, buying property is better for those who will be located in one area for multiple decades, would like to invest in their property with the possibility of selling later, and don’t mind handling maintenance that comes with the home.
7 Considerations to Remember When Valuing Homes
As you consider from a selection of available Winthrop MA homes for sale or homes wherever you live, there are a number of crucial factors to keep in mind as you see the house and before you ever see it as well. Each of the following seven considerations can help you to find the best deal on your new home:
1. Look for signs of water damage
For newly built properties, water damage will likely not be something of concern, though it is still something to watch out for. Those looking to purchase a property that isn’t freshly built, however, should keep an eye out for the common signs of hidden water damage. Look for mold emerging from dark corners in a home, peeling or bubbly paint, small hairline cracks, water rings, or other similar signs. A homeowner attempting to sell their home without disclosing water damage could be held liable, and the value they are asking for the home could be reduced if there is damage.
2. Consider the size of the potential house
As you look at different houses on the market, you need to consider the inside and outside sizes of the property. Think about the needs of your home, especially if you are considering starting a family in the near future. This will likely require more space, and if you are only looking at a small home then it may not be enough for your needs. Additionally, if you work from home, you may want to pay more for a house with an extra bedroom that can be used as a home office.
3. Examine any yard space
The yard of your home will be one of the primary attractions that you show off to guests and where you entertain those guests as well. In warmer weather states, the front or backyard of your home is two areas where a large amount of time will be spent. To that end, be sure you walk through both yards around the home, if applicable so that you are sure you love it.
4. Think about the exterior of the home
Curb appeal plays a large role in the value of a home, but it shouldn’t be everything. Consider whether or not you love a home simply because of the exterior, despite the interior being less than satisfactory. After all, the interior is where the majority of your time will be spent and, as such, should carry the most weight in your consideration.
5. Prioritize the location the home is in
When it comes to real estate, location is everything. The location of your home, specifically its proximity to schools, shops, and more, holds great weight. Having the convenience to quickly reach your destination without needing to drive miles to get there makes a major difference but be aware that a good location will come for a higher price.
6. Don’t settle on the first home you see without looking around
In almost every case, the first home you see on the market will not be the best one for you. While you may love the very first home you take a look at, consider taking the time to look at other homes to see if they have features you may never have considered before.
7. Take a look at the lighting in your home
Finally, the lighting in your home will play a major role in your daily mood, along with how the interior of your home presents itself to you and others. Look at where light enters your home and consider whether or not you will need to invest in expensive lighting just to see, or if it will be too bright during the day.
Choose a home you will love for years to come
For some people, it may be years before the time to purchase a home finally arrives. Despite this, it’s never too early to learn how to spot a good value on the market so that you are prepared when the decision to buy finally comes around. Use all of the above tips to identify a strong buying opportunity that can provide you with a home you love for years to come.
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