Do you know what to look for when buying a house? If asked, many would-be homeowners would list preferences for neighborhoods, floor plans, or design features. While those things are important, astute homebuyers know that they aren’t the best starting point. In fact, your dream home should not be the first thing that you look for when you begin shopping for a house.
What to Look for When Buying a House
According to Statista, experts predict that some 5.78 million existing homes will be sold in 2018. If you hope to be among 2018’s homebuyers, then consider beginning your search for a home by looking for financing. A realtor should be next on your list. Then, it will be time to focus on finding a house to call home.
As Investopedia points out, serious homebuyers visit the lender’s office before they begin weighing the pros and cons of specific properties. Why is this such an important first step? Meeting with a lender is the best way to find out how much you can borrow, and it’s always a wise idea to know how much you can afford to spend before you go shopping. Meeting with an experienced mortgage professional early in the buying process also allows you to explore your loan options and identify any problems with your credit while there is still time to work on fixing them. In addition, meeting with a mortgage professional is vital to getting preapproved. In today’s market, home sellers expect buyers who make offers to be armed with preapproval letters that confirm that they can obtain the necessary financing.
Finding a Real Estate Professional
Why do you need a real estate professional on your team when you’re buying a house? Purchasing a home is a complicated transaction with major legal and financial implications. As Forbes explains, enlisting the aid of an experienced real estate professional is a smart way to protect your interests. Your realtor can guide you through the buying process and offer expert advice on everything from finding properties that meet your specifications to negotiating a house’s price tag to dealing with home inspections. How do you find the right realtor? Ask for recommendations and view listings. Then, do your homework. Look for a licensed realtor who is actively closing deals and works in the area where you hope to purchase.
Finding the Right House
With financial arrangements in hand and a reliable real estate professional on your side, you’re ready to look for the right house. What factors should you consider? While everyone’s list will reflect their own unique needs and desires, The Nest offers a basic list of what to look for when buying a house. Check out their helpful suggestions:
- Location: Do you like the neighborhood? What would your commute be like? How is the area likely to change over time? These are all things to consider when weighing possible locations.
- Condition: Before purchasing a home, inspect everything with a critical eye. Pay special attention to structural matters, major operating systems, and potential hazards like mold or insect infestations. Be very sure that you know what you’re getting into before you buy.
- Size: Ask yourself if the size of the home a good fit for your current and future needs. Are you happy with the size of the rooms and the available storage space? Are there enough bathrooms and bedrooms?
- Amenities: Planned communities often come with access to amenities like pools, community centers, parks, gyms, and playgrounds. If that appeals to you, you’ll want to search for a home that comes with these extras.
- Schools: If you have children or hope to start a family in the future, it’s worth doing your homework about the schools in the area that you are considering buying. Performance evaluations, test scores, and online ratings and reviews can help you get a clearer picture.
- Resale Value: It’s best to expect the unexpected in life. As your circumstances change, your dream home may no longer be the perfect fit for you. You may need to relocate for professional reasons, choose to move for personal reasons, encounter financial challenges, or discover that you need something different from your home. So before purchasing a home, consider its resale value. Will it be attractive to other buyers? Will you be able to recoup or improve on your investment if you decide to sell? You can peruse real estate records to get an idea or ask your realtor to help you evaluate a house’s likely resale value.
Has exploring what to look for when buying a house left you with questions? Contact PrimeLending today if you live in the Kansas City area. Our committed team will help you navigate the home-hunting process so that you can purchase the home of your dreams. At our branches located throughout Kansas City, we can help you explore our wide variety of loan products and programs. Plus, PrimeLending utilizes delegated underwriting, local appraisers, and cutting-edge technology to accelerate the underwriting and closing processes, and we’re more than happy to navigate you through the process of buying your first home. When you’re ready to get started, please give us a call at 844-701-5626.