Purchasing a new home is extremely exciting but can also be a lengthy process. As your home is one of the biggest lifetime investments, it is important to make sure you are checking off crucial factors when searching for a new house. Here are the 5 things to keep in mind when buying a new home.
List Your Priorities
When buying a new home, it is crucial to know what you want but also to be open-minded about possible changes that can be done to the space. Deciding on the type of house you want, whether you want a condo or home is the first step. Jotting down the pros and cons of each space is the next step as this will help you make the process less lengthy. As your living arrangement is a long-term commitment, make the adjustments accordingly to your lifestyle and needs. Make a list of your priorities and make sure there are enough bedrooms for those living in the home.
Location and Renovations Are Crucial
Home buyers need to factor in that the home can be renovated but the location in which you’ve bought the home cannot. Choosing a good location will help you in the long run for higher property value and return on investment. If you are parents or are planning on raising a family, it is important to be in a good school district. Local amenities also have a direct impact on homebuyer home decision making. Having grocery stores, restaurants, shopping, and entertainment close by will raise the property value.
Make Sure The Renovations Are Up To Date
Before you purchase a home, you will want to make sure that all the renovations to the space were done with a permit, meaning that the renovations performed were reviewed by an inspector and were done properly. Ask the previous owners or the real estate agent for all the proper paperwork and conduct a house inspection. Not getting a permit for renovations could cause future complications and can be costly for the homeowners.
Buy A House You Can Afford
Be realistic about how much you can afford based on your current income and debts. It is best to purchase a house that is less than what you can afford, giving you extra wiggle room for renovations and unforeseeable changes. Saving up for a down payment and getting your finances in order will make it easier to get a mortgage at the lowest rates, and you will be able to qualify for more loans. As soon as you are thinking of buying a house, start saving up, pay your bills on time and monitor your credit score.
Take Your Time
Don’t feel pressured in deciding on buying a new house. Since this is a large investment, it is better to take your time to find the house of your dreams than to rush into things. Shop around for houses, mortgages and home insurance to ensure that all your home buying aspects are in order.
If you’ve recently bought a home or are thinking of buying a home, let the experts at RenosGroup transform your house into a home. We have 25 years of combined experience, and we work closely with the clients to ensure that we satisfy their renovation needs and provide high-quality work for every project. Contact us for a quote on your project, or give us a call at (613)727-9427