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Most Important Factors When Buying A Home


The most important factors when buying a home have a lot to do with location and function. The former is a fact explains the existence of the old adage, "real estate is all about location, location, location." The latter, however, is almost exclusively about the need to think ahead and consider the future. This is why it is so important to get a professional home inspection to avoid potential risks. The bottom line is, this is a huge investment and you need it to be the best possible choice because it will heavily impact your life in many ways.

Most Important Factors when Buying a Home

Every buyer wants to find his or her dream home. But the reality is there are very few perfect properties and this is why a little compromise is often part of the process. Sure, there are compromises you won't have to make but by being flexible, you'll discover a whole lot more choices. Thinking long-term is essential when it comes to buying a home because life changes over time. While you might need this or that today, there's simply no guarantee it will be true tomorrow.

It's easy to fall in love at first sight with a house when you are looking for a new place to live, but letting your emotions enter the equation can spell trouble. It can cloud your judgment and result in a bad decision. Instead of letting your heart tell you where to call home, leave it up to your head. Make a list of the most important considerations in a new home and make sure any property you get serious about measures up. --Consumer

You might be in the market because you need a bigger home, you want to downsize to a smaller house, or your current property no longer fits your changing needs. Whatever the reason, when you do enter or reenter the real estate market, it's crucial to have a long-term vision and strategy. This is because chances are excellent you'll sell in the future and buy another house; so it makes sense you aren't too influenced by your particular preferences. Here are the most important factors when buying a home:

  • Great schools. Even if you don't have children or are empty nesting, great schools need to be nearby the home you purchase because you might sell to a family come resale time. Great schools are so important, the ATTOM Data Solutions 2016 Schools and Housing Report reveals houses in a particular ZIP code with at least one good elementary school enjoy 77 percent higher values than homes without good schools nearby.

  • Good neighborhood. Experienced real estate professionals always advise buyers (and sellers staying in the area alike) to buy into a good neighborhood and not be overly concerned with the home itself. The single largest and important reason lies in the fact that you cannot change the neighborhood. However, you can make changes to a house that will increase its value, comfort, and functionality. Before you do remodel or update, be sure to look into the average return on investment.

  • Age of the home. While you might prefer an older home with "good bones" or love the idea of restoring a house, you need to carefully consider the future. Popular architectural styles change through the years and what was considered modern decades ago looks out-of-date now. It's not only architectural style, but also, the overall condition of the home. An older home might need its electrical system updated or a new roof.

  • Lot size. The size of the lot is important because it allows you to build-on to the existing structure and it also provides a little more privacy. Here again, when you are buying a home, you must consider the future because the vast majority of buyers will highly value having more exterior space, not only for possible building of additional space but better privacy, as well. If it does have room to add-on, be sure doing so won't price the finished product out of the neighborhood because it will be a real challenge to sell without taking a loss.

  • Interior floor plan. In most cases, the interior floor plan can be changed enough to give it more function and flow. Though this will come at a significant expense, the payoff will likely be equally as big. However, there are homes with floor plans that are just downright strange and no substantial changes are able to be made without a lot of financial risk. In other words, if it feels awkward to you, it's very likely it will to others as well.

When you're ready to get into the real estate market, whether it's your first time or you are going to sell to buy, don't hesitate to contact us for local market information. We'll help you find the right property with most of your wish list items.