10 Things To Look For When Buying A Home
Buyers spend a lot of time looking at homes online, touring them on the Sunday open house circuit, and talking with their real estate agents. They’re laser-focused on finding the most fantastic house that suits their requirements. The issue is that buyers sometimes fail to consider a property’s long-term potential.
As a homeowner, you have to consider every contingency that could happen in the future when selling. They’re only interested in buying a home as a potential buyer, not someone who may have to sell it years later. Given that real estate is such an enormous investment, there should be some headroom for doubt inside your mind.
Ten things to consider while looking for your next house as the housing market heats up.
1. Location, location, location
We are sure nothing is more vital than the three L’s, and there’s a reason for that.
When it comes time to sell, location is crucial. You may have the worst house in the world with the most unattractive kitchen and bathroom, but if you put it on a lovely block or in a desirable school district, people will want to buy it.
Location is significant on so many levels. At the top level is the community where the home is located, followed by the school district, then the neighbourhood, and down to the location. Keep all of this in mind while looking for a property. Also, remember that no one can take away your fantastic position in real estate anytime soon.
2. The school district
Schools are one of the most crucial factors for many home buyers. Buyers are not abnormal in their starting point for a search based on the school district they desire to reside in. Parents want their children to attend the most outstanding schools, which might increase housing prices in those areas.
Buying a home in an excellent school district is typically beneficial even if you do not have children. If the schools are widespread, homes tend to keep their value. As a homeowner, you should stay up with how the schools are doing, much like as you would your roof’s condition, the neighbourhood transformation, or city governance.
3. The home’s position on the lot
It’s also crucial to consider the home’s placement on the property in relation to the street or an overgrown oak. An end unit vs. an interior unit is a significant issue when selecting a condo.
You may have picked the most beautifully restored home in the most fantastic school district, and everything appears perfect. However, if a neighbour’s extension shades the master bedroom or the master bedroom faces into a neighbour’s family room, you might have a location issue. Light or seclusion might not be an essential button for you, but they are certainly issues for future home buyers.
4. Crime
It’s a good idea to look up a location’s most recent crime statistics. It may be a valuable glimpse into the number and severity of crimes over time. With so much information available on the web now, you can discover your ideal house in no time if you conduct an Internet search on your prospective neighbourhood.
These days, most municipalities post their police blotters or crime statistics on the internet. Don’t be alarmed if you see more criminal activity than you anticipated. Crime is not restricted to particular areas; it’s all around us.
If you’re moving into a new neighbourhood for the first time, get in touch with your real estate agent and ask whether there’s anything you should know about the area.
5. Walkability
‘Walkability’ is more important when determining which neighbourhood to live in. Entire websites, apps, and algorithms are dedicated to revealing how walkable home is. Many property listing websites offer a Walk Score for every property.
People want a house in a walkable neighbourhood when they get out of their automobiles and put on their Keds. People place a premium on the ability to go shopping, school, work, or public transportation without driving. The more we move away from cars and invest in public transport over the following decades, the more significant walkability will be as an asset.
6. The neighbourhood’s character
You may have discovered the ideal house on the best block, in the greatest school district, and at a great price. However, factors outside your control could cause you to reconsider — especially if you’re buying a home near schools.
Check out the area at night, during the day, and in the middle of the day. Examine any odd weather or traffic patterns and attempt to notice some of your neighbours. You might even go so far as to converse with someone.
It’s critical to go around, open your eyes and ears, and double-check that nothing has been overlooked. That neighbour playing drums in the garage at 9 p.m. might be a source of immediate neighbour friction. With eyes wide open, enter it with caution.
7. Don’t buy the best house on the block
Simply said, it’s better to buy the worst house on the best block than the greatest house on the worst street. Buying a home on the best block when there isn’t enough room for your investment to mature is preferable because you may improve it and add value.
8. Is it a fixer-upper?
If you’re buying a fixer-upper, know what you’re getting yourself into. Did you go in to buy a home that needed to be renovated? Or is it just by chance that you ended up buying a home on your block of desire?
Do your research upfront. If you want to construct an extension or add a new story to your home, make sure it is permissible by local zoning rules. Have the property checked, so you know what you’re getting yourself into ahead of time.
Sometimes, what appears to be a straightforward kitchen that merely needs to be updated becomes a much bigger job. Consider if your life can handle another home makeover. A renovation not only consumes money but also takes time, effort, and emotional strain.
9. Will the home hold its value?
An expert real estate agent can attest to the property’s long-term value or investment potential. However, keep in mind that there are ways to increase the property’s value or at least be sure it will maintain its value over time.
Although a hot real estate market may be appealing, ask yourself if you’re in a seller’s market. “How much would I make if this house went up?” “What would happen to the home on the market right now if the market changed?” Examine how the neighbourhood’s median home value compares to those around it.
10. Consider Taxes, dues and fees when buying a house
Clients frequently overlook the monthly expenses of homeownership. Every house will involve taxes, and any planned community or homeowners association (HOA) will require regular payments.
Make sure the amount of property tax and assessments are mentioned right away. If unsure, check with city hall or research on the internet. If you’re buying a home in a condo complex, ensure you have access to the meeting minutes, financials of the HOA, and the condo papers.
Is there any talk of anything changing shortly? Is the HOA appears to be well-funded? A $10K evaluation might immediately impact property values if you need to sell your new home fast. And any doubts about the structure’s condition, integrity, or financial stability may spook buyers away when it’s time to sell.
Buying A Home In Chilliwack? – Call Us
A house inspection by a professional builder will provide valuable information about the property. Hiring a professional house inspector to inspect any home you’re interested in purchasing is also a good idea.
A house-hunting checklist can assist you in keeping track of the benefits and drawbacks of each property. Ensure the list includes basic information such as an address, asking price, annual property taxes, mortgage terms, and any relevant zoning limitations.
Your Chilliwack REALTOR® will be able to help you with questions you are unsure of. The Best Homes On Earth Team has helped many people buy homes. We have years of experience, and we are located in Chilliwack. We know the neighbourhood and can find the best home that meets your needs. Check our Home Buyers Guide for more information.