What to Look for When Buying a House
When you first start looking for a home, it could feel a little bit like you’re venturing into a forest for the first time. There are so many areas to explore and so many opportunities just waiting to be discovered.
And while it’s true that we all enjoy daydreaming and wondering about the future, if we’re going to get serious about locating a house to buy, we’ll eventually have to make a series of decisions based on what’s feasible and reasonable.
The majority of buyers begin their search by narrowing down the price range, so that they are only looking at properties that are within their price range. They begin their tour either online or in person, and as they do so, they begin to build an understanding of the market, what is accessible, and what appeals to them.
If you are considering purchasing a home, the following guidelines can assist you in locating a property that meets your needs both now and in the foreseeable future.
What are the most important qualities that potential buyers search for in a house?
When it comes to purchasing a home, today’s buyers have to balance a number of different objectives, but the Zillow Group Consumer Housing Trends Report 2020 found that there are several aspects that stand out as being very significant or extremely important to the majority of purchasers.
Buyer desires and requirements in the neighborhood
The following characteristics of the area were evaluated very highly in importance by purchasers:
• Has a sense of safety: 83% of people believe that having a sense of safety is very or extremely important
• Walkable: 66%
• Preferred neighborhood accounts for sixty percent
• Proximity to stores, services, and/or recreational opportunities accounts for 58% of the total.
• The ideal amount of time spent travelling to work or school: 53%
• Contributes to a feeling of community or belonging: 51%
• Living in close proximity to family and friends: 50 percent
• Within the student’s top choice of school district, 44%
Home attributes that purchasers are looking for
The majority of buyers ranked the following home features as very important or extremely significant, depending on how important they were to them:
• Within the buyer’s initial budget: 82% of purchasers say that staying within their budget is either very or extremely important.
• Climate control systems: 79%
77% of respondents want to have many bedrooms.
• The most desired number of bathrooms is 72 percent.
72% of homes have their own private outdoor space.
• Floor arrangement and layout that corresponds to desires, 72 percent
• Preferred size and square footage makes up 69% of the market.
1. Shop around until you find the best deal.
What you are able to purchase is ultimately determined by the price. Although looking at properties that are out of your price range can be entertaining and give you a better understanding of the market, it can also set you up for disappointment if you find yourself falling in love with a property that is out of your price range. Despite this, research conducted by Zillow found that 27% of buyers ended up spending more than their initial budget allowed for. Only 17% of people really spent less than they had budgeted for.
How to determine how much money you can spend on a property.
Utilize the Affordability Calculator provided by Zillow: Utilize this helpful tool to determine a budget range that is appropriate for your income, monthly expenses, and amount of money set aside for a down payment. You also have the option to set up Zillow alerts for listings that come in at a price that is suitable for you.
Get pre-approved: Your credit history, income, and other financial obligations will determine the maximum loan amount that a lender will consider pre-approving you for.
Estimate the amount of your monthly mortgage payment: To get an idea of how much your monthly payments will be, use the mortgage calculator on Zillow. To provide you with a more accurate view of what your monthly mortgage costs will be, the calculator includes estimates for taxes, homeowners insurance, and any fees that may be charged by a homeowner association.
2. Give the place the highest priority.
When purchasing a home, location is one of the most crucial factors to take into consideration; yet, 23 percent of buyers claim that it is difficult or extremely difficult to find a home in the location that they want to live in.
If you are unable to discover or afford a property in the neighbourhood of your dreams, discuss the factors that are most important to you with your real estate agent so that you can find a location that is the greatest fit for your lifestyle, your requirements, and your finances.
Here are some things that should be taken into consideration:
Proximity to downtown
Because they need less time spent travelling, homes located closer to the heart of downtown regions typically command higher prices. Zillow’s research indicates that buyers should be prepared to spend more for a house that is located within a 10-minute drive during rush hour to the central business district of 18 of the 35 large metropolitan regions that were included in the study. Keep in mind, however, that property values in this price range are expanding at a slower rate in most parts of the country because an increasing number of purchasers are moving toward working from home and placing less emphasis on shorter commute times. In 2017, residences in nine of these metro areas experienced the most growth in value, but since then, that number has reduced to three.
Characteristics of the community
Check the distance to town on foot or by bike to determine whether you will be close enough to be able to walk to restaurants and shops if it is something you are interested in doing. Spend some time discovering the surrounding area by going to the parks and attractions that are close by.
Consider homes that give more privacy, possibly in regions that are off the usual route, if you value your alone time and are comfortable with the idea of driving.
The quality of the school district
Zillow is aware of the fact that a parent who is in the market for a new residence likely wants to do everything in their power to ensure that their child is placed in the most advantageous educational environment possible. One step toward achieving this goal is selecting a residence that is located in the attendance zone of schools that provide adequate support for the child in all of the appropriate ways. However, in order to complete the procedure in its entirety, some preparation work is necessary. You should go to the schools in the area to get information for your evaluation of the education and programmes there. A wide variety of prospective homeowners are interested in the possibility of a positive relationship existing between the quality of the local schools and the value of the homes in the area, even if they do not have children.
Flood zone status
Homes that are situated in areas with a high risk of flooding are required to have additional insurance coverage on top of the standard homeowners policy.
Positioning of the house on the land
Consider what it would be like to go through the motions of living in the house on a daily basis. Is there an adequate amount of sunlight, or perhaps an excessive amount? Are you at an appropriate distance from the people who live nearby? Think about the distance and difficulty of getting from the driveway to the front door, as well as the possibility that seasonal shifts could make some aspects of the home, such as a steep slope, more dangerous.
3. Focus on the long term.
According to research conducted by Zillow, the average homeowner remains in their home for a period of 14 years before deciding to sell. When looking for a place to call home for the rest of your life, you should go beyond your current requirements. Check if the house will accommodate your long-term objectives and aspirations.
Rooms for sleeping and personal hygiene
If you want your family to grow in the near future, you should make sure that the new house can fit your plans. This could mean an additional room for a new child, an in-law suite for your parents, or a guest bedroom that can be rented out or used for visitors. If you intend to work from home, you should carefully assess whether you will require a fixed office space or a more adaptable area that may double as a working environment. Consider how much living space you’ll need when you go towards retirement and make preparations accordingly.
Outdoor space
The majority of buyers place a high value on having outdoor space. Do you need a place that’s suitable for kids, pets, and parties? What about a beautiful garden? Do you like to have your own private area or to be in close proximity to a public park or garden? Check to see if the home’s yard or other outdoor spaces will accommodate your requirements.
Potential to personalize
Many people looking to buy a home want to find one that is already furnished and equipped for immediate occupancy. This allows them to avoid the need for expensive repairs and upgrades, particularly shortly after moving in. Many people also enjoy giving it their own unique spin. If you want to imbue the property with your unique sense of style, you should probably steer clear of properties that can’t be altered sufficiently to meet your requirements or houses that have undergone recent renovations and are currently selling for top cash. (Please refer to the list that follows to learn what kinds of fixes qualify as minor.)
Lifestyle amenities
You undoubtedly want your new home to improve your existing way of life, and right now you’re probably imagining what your life might be like once you move into your new place. When looking at houses, you should think about the things that bring you joy and the hobbies that you enjoy. For instance, if you have a passion for cooking, you should give extra attention to the kitchen. If you run for exercise, do you know of any trails or streets that are particularly beautiful to run on? Think about the aspects of your current living arrangement that you enjoy the most as well as the aspects that you wish could be different.
4. Conduct a thorough inspection of the property.
Home improvements are often made to appear straightforward on television, but in practise, they may be anything but. If you are a first-time buyer who has never worked on a home improvement project, it is probably best to avoid purchasing a home that is in serious disrepair. The costs can quickly add up, and if the house needs structural maintenance, it could postpone your move-in, causing you to experience unneeded worry. Additionally, the delay could cause additional financial strain. The following are the three primary classifications of the property’s condition:
Prepared for occupancy
A house is considered move-in ready if it is either brand new, very near to new, or has been remodelled within the past few years. These kinds of houses are sometimes referred to as “turn-key” homes.
Should be repaired.
A house that only need modest repairs could have some cosmetic flaws that you would like to fix, or it could have some outmoded mechanical systems that could be replaced to save money on energy costs. If you are curious about whether or not upgrades are within your financial means, you should talk to a contractor about the matter.
Due to the amount of money and time that will be required to restore it, the price of a home that is in serious need of repairs is typically priced lower than other homes that are comparable. You might have fun putting your own stamp on the house, but keep in mind that a significant renovation won’t provide a return on investment of one hundred percent, and that extensive repairs could push back the date when you move in. If you locate a house that is in excellent shape other than having an old kitchen or bathroom, you have the option of modernising those areas while you are living there or moving out temporarily while the work is being done.
Be sure to check the condition of expensive systems.
Make sure that your home inspector checks all of the major systems and mechanicals in the home to ensure that they are in good operating order, regardless of the condition of the home. In the event that the inspector finds problems, you may want to think about requesting the seller to rectify them before the closing or to give you a credit so that you can address them yourself. Be especially vigilant for the following problems, the repair or replacement of which might cost thousands of dollars:
• Roof damage
• Older furnace or HVAC system
• Flooding, water damage, or mould
• Old insulation, which may contain asbestos
• Plumbing issues or leaks
• Exterior cracks
• Uneven floors
• Inefficient windows Damage to the roof
• Flooding, water damage, or mould
• Older insulation which may contain asbestos
• Flooding, water damage, or mould
• Flooding, water damage
5. Don’t focus on tiny cosmetic details
Try not to get too hung up on the house’s minor flaws because there is no such thing as a perfect home. If you don’t like the colour of the interior paint, for instance, you shouldn’t cross a house off your list only because of that one factor. Modifications that are just cosmetic are characterised by their simplicity and low cost.
In general, cosmetic repairs consist of the following: painting; replacing hardware; decorating; and landscaping.
It is simple to let clutter divert your attention when you go to showings and open houses, or even when you are just looking at images and floor plans or taking 3D tours. Because the seller’s belongings will all be gone by the time you move in, you should make every effort not to look beyond them. Imagine the house as a blank canvas on which your possessions will be displayed.
6. Rely only on your absolute need.
When looking for a new house, there is a significant gap between the things that you want and the things that you actually require, so it could be helpful to keep separate lists for each category. For example, a more manageable commute may be an absolute necessity, whereas having smart home features may be more of a desirable addition.
Needs include a more manageable commute, a predetermined number of bedrooms and bathrooms, and a reserved parking spot.
A modern kitchen, an upstairs laundry room, and smart home amenities are all things homeowners would like to have in their homes.
You might strike it rich and locate a home that fulfils all of your requirements, but the odds are that you’ll have to make some concessions in order to make the deal work. If you do, then you should ensure that your requirements are met.
