10 Important Things to Consider When Buying a House
Buying a property, whether it's your first house, or you have done this a few times before, is a life-changing decision. There are many things to consider and everyone has his/her own set of priorities. As you go out, looking for your future house, you`ll find the process to be complex and time-consuming. And as you get lost in visiting different properties, you may forget about what really matters and what does not. Whether you ask a realtor or a friend who has just bought his dream house, they`ll tell you the same thing, know what you`re looking for. Understanding the features that are of most importance to you, will help you eliminate other options and choose the place which best suits your needs In this article, we’ll discuss the important matter of purchasing a house in-depth, and we`ll help you sort out your priorities. All the features we talk about here are important. However, they can be ranked differently for each buyer. If you haven’t yet considered these factors, now is your chance. Of course, if you’re deciding to buy a home with your loved ones, consult with them and make sure they also agree on the importance of these features. Stay tuned.
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1. The Experience of Other People
When you want to buy a house, you`ll hear different bits of advice from people around you. However, not all of them are valid, pay attention to those who are experienced in the real estate market and understand your needs. Unfortunately, your family and friends may not know all of the important details of today's housing market and the complex process of buying a house. People who work in the real estate market, or other related industries will probably know how to help, so listen to them. Additionally, choose a realtor, who has practical recommendations and has experience, and successful representation. It's important to remember that not all realtors are looking for your best interests.
2. Down Payment
The down payment on a property purchase is probably the biggest obstacle for many potential home buyers. This especially concerns the younger generation who find it quite difficult to save up such a huge amount of money. Dealing with student loan debts and daily expenses along with high rates of rent has made it almost impossible for millennials to save up enough money to buy a house. That's why many people are now getting loans to help them with their down payment. Having a pre-approval for your loan is an important step to help you understand what types of mortgage you can handle. The mortgage numbers will also tell you how much you should consider for the down payment. If your ideal home is over your loan limit, or you think you can’t afford the down payment, it's best to move on. It's essential to stay within your limit, no matter how much you love a house.
3. Duration of Stay
Although many people often overlook this important factor, the time you want to spend in a home plays an essential role in the place you want to buy. Ask yourself the following questions, does my duration of stay make buying an economical option compared to rent? Is this a good investment for the time I want to stay here? Of course, it's not easy to find answers to these questions. The housing market is not stable and it requires deep analysis to determine whether buying is the best choice or not. That being said, it is completely possible to know if the duration of time you plan to spend there warrants its purchase.
Home appliances are one of the most important factors to consider when buying a home. They are among the most expensive parts of the house and need a close checkup. Generally speaking, if they are around 10 years of age or more, it's about time to replace them. This includes ovens, refrigerators, couches, and more. Additionally, make sure to ask if the appliances you see in the showing will actually be staying in the house. Unfortunately, not all sellers are completely honest about these things
5. Location of the Property
The location of your future house determines your convenience. It's important to find a location that has easy access to your workplace, children's school, shopping centers, cafes, recreation centers, and more. Always look for good access to the main roads and places with low traffic. No one wants to get stuck in traffic every single morning. Checking the location of the house prior to purchase will save you hours of hassle. On top of that, the location of the property within the neighborhood can be quite important as well. Most people prefer a place away from the traffic and its noise, while others look for a house close to the main entrance. Buyers often look for places near parks, pools, and other recreation areas. See what location best suits you and talk about them with your real estate agent. Some locations may have a higher purchase price, so always ask for the average price as well.
6. Size of the Property and Lot
The size of the lot is an essential factor when it comes to large families. You need to have enough space for everyone to be comfortable in. Within a certain neighborhood, the lot sizes are usually quite similar. But once you go for the showings and you see the options available, you can spot the differences and see whether you need a large place or a small one. Moreover, the shapes of the lots can vary. There are pie-shaped lots, rectangular ones, and others that are irregular in shape. Depending on how you want to use your space, your privacy, the lawn, and the driveway, this may come important to you. Some houses include two lots, which offer you lots of possibilities. If it is buildable, you may want to add another building like an extra garage and workshop or you might want to split the property, build a new house and sell it. You can also sell the lot as is.
7. The Number of Bedrooms
There`s no fixed number of bedrooms ideal for everyone. Each family has its own idea of how many bedrooms would suit them. The majority of people find two bedrooms to be ideal. However, as the number of children increases, two bedrooms won`t be sufficient anymore. If you consider expanding your family in near future, you should buy a home with extra bedrooms than your current needs. Extra bedrooms are also the best option for families who host guests regularly. And even if you don`t have guests, you can use extra bedrooms as workshops, offices, and library spaces.
8. The Number of Bathrooms
When looking for a new house to relocate to, you should decide ahead of time about the number of bathrooms you need. Usually, old houses have only one bathroom, which is not optimal for most buyers, and even after purchase, they look for possible ways to add another. If the house has only one bathroom and there's no room for remodeling, make sure you and your family can live with that arrangement. Usually, newly-built properties have two or more bathrooms depending on the size of the house. That said, not all bathrooms have a tub or shower. Other important factors regarding the bathrooms are the size and style. Ask yourself which one you prefer, a bathtub, a shower, or maybe both. Some people would like to have a Jacuzzi tub to relax, while others prefer a shower stall for ease of use. Consider all people who will use the bathrooms, and see what their needs are. Sometimes you need a handicap-accessible bathroom, or a large bathroom to remodel.
9. The kitchen layout
The kitchen is the heart of every home. It is the place where you make food for your loved ones and the family and friends gather to enjoy a great time. Even when you have guests, the kitchen is the place where everyone ends up hanging out, and since it’s the center of fun and activity, its size and layout are of the most importance. When talking to your realtor, be clear on the type of kitchen you want, a typical kitchen or a large gourmet kitchen with counter space, sinks, and storage. Every family has its own ideas about the ideal kitchen. Some never have time to cook, and don`t care whether it has sufficient types of equipment or not. On the other hand, there are food lovers who cook regularly and spend hours in the kitchen. That's when the kitchen will require a close look. So whether you have a large family with lots of kids to feed or it's just you and your partner, make sure to have a sit-down and talk about your preferences. This way, you know you`ll buy a house loved by all your family members.
Unless you have decided to purchase new construction, there's a long list of maintenance items you need to check. After you've been to the house showing, make sure to make a list of all the things that need a fix. This includes large or small repairs, replacements, or even additions that will transform the house into a home. Some items are mostly cosmetic, giving the house a proper look. But others might be huge repair projects which are heavy both on your time and budget. Ask yourself, is it reasonable to make such an investment or it would damage your family life and financial status?
Knowing what you want and staying true to your home priorities is the key step in finding your dream house. Location, size, bedrooms, bathrooms, and kitchen are not only important for your enjoyment but for resale as well.
Ask your experienced friends for advice and see if the maintenance status and the time you plan to stay are worth the money. Buying a house needs a lot of time and energy so make sure to have sufficient knowledge. If needed, you can ask your realtor for extra support.
With a team of experienced realtors, Grayly can help you find your dream house in British Columbia. No more wasting your precious hours walking from this house to the other. Grayly offers a huge selection of condos, townhouses, single-family houses, and more. Check out Grayly.ca and find an affordable house in BC.