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Buying a Home That Needs Work
Buying a Home That Needs Work
September 5, 2017
When you’re shopping for a new home, you may come across properties that require repairs or renovations. Are these houses worth the added expense? Will you get your money back if you decide to sell the house in the future?
According to market studies, certain renovations and repairs do add more value to a home than the repairs typically cost. These include kitchen and bathroom renovations, new or improved landscaping, and electrical and plumbing repairs.
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Is It A Mountain? Or A Molehill?
Is It A Mountain? Or A Molehill?
November 13, 2017
There’s an old expression: Don’t make a mountain out of a molehill. It refers, of course, to putting a problem or issue in the right perspective. Some things just aren’t worth worrying that much about – the molehills. However, there are other things that you do need to be concerned about – the mountains.
What does all this have to do with buying a home?
It’s difficult to find a property on the market that is absolutely perfect and has no issues whatsoever. Even if you find a home that you fall in love with and that meets all your requirements, there are bound to be one or two areas of concern. That’s normal.
The trick is to determine whether a particular concern is a mountain or a molehill. For example, say you want a home with four bedrooms, but find one with three. That may seem like a big problem. But if you look closer, you may find that one of the rooms in the finished basement can easily be converted into a comfortable spare bedroom.
That particular issue is really a molehill, and shouldn’t prevent you from putting that home on your shortlist.
On the other hand, say you want a home in an area with local parks for your kids and a sidewalk out front. If a property you’re considering doesn’t have those features, you might not think it’s a serious issue. But consider how difficult it will be to take young kids for a walk and decide where you think they’ll play. You may actually have a mountain in front of you.
So, when shopping for a home, you need to understand which are minor issues that can be easily dealt with, and which are major issues that will seriously impact your enjoyment of the home.
5 TIPS FOR BUYING A HOME
5 TIPS FOR BUYING A HOME
Looking to buy a home? Here are five essential tips for making the process as smooth as possible.
Get your finances in order.
Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.
Find a house you can afford.
As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.
Hire a professional.
While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.
Do your homework.
Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.
Think long term.
Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.
