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Purchasing a home is a serious commitment, and going into the process it is important to look for items that add fundamental value to a home. By focusing on these features you will find a home with a more sustainable value, even in times of weak markets. There are any number of factors that one could include in a list, but some of the most important are the lot a home is on, the surrounding neighborhood, the number of bedrooms and bathrooms, garages, fireplaces, and just about any other amenities that are fixtures in the home. Floors and windows are also helpful, although they are easy to replace, new ones will retain their value for a long time.
When looking at a home, first examine the surrounding area. Location is always extremely important, if a block appears dirty, run down, unsafe, or otherwise deters buyers, you are starting at a disadvantage when showing the home to buyers. Buy in up and coming or already established neighborhoods, this will ensure the surroundings of the home enhance its value. The lot the home is on is also important, remember more land is almost always better, but make sure landscaping is kept up to date; otherwise the home will appear run down. A driveway and garage add substantial value, especially in areas where parking is scarce. Inside the home itself, fixtures are key, look for homes with more bedrooms, and especially more bathrooms, this number is fixed, and more is generally better. The kitchen is easily one of the most important rooms, so look for a large room, preferably with new counters, although these can be replaced to increase the value of a home, as well as up to date appliances. Finally extra features like fireplaces, hot tubs, pools, etc. provide a small benefit to the value of a home, but only if it is something the buyer thinks they will use. Be leery of paying too much extra for these features.
Of course every home is different, and every real estate market has its quirks, so you can’t be sure what people will be looking for in the future. Thankfully things like garages, bedrooms, and kitchens are always in demand, so when buying a home focus on these fundamental features to ensure both long and short-term retention of value.
Posted: June 16th, 2008 at 4:29 pm |
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Home Buyers
Purchasing a home comes with many potential costs and problems, so when you are in the process of closing, it is important not to skimp on one of the most important parts of the home buying process: hiring a home inspector to examine the house for serious flaws. A full inspection is very thorough, and many contracts guarantee that their results are accurate; giving you recourse if an inspector missed something. While it might seem like you would notice common problems, it is essential to have a professional set of eyes examining for serious problems in advanced.
Inspections aren’t even that expensive in the scheme of things, the up-front cost of a few hundred dollars won’t seem like much if they discover serious problems that could have easily cost you thousands of dollars. It is always important to have a thorough investigation done by an independent inspector, so even if you are required to submit to an inspection for your loan, have someone give the house a second look.
Inspectors can also provide you with estimates of what repairs would cost, allowing you to factor these numbers into negotiations over the value of the home, as most home owners will eat the cost of serious repairs in order to close a sale. Just be sure to ask the inspector thorough questions and have them look over the entire home. By following these steps you can easily avoid running into major problems while in the process of buying a home.
Posted: June 16th, 2008 at 4:41 pm |
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