Tips on Finding a Home
Finding the right home, all comes down to location and this one thing that will determine the cost of your new home more than anything. Many of us want to live in the trendiest areas when we should really be looking in the new up and coming areas that show potential.
There are two considerations when looking at a home’s value:
Market Appreciation – The home’s market value over time – Neighborhoods, economic conditions, taxes, and employment will help determine the Market Appreciation
Forced Appreciation –This is a way to help increase the value of your home over a short period of time. It’s typically done by upgrading your kitchen, bathrooms, and overall square footage. This is a sure fire way to help protect your long-term investment and increase your home’s value.
While doing a home search, here are some things to consider to help find the right home:
- Does the way you live match the area you are interested in?
- Is it rural, urban, or in the suburbs?
- Does living in a noisy neighborhood bother you?
- Is there an easy commute to work, friends and family?
- Is there any shopping or activity areas nearby? Great schools for your kids nearby?
When you start visiting neighborhoods, and you are trying to find the “best neighborhoods in Houston”, try to take it all in. Have a quick coffee at a café, explore the area and community to see the local sights. Consider visiting the neighborhood in the afternoon to see how atmosphere is at night.
When you’ve found a few areas you’re interested in, consider hiring a Real Estate Agent to show you some homes there. They’ll be sure to give you the strengths and weaknesses of the area.
How to determine potential value when buying real estate
Trying to find the right home can easily be very stressful and emotional for most people, even if it’s the best time. There are many points to try and consider: neighborhoods, schools, livable space, the condition of the house, yards, exterior and age of the home. For most people they tend to get caught up in the aesthetics of the home. If things are well put together, decorated, and they can visually see how furniture will fit in the place, they will fall in love with it.
This short sighted thinking can severely limit the potential of growth in your real estate investment. To maximize your return on investment you have to put your emotions aside and clearly think like a home appraiser would by evaluating a home’s potential. Are the home’s weaknesses only on the surface and can be easily fixed? Is the house priced low enough that you can make a few serious renovations like a new bathroom or kitchen if needed? Keep this top of mind when you’re house hunting and you will more easily spot home bargains that you can maximize the home value with.
You spend a great deal of time at your home so it has to match they way you live, work and entertain. The other way you should look at it is as an investment that will pay in the future. So you will definitely want to focus on increasing the value of your home by choosing the right area and potential upgrades.
Making the right choices
There are few homes which are perfect for everyone’s taste, here are some things to consider:
- The age of the home
- The condition of the home
- The number of bathrooms
- The number of bedrooms
- The size of the yard
- Are there any decks and/or patios
- Create yourself a checklist of what you must have and can’t live without
FPS Lending Pro tips for find the right home during your home search
Once you’ve found the perfect neighborhood you need to find a realtor who can help you make informed decisions:
- Only focus on homes that are in your pre-approved price range
- Pay attention to the property taxes, this will affect your payments in the future
- Rely on your realtor to ensure that you find homes that meet your criteria
- Have your agent start an offer when you have chosen a home
- Have your realtor negotiate and don’t be afraid to put down a strong offer
- As a home buyer you are by no means obligated to pay commission to the realtor, the seller does
Tips for your home visit
- Bring your smartphone to record notes and take pictures of each home
- Take photos of the exterior, balconies, yard, and each room
- Bring a measuring tape if you want room dimensions
- Take notes of any serious issues you come across
- Does the home meet your criteria?
- Is there room for expansion?
- Would you still love the home if all of the walls were white? Try to look past the appearance
- Don’t be swayed by the furniture and décor being used if it’s not your taste
- Keep an open mind about your must haves and things that you can compromise on