How Real Estate Pros Look for Property
Have you ever hemmed and hawed over a property before, wondering if it was the best home for you? Maybe it had everything you were looking for, and one major or minor flaw, like high traffic, busy street, no parking, no garage, etc. Here’s some expert advice, from non-other than real estate brokers themselves.
Details
When you’re looking at multiple properties you can lose track of the important details. Make sure you have a system in place for when you’re house hunting to stay as organized as possible, whether it’s a spread sheet outlining everything your top properties have or don’t. Tips from brokers: check out simple things like the sewer line. Ask how old the appliances are, don’t be dazzled by new counter tops, when the oven is about to die any day. Ask about variants in the homeowners’ insurance coverage. Are there any oddities to the coverage due to the architecture or property? Check out older trees on the property to make sure you’re not taking on a hefty removal and potential re-planting process if you do decide to purchase the home.
Lifestyle
Consider your lifestyle and what you’re really looking for in a home. If you’re looking for a property with little maintenance and you don’t want a lawn to mow, a condo might be the right style of property for you. Vice versa, if you’re sick of living in apartments or condos and having shared walls, a single-family home might be exactly what you’re looking for. The added bonus to a single-family home is that you’re not only investing in the house itself, but also the land that it’s on.
One of the biggest things real estate agents see is younger buyers who invest in a property and don’t care about the amenities, or school district it’s in, because they don’t currently have kids and maybe aren’t planning to. They often times see those younger buyers turning around and selling the property they spent 5 years in, because their family size has changed and the home no longer suits their needs. Be more forward thinking when you’re investing in a property, and you’ll save yourself the headache of having to move, buy and sell a house again.
Focus on your Priorities
Don’t let yourself be dazzled by the cosmetic things. You can always install new counter tops in the kitchen, or floors, or do a little bathroom renovation. But you can’t change the price you paid for a home or its location. If location is crucial to you in your house hunt, don’t forget that. If a home has everything you’re looking for but is another 20 minutes out of your way, it’s something you need to consider before you buy. If you find a home that’s closer, that can easily be worked on to add the things you want, and it’s at or below your budget, it might be something you want to consider. Remember you can usually always add things later to a home.
Resale
As always consider the resale value. If the home you’re looking at is far more expensive than other homes in the neighborhood, chances are you’ll have a harder time selling it at an appropriate higher price. Don’t buy something too different or unique that you’ll have a hard time selling.
