Buying a house can be a daunting decision, especially if it is your first time doing so. Concerns regarding property value, neighborhood, job security, property size, family size, and property taxes may arise into your mind. These concerns govern your decision-making process and knowing how to get the best deal for your new home requires more digging on the subject. Next are 5 tips that will help you decide for a home that can return you the best value for your money.
The first question to ask, who is the builder? Knowing who the builder is, narrows down your decision making greatly. Nowadays, there are many ways to check out for a builder’s reputation and use this as a source of proof that you are not buying a poorly built home. Their reputation not only helps you for social proof, but the best builders are in partnerships with the best home loan companies in your area. These loan companies can offer you the best financial options to meet your needs. No one likes being home-poor just to meet payments.
#2 Construction Materials Used
Construction materials that are used today are not nearly as good as they were 50 years ago. Many people buy because homes are cheaper, but they don’t realize how choosing a home that is built with cheap materials can affect them in the long run. Take for example, exterior walls. Wall cladding with brick has become very rare for many homes in America. Exterior brick walls are being replaced on mass with EIFS (the worst wall cladding ever invented) and fiber cement panels. When buying a home, you want to make sure they built it with materials that can stand the test of time. It is also beneficial in the long run because your usually can keep their market value at worst and most likely increase its value over time making it an investment in your financial planning.
#3 Property Value
Depending on your income bracket and spending habits are, property value can be critical. The key here is combining factors such as building materials used, year built, subdivision, property taxes that justify for a desired property value. As you might expect, the higher the property value, the higher are their taxes. This can be a good thing or a not so good thing. Depending on your family size and children’s ages, you might benefit from paying for a pricier home. But if you are starting up as a family, don’t have children, or are single you might not benefit from high-priced homes as a lot of money can be overspent on property taxes alone. Keep in mind that you should always strive to buy a home that suits your needs and not the expectations of others.
#4 Year built
The year a home is built can tell you many things about possible repairs you might encounter. Homes have at least 15 years built are now candidate for repairs and maintenance. When looking at a property this old, you must take into account these costs to the asking price for the home. You don’t want to be in a situation where you want to be sacrificing your quality of life just to meet payments.
Newly built homes are under jurisdiction of homeowner’s associations, but many older homes are not. The essence of HOAs is to maintain a higher quality of life and peace among the community it serves. Being under HOA results in nicer neighborhoods and give you a sense of belonging, but it often comes at the expense of abiding by their restrictive rules. Find out what their rules are and see if they can suit your interests. Ask for the opinions of existing owners on how well-managed the community is under them. Remember, getting involved with HOA is a long-term commitment, so it is important to know the impact it can have with your living experience.
Whatever you are looking for, always look to your interests first and don’t let the pressure from realtors or your current situation to move you forward to make the wrong decision. Always take your time when choosing your first home until it meets most if not all your needs and requirements. It is difficult, but it is more than possible if you put the time and effort.
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