When you are looking to buy a house, you need to pay attention to a number of factors. Here are some of the factors to consider as given by a real estate agent:
This is integral as it determines whether you will complete the buy or not. When many buyers are making an offer, they tend to compare the price of the house with that of neighboring houses. While there is nothing wrong with this, you should note that the price that the buyers are asking for has nothing to do with the actual price of the house.
For you to avoid buying a house more than you are supposed to, you should know the amount of money that the other buyers in the area paid for the house—not the amount the sellers were asking for.
You also should get to know the offers that the sellers have received. In the event a house has received multiple orders, you will have to make a strong offer to survive the competition.
How long has the house been in the market? This will help you in making the right offer. If it has been there for a long time, it means that few people are interested in it. In such a case, you don’t need to offer a large amount of money.
For you to buy a house at the right price, it’s wise that you enlist the services of an agent.
The condition of the house
How does the house look like? You should know about it. Does the house have structural issues or deferred maintenance? You should know about it before you make an offer.
If you aren’t sure of the house’s condition, hire a professional to help you with the inspection.
The professional should start with the roof. How old is the roof? If the roof is new, you should expect it to last between 15 and 50 years, depending on the materials used in the construction. If the roof is old, you can’t expect it to last that long.
You should note that the roof might be old but properly maintained. If this is the case, you can buy the house, then make plans to replace it later on.
What is the nature of the foundation? During the inspection, determine how strong it is. You also should know the type of foundation that your house has.
Raised foundations give you access under the house thus making it easy for you to undertake plumbing and electrical works. Slab foundations, on the other hand, are common in newer homes. Regardless of the nature of the foundation, determine how strong it is and how properly maintained it is.
If the house is located in cold climates, you should get to know about its insulation. Is the insulation in place? If it is, you need to determine its condition. If there is no insulation, but the house is in good condition, you should make plans on how to install it.
Location of the house
When you are buying a house you might have heard that everything has to do with the location of the house. If the house is located in desirable areas, it’s definitely worth more than one in less desirable areas.
For you to determine the value of the house, you need to take a look at the types of houses located nearby. You should note that apartments, industries, and commercial properties tend to lower the value of a house. When you buy a cheap house, it will most likely be cheap when you are looking to sell it later on.
This means that if you are looking to sell the house at a later date, you should avoid a house located in these areas.
If you have small, school-going children, you will need a house located near schools. You should note that some schools might not allow your kids in. For peace of mind, ensure that your kids will be allowed in the school before you make the purchase.
Are there nuisance factors in the area? The buyer’s agent recommend that you pay attention to this. Are there cars hooting all the time? Are there dogs barking that you can’t sleep? You should know about this. As a rule of thumb, don’t buy a house that you will be uncomfortable living in.