What to Watch Out for When Buying Your Next Home
There’s a lot to juggle in a “house hunt.” Unfortunately, this means that some important aspects of the home or market can slip past you, costing you substantially. Here are a few things to keep in mind when you are buying your next home!
Other Buyers
Be aware of your competition! There are plenty of other buyers constantly on the same search as you, meaning you have to work to stay ahead of the game and stand out from the crowd of sellers. Come to the search as prepared as possible—if possible, try to get preapproved for a loan and retain a solid cash reserve for your down payment (or even “earnest money” to prove to the seller that you are secure with your funding.) Put in the time and effort to access properties that may be overlooked, and act fast when you see something promising. Your special initiative in the crowd of otherwise average buyers will pay off!
Signs of Hidden Issues
Another thing you should dedicate time and energy to when buying your next home is verifying the quality of the property you’re interested in. While homes are staged to present their best selves, you should pay attention to signs of hidden issues that could come back to bite you later. Evaluate each property you seriously consider. You should do a thorough walk-through so you can point out problems to your realtor. Some things to look for specifically: look into the plumbing and foundational structures to reassure that everything is build and functioning properly (i.e. no water damage!); pay attention to the roofing and ask for the age of the materials; look for issues with faulty electrical outfitting that would impact the use of your home.
Potential for Growth
Even if you find the “perfect home” that checks all your boxes and fulfills all your expectations, remember that those wants and needs will likely change over the years! Whether your family grows or shrinks, your work from home requires new space or your hobbies expand, you will want a property with some flexibility for growth and adaptation! So, while you’re looking through a home and crossing things off of your list, remember to ask yourself how (or if) the space could be adapted for future changes to your life. This will make it the perfect home not just for now, but always!
With these key elements in mind, you can feel confident when buying your next home search will yield exactly the home you need. Enjoy the “hunt” for your perfect property!
Check out this article on how to lower your home utility bills!
