As a home buyer, you are responsible for being aware of a certain number of things before signing on the dotted line, even if you are new to the process. This can make the whole buying process a little daunting. However, with the right information on hand, the process becomes not only easier but enjoyable for the home buyer. Therefore, here are a few factors that should go into your next real estate purchasing decision.

Rising Property Values

One of the most important things to be aware of when looking at properties is not only what it currently offers but what it could offer in the future. The fact is that home value is not permanent and can fluctuate depending on the market. However, by adding value to your home, you can undoubtedly aid yourself financially in the event that you want to sell your home in the future. You can add features to an outdoor deck that make your property more attractive to renters. Note that you should always consider the Return on Investment (ROI) or return on investment of an addition, as not all additions will provide you with a positive ROI.

Home Age

Depending on where you live in the United States, you are either going to have a large selection of new homes or older homes. For example, those living within the eastern part of the U.S may find themselves looking at older homes, some going back as far as those built in the 50s. In this case, the age of the home should certainly be a factor that you should take into consideration. An older home that has little to no work done can certainly place you in a tough financial spot in the event that something goes wrong. Outdated plumbing, old electrical wiring, and an uneven foundation can pose a plethora of not an only financial risk but also a safety risk for your family.

Proximity to Schools

For many young families, the distance to their children's school is a huge factor. In the event of an emergency, parents want to know that they are only minutes away from their children. Therefore, if you are a new parent moving into an unfamiliar area of your city or state, it is highly recommended to research the area around your home before taking the time to tour an open house. Some of these properties close to schools may be at a higher price range, and thus the reason why so many parents tend to rent rather than purchase. Renting/leasing brings the price low enough to where they both afford the home and be close to their children's school.

Crime

No matter if you have a family or not, it is safe to say that everyone wants to live within a safe neighborhood. However, most people do not find out if their neighborhood is safe until the sun goes down. It is easy to not notice the level of crime when you're home shopping during the day. Fortunately, there are two things you can do to better prepare yourself. One is to simply ask your real estate agent about the neighborhood. Ask them how the crime is during the day and night. You may also check public records to see for yourself the level of criminal activity.

House Inspection

One of the most common mistakes new home buyers make is not asking or looking at the home inspection report. If you ask if there was an inspection done on the home, do not simply assume that everything came out okay. A home inspection report simply means that one was conducted. Make sure to take the time to sit down and go through each part of this report in order to really understand what you are getting. This time spent researching can save you from potentially being liable for large repairs, and once you have signed on the dotted line, it is difficult to go back.

Surrounding Home Values

It is easy to hand over all the stress of the research process to your real estate agent; however, doing so can place you at a disadvantage. Real estate agents tend to have multiple clients and do work hard for each and every one of them, but this does not mean they will not miss certain things. You have a lot of money on the line and making sure you are paying a fair price should be paramount. Therefore, before putting in an offer, you should always research the surrounding values of the other neighborhood homes. Doing so can potentially lead you to pay less than the posted price.

HOA

An HOA is often one of the deciding factors for buying or skipping on a home. This is because home buyers will see their rules to be a little too demanding or their fees to be a little too expensive. The average HOA fee in the U.S is 200 dollars with some neighborhoods asking as much as 700 dollars a month. It should be noted that some neighborhoods, although offer HOA, are not required. Some, on the other hand, are mandatory.

Personal Growth

A common mistake new homebuyers tend to make is getting caught up in their current standing in terms of family. A two-bedroom home can be a great space for a single couple; however, it might not be for a family. So, if you are planning to grow your family or have relatives come over, you might want to reconsider what is good now and what is needed in the future. It is common now for working families to care for their parents, so an extra room might be a smart decision.

The home buying process can be a little daunting. However, understanding what factors you should be considering can make the journey so much easier for both you and the seller. Simply adhere to the list posted above to make sure you start your home buying process on the right foot.

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