This article has compiled a list of the top five must-check factors that you need to consider while purchasing a property to avoid buyer’s remorse. These factors include:
1. Location
You can make an ugly house look great, but you cannot make a wrong location better. Location is critical of all the other factors you will consider. The things you need to consider when choosing an appropriate location are:
- Neighborhood safety.
- Homeowners Association (HOA) presence – check if the new location has HOA regulations regarding the erection of some amenities or handling of pets.
- Check how far it is from your place of employment.
- The presence of basic facilities in the location, for instance, schools, restaurants, and hospitals.
It will be an absolute NO to purchase a property in an area with a hazardous dumpsite or dangerous chemical effluents. One of the best means to identify ideal locations for buying a property is to subscribe to ReadyToGoNewsletters. It is a real estate newsletter that helps realtors create educative content and guides homebuyers in understanding the real estate market. In addition, they provide the best real estate newsletter templates customized by adding local info and personal stories.
2. Age of the property
An older property may have its charm and appeal that will catch your eye. However, an old property will need more upgrades and repairs. If you choose to go with old properties, you should save well for renovation projects. So, what should you look for before buying an old property?
- Foundational issues – check the interior and exterior wall cracks, uneven floors, check if windows open, and check on doors that will not latch.
- Condition of the roof – different types of shingles has different lifespans. Most roofs will have a lifespan of about 20-25 years. It would be best if you considered contacting a professional to assess the roofs and how much you will need to invest in repairing the roof. The amount of money you will need for roof renovation can be a deal-breaker if you need to spend a large proportion of your savings.
- Toxic gases in the air – Radon and carbon monoxide, are commonly found in old homes. Radon, to a large extent, causes lung cancer. Carbon monoxide, which is always generated by damaged HVAC systems, usually causes health effects like headaches and dizziness. Before buying a house, consider contacting a specialist who will test for radon and prepare for installing carbon monoxide detectors on the floor.
3. Job security
Job security may not ring hard on the mind of people who are fortunate enough to be working on lucrative jobs. However, for millennials struggling to have their first job, they should critically look at job security as another critical factor when buying a property. Losing a job in the middle of a mortgage premium payment is always a nightmare for all homeowners. Failure to pay for loans because of default in paying the mortgage will lead to the loss of your property. Therefore, job security is always a point to take note of.
4. Down payment and mortgage rates
Raising enough down payment has become one of the most significant barriers for all property buyers. Conversely, raising a down payment less than expected in the real estate market will attract higher mortgage interest.
5. Housing structure and size of the lot
Here, the main things to check include:
- Bedrooms – if you intend to expand your home in the future or if you plan to host more guests, you have to consider a home with more bedrooms.
- Bathrooms – consider how many bathrooms you will need and check if you will require bathtubs and showers in each one of them.
- Kitchen layout – the kitchen layout you will choose will depend on your interest. If you like cooking activities, consider having a big kitchen; otherwise, a smaller one will work.
- Size of the lot – check on the shape of the lot and the size of the driveway.
Conclusion
People have varying tastes and preferences when buying a property. As a homebuyer, you should have a scale of preference to avoid making wrong decisions of purchasing a property that will later regret owning it.