What Are The Most Important Things To Look For In A New Home?

Obviously the prime concern for most buyers is how pretty a home looks, if it has enough space and that it has the right number of bedrooms and bathrooms. While you should absolutely buy a home you are completely happy with, many first time home buyers often have unrealistic expectations and immediate start hunting for their dream home as the first one they will buy, expecting to be there the rest of their lives. Often this can lead to disappointment for many as the ideal ‘dream home’ is often out of reach for first time buyers. It should definitely check all the boxes and you can get a lot more home for your money right now than ever before. However your first home should really be looked at as more of an investment than having to be 100% perfect. Perhaps this means choosing a home that you can make additions and improvements to over time to make it just the way you want or just getting into a home so that you can get on the property ladder and begin building equity that can be used as a bigger down payment to buy the home you have always dreamed of in a couple of years from now. Below are some of the most important items that you should really be paying attention to.

1. Repairs

A little cosmetic repair work needed can mean getting a better deal on a home. Plus you will no doubt want to redecorate with your own personal touch anyway. However you do need to watch out for major structural repairs which can end up costing you tens of thousands if you are not careful. This includes basements, foundations and roofs.

2. Value

While the home you like the best may sound like a good deal to you lenders and appraisers are a lot tougher than they used to be and you should make sure that a home’s value is supported by facts and figures before signing a contract and find yourself wasting time and energy on a property you cannot close on. Have your real estate agent provide you a CMA or talk with a local appraiser.

3. Neighborhood

If you are not familiar with the neighborhood and your future potential neighbors already then this is something you definitely want to check out before buying. You may not want to be stuck next to neighbors who party all night, let their pit bulls run wild or be in an area where there are a lot of unsavory characters hanging around after dark. The best way to tell is by visiting the neighborhood at different times of the day or night at different times of the week to see what it is really like.

4. Real Expenses

Make sure you are aware of all of the expenses associated with a property before going to contract. This includes being aware of home owners association or condominium fees special assessments, property taxes and what types of insurance you will need.