Is it time for a new zip code? Do you want to set down permanent roots? Are you tired of renting?
If you’re thinking of making moves to move in 2015, there’s a lot at stake. Buying a home will be one of the biggest financial decisions you will ever make. Before you sign on the dotted line, we’ll tell you what to consider when buying your first home.
What to Look for
We’ve all watched enough HGTV to know that the most important thing to look for in a home is location. Paint can be updated, appliances can be purchased, walls can be knocked down, but you can’t change your school district or your township.
Pick three ideal neighborhoods to narrow your home search. Sure, you might be able to get a bigger home 20 minutes away — but take factors like your child’s school, your commute and area amenities into account when weighing your decision.
You should also consider whether or not the home has enough space for your current and future needs. The basement doesn’t have to be finished now, but make sure it has one if a man cave is something you’d like in the future. If you’re not done growing your family, buy a place with an additional bedroom or space to put one in.
When to Run
Many websites that highlight home buying tips neglect to mention the things you should look out for when buying a home. Knowing what to consider when buying a home and when to walk away can save you time and money down the line.
Here are a few red flags to avoid:
- Old drafty windows
- Worn-out roof
- Termite damage
- Cracked foundation
- Empty swimming pools
- Knob-and-tube wiring
However, if the asking price is right and you’ve got room in your budget for big renovations, it might be worth it.
When to Buy
Real estate experts say the best time to sell a home is during the summer. Because children aren’t in school and the weather is more conducive to families hauling their possessions to a new place, you’re more likely to get multiple offers on your home and sell it for the price you want.
Budget-conscious buyers should consider making moves now — during the winter months. Sellers going through the hassle to move and list during the frigid temperatures are likely motivated and more willing to make a deal. Since most folks wait to look until the summer, you’ll also have fewer competing offers.
That said, don’t buy just because you can score a bargain. Wait for the right home to come along to follow these home buying tips. You’ll be happy you did when you’re making memories inside it for years to come!