The Five Biggest Things to Look for When Buying a House
It is tougher now than ever before to find a home. Inventory has yet to rebound from pre-pandemic levels but the demand is higher than ever. Which means finding Surrey homes for sale is a lot tougher to deal with.
But there are more than a few things that buyers should be considering before buying a home, especially in this market. Here are 5 things in particular that potential buyers should be looking for when buying a home.
This is the single most important factor now and with good reason. Home values are up just about everywhere, playing havoc with budgets everywhere. That is why considering price is so important for buyers.
Know what your budget is. Know what the value of the home is and be patient. Far too many buyers have put themselves in untenable situations by offering way over asking simply because they want to land the home. Doing so could wind up making the home a potentially losing investment in the long-term.
The old saying in real estate is, “location, location, location.” That is definitely true because where the home is located can play a greater role than you may have realized. Are there stores in the area? What is traffic like? Is the highway nearby?
A house can check all the boxes but the location can play havoc on the living experience. Having to drive far to reach anything of consequence, for instance, can be a real downside for some buyers. Know about the location and all that comes with it before considering an offer on that house.
Most potential homebuyers looking for Surrey homes for sale fail to take into account things like property taxes when they are buying a home. They look at the sticker price of the home and think that is the only major cost involved when purchasing a home. That could not be further from the truth.
That cost is important, but so too are the taxes on the property. Combined, they can create a situation where budgets are super tight because so much is being spent on the home and its taxes. Make sure that you don’t leave yourself house poor, meaning that you can buy the house but can’t really afford anything else.
- Home Amenities
Though this has taken a bit of a backseat due to higher-than-normal prices, the amenities that the home offers makes a huge difference. Most buyers have a style in mind, from bathroom finishes to lighting fixtures, kitchen appliances to backyard features.
The more that a home deviates from those wishes, the more work that it will require to make it look and feel like what you are looking to achieve. Focus on the features that would be more costly and difficult to add after the purchase. If it comes down to smaller things, then those can be changed or added later on.
- Homeowners Association
Far too many buyers find themselves buying a home that falls under an HOA. It is important to know about these because not everyone wants to be involved in one. They have their pros and cons and can vary from person to person.
Sure, they can keep the property and neighbourhood looking nicer, but there are certain costs involved as well as the strict guidelines that HOAs are often associated with. Make sure to check whether the home you are interested in would fall under HOA guidelines and what living under them would be like. When you move in, there is no getting away from the HOA.