A concern buyers frequently have when searching for a home is whether or not it’s a good deal. Here are three things to consider when determining whether a home is worth purchasing:
1. Price. In any market, the price has to come first. To determine what you can comfortably afford, speak to your real estate professional. They can recommend an excellent lender who can pre-qualify you for a loan. When you know how much you can spend, it’ll be much easier to shop for homes you can truly afford.
2. Condition. The condition of a property refers to the state of repair. Does the home have curb appeal, and is it updated and well-maintained? Or does it need expensive remodeling? Carefully consider any deferred maintenance, such as the roof or tuckpointing, that will likely need to be addressed within the next couple of years. Think about the design and functionality: Is the kitchen too small, and can you afford a remodel?
In any market, price has to come first.
3. Location. Some areas will always be more expensive than others, and well-kept neighborhoods tend to maintain higher home values. Homes that are close to good schools, entertainment, jobs, and public transportation tend to sell for more than homes without all that infrastructure.
If you have any questions about buying or selling a home or a topic you’d like me to cover in a future blog, please give me a call or send an email. I look forward to speaking with you.