You may be so enamored with the house that you fail to observe what's happening in the surrounding area. You must take notice of the neighborhood you're considering and determine if it's the right fit for you and your family.
Purchasing a home is an investment – usually for the long term, so take time to notice the community's pulse. Talk to neighbors if possible and note if the area is transitioning from a bad neighborhood to an up-and-coming one – or has it already made the transition?
One way to determine if the price of the home you're considering is fair for the neighborhood is to research home values and foreclosures in the locality. For example, homes in transitional areas may be a good investment, but it could take time for that to happen.
Considering the school system in the area is a major deciding factor if you have children. You can get grades and ranks of schools on the site online. Your home will maintain or increase its value if it's close to high-ranking schools.
Buying a home in the thick of restaurants, stores, and "action" may seem exciting, but are you sure you're ready to cope with the noise and traffic associated with it? Even neighborhoods that aren't downtown may be noisy, so it's a good idea to visit the area at various times of the day. Pay attention to traffic patterns at rush hour, on weekends, the buzz of planes from an airport, a church that takes all the parking spaces on Sunday morning, and the neighborhood appearing more dangerous at night.
Notice the condition of the roads around the neighborhood. Are they clean and smooth, or are there potholes and trash on the curbs? Also, note if there are sidewalks, public transportation, and nearby fire and police stations.
If you're not comfortable with the neighborhood's appearance, your home's future value and appreciation may be affected, and your enjoyment of your time there may be compromised.
Finally, consider the proximity of a new home to work and the things you love. Stores and schools are also important in the scheme of things, and your commute may be longer than you want it to be.
Proximity to work could become critical when you must spend an hour or more in the car, morning and evening, and don't get to enjoy the house as much as you could if you lived closer. Finding a home close to mass transportation might be a consideration. I, for one, am not a fan of being close to mass transit sites. I currently live just outside the noise zone of a light rail stop and would not want to be any closer. It's about a 6-to-8-minute walk which makes it convenient but not noticeable.
A neighborhood with walkways, a neighborhood watch, and no vandalism should indicate you've chosen a safe area. Your local police or FBI.gov can help you search for crimes in the neighborhood to ensure you have found a great place to live.
Don't wait until signing the contract to educate yourself about the intricacies of buying or selling a home. Failing to plan appropriately for one of the most expensive and significant investments you'll ever make can lead to many regrets and problems later on.
First-time buyers are especially vulnerable to making mistakes if they don't educate themselves beforehand. So even if you've purchased or sold one or more homes in the past, it's a good idea to educate yourself all over again to discover changes that have taken place in the real estate market.
Choose the type of mortgage best for you – a VA, FHA, or USDA. There's also the question of whether or not you should apply for an ARM (Adjustable-Rate Mortgage) or a fixed rate. Your real estate agent and lender should be an excellent resource for those answers.
Execute a study of real estate in the neighborhood you like and want to purchase in. Check out whether homes are selling fast or lagging on the market. If the latter is true, find out ...
Your home will have certain features that will interest buyers. Whether you’re selling your home yourself or using the service of a real estate agent, you need to make sure those features are showcased.
You’ll want to start by ensuring that whatever home listing is used draws attention to those features. While an agent automatically knows what to put in the listing, you might not. But some things that are considered special features are what you should highlight. You’ll need to mention where the home is located and what it’s near. For example, some young couples with school-aged children are looking for homes close to good schools, so you’ll want to highlight that. Others are looking for homes close to other perks like shopping, the downtown area, etc.
You’ll want to highlight the amount of square footage that you have. Not only should you or your agent do this in the listing, but you must highlight it in your home. That means removing as much furniture as you can feasibly ...
I know this topic has been addressed by me before, but I thought I would do a quick reminder post. Staying competitive is essential now that prices are starting to go down and buyers are coming back into the market.
1. Not being realistic about market conditions: Pricing the property too high is one of the most common mistakes made by sellers. This can lead to the property sitting on the market for an extended period, resulting in missed opportunities and wasted resources. Instead, sellers should be aware of market conditions and price their property accordingly. Failure to do so can result in a longer time on the market or a lower sale price.
2. Neglecting home repairs and updates: Another common mistake is failing to make necessary repairs or updates to a property before listing it for sale. This can result in a lower sale price or a longer time on the market.
3. Over-personalizing the property: Some sellers may personalize their property too much, making it difficult for buyers to envision ...
