This is a typical question buyers should ask more often. When looking for your next property you should take a step back and consider the bigger picture. You next property purchase should make sense financially, emotionally and structurally.
Mortgage- Get pre-qualified with a lending expert! Your Realtor will have a list of qualified professionals for you to contact. Being Pre-Qualified will insure you know exactly what you can afford when searching for a property. Not everyone has the same income/debt or credit score, which influences a buyer’s purchasing power.
Taxes- Make sure to have a general idea of the property taxes associated with your purchase. Property taxes will vary depending on property value and the type of residency, i.e. Primary home or secondary or investment property.
Insurance- When seeking out Insurance quotes, ask your Realtor to refer some trusted firms. Realtors have great insight on what’s happening in the market place and which insurance agencies seem to be competitive with their offerings. This is the case most of the time. Recently, a firm I didn’t recommend had a darn good rate for my client; as a result, I put them on my vendor list.
Location- Does your next home purchase need to be close to work, schools, hospital, in a specific neighborhood or near friends & family?
Many people have a reason for wanting to be within a certain geographical location. Communicate with your Realtor about a “wish list” you may have. By having a wish list your Realtor will be able extract market offerings per your criteria.
Style- Real estate comes in all shapes, sizes and styles. You should take time to preview some properties on the computer with your broker so she/he is able to understand what captures your interest. This maybe the best time you spend in starting a successful property search. You may have expressed a desire to own a Colonial style house in a country club; come to find out, you are more attracted to Low-Country style listings near the beach when looking at MLS listings with your broker.
Age- The age of the house will have an impact on the asking price. A new or fairly new house will usually have a higher asking price than a comparable older house. Generally, a newer house will have less upkeep and will be more energy efficient than its older counterpart. However, if you are not afraid to tackle a few projects, you may be able to score a sweet property in an otherwise out of budget area. You should weigh your options and make the decision that best suits your abilities and budget.
Upkeep- Plan to take notes on the condition of the properties you preview. Will you need to replace the siding, roof, windows, paint or is a simple pressure washing going to do the trick? Does the house need updating on the inside? Did the house have signs of water damage or electrical issues? FYI, it’s always good to get a home inspection. Having a good general idea about what’s going on with your purchase is smart and will give you the inside track.
When looking for your next property, let one of Salt Realty’s talented Realtors assist you with your purchase. We also encourage our clients to come prepared with a “written” list of questions for us.
Let’s connect! Email me and my team or Call us today!
“Mo Paul” Realtor Team Leader @ Salt Realty