Purchasing a home is, most likely, the biggest financial investment you’ll ever make. Which is why it’s important to take your time and make the right decision. You want your investment to grow and, ultimately, be worth more if you decide to sell than when you purchased. At the same time, you want to find a home that won’t be a money pit from the day you move in.
Weighing your options and making the right decision can feel a little overwhelming. So today I’d like to share with you a few tips to help you get the best bang for your dollar and purchase a home that won’t be a financial disaster.
How to Get the Best Bang for Your Dollar
- The Location
The location of your home is one of the most important factors in finding the right home. You can always paint, landscape, and remodel, but you can’t move the house to somewhere more desirable.
Look for a home that’s in a good school district, even if you don’t have school-aged children. If you ever decide to sell, other buyers will be considering this factor. Also, take a look at the entire neighborhood. Do the neighbors keep their homes well maintained or are some of the homes looking like they need some TLC?
One other factor to consider with location . . . other homes for sale. If numerous homes in the same neighborhood are for sale, that’s probably not a good sign. If several neighbors are trying to sell at once, you need to think about what might be wrong with the neighborhood.
- The Size
Obviously, you want to choose a home that’s the right size for your family, but buying more space than you need isn’t always necessary. It’s better to buy the smallest home in the nicest neighborhood and build good equity than to buy the biggest home in a fair neighborhood and possibly lose money.
And, buying a home that is under your price ceiling will give you some extra money to make a few upgrades if you’re not completely happy with your flooring or kitchen countertops.
- Curb Appeal
Curb appeal is very important to prospective buyers, but fortunately, it’s one thing that’s easy to change if you’re willing to put in the work. But do look for possible pitfalls like dead trees that will need to be cut down, an uneven yard that creates a pool every time it rains, or damage around the foundation of the home.
An unkept exterior can also mean that the current homeowner hasn’t kept up the interior as well. Be sure to consider this when doing a walk-thru and inspection of the home.
- The Interior
A home where the interior décor makes you want to run for the door can make you mark it off your list, but not so fast. Paint, wallpaper, and flooring can all be changed. Don’t let bold colors and tacky wallpaper scare you off. It’s more important to consider the bones of the house.
For instance, will your family survive the battles over one bathroom? If you like to entertain, will the home allow you to easily do that? Is the kitchen big enough to handle your culinary creations? These are the more important factors to consider when it comes to a home’s interior.
- The Inspection
The best way to make sure you’re not about to buy a money pit is to hire a certified home inspector. A home inspector will be able to find any flaws or damage that will end up costing you big. They can find foundation problems, structural damage, water damage, termite damage, and more.
To make sure you get the best bang for your dollar, never buy a house without a home inspection. Some minor repairs can still make the home a good deal, but major damage that you don’t know about can end up putting you heavily in debt.
Of course, the ultimate way to get the best bang for your dollar is by working with a realtor. They have plenty of experience and knowledge so they can help you find a quality neighborhood with affordable homes. They also know the red flags to look for and will ensure the home is properly inspected. And, if repairs are necessary, they can negotiate a deal for you that can help cover some or all of the cost.
Leave a Reply