Here are your options for buying a home and selling another at the same time.
When something seems too good to be true, it usually is, right? The eternal worry of every homebuyer is whether the home they’re purchasing will be a good deal. If you’re currently searching for the perfect home in our market, there are few things you need to take into consideration before making an offer:
1. Price. In any market, this has to come first. To determine what you can comfortably afford, talk to your real estate professional and local lender. If you don’t already have a relationship with a lender in your area, your agent can refer you to one they routinely count on and trust. When you know exactly how much home you can afford, it will be a lot easier to shop for homes within your price range. With luck, one will stand out.
2. Features. Square footage and the number of beds, bathrooms, and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second suite for parents. Think about every little activity involved in your daily lifestyle, from the break of dawn to the moment you turn the lights off at night; how your next home can make these activities more pleasant is very important. This should become your “must-have” list, and it will help you look at homes more objectively.
Carefully consider any deferred maintenance, like a roof that’ll need replacing in just a few years.
3. Location. Some areas will always be more expensive than others, and well-kept neighborhoods tend to maintain higher home values. Homes that offer close proximity to retail hubs, schools, and business centers tend to sell for more money than those without as much infrastructure. What is the best home you can find in the area where you need to buy? If all the homes in that area are out of reach, consider compromises such as buying a smaller home or one that needs a little work done in a neighborhood you can actually afford. Speaking of needing a little work…
4. Condition. What kind of state is the property in? Does it have curb appeal? Has it recently been updated, or does it need to undergo extensive remodeling? Carefully consider any deferred maintenance, like a roof that’ll need replacing in just a few years. Think about design and functionality: Is the kitchen too small? Could you afford to remodel it? The one advantage to buying a home in need of updates is that it will cost less than other homes in that same neighborhood; if location matters most to you, making a small compromise on condition could be the call.
As always, if you have questions about this or any real estate topic, don’t hesitate to give us a call or send an email. We look forward to hearing from you and would love to help in any way we can.