Looking around for a new home can be exciting, and it’s tempting to catch the first home you fall in love with. However, exercising a little patience can go a long way toward turning your purchase into a harbor instead of a headache. Ahead, find out what to look for while purchasing a house: renovation possible, size and storage, as well as neighborhood.
1. Renovation Potential
Don’t overestimate your abilities.
Learn whether the house you like needs work. Also, consider if the house has an extra room if you’re intending to update several parts of it.
Don’t overestimate the possibility.
Figure out whether the renovations are all worth the time and cost. “Make sure that if you can not do the job, you get estimates before you purchase the home so you understand what you’re getting into,” Beneke says. In case the cost of the home in addition to the renovations will put the home’s value significantly over others in the area, it’s likely not the best investment–or you may want to scale back the renovations.
Think twice if the kitchen needs renovating.
Unlike the majority of other rooms in a house, you won’t have a spare kitchen to use while yours is under construction, states Beneke, who notes remodeling can place a huge strain on unions. If the kitchen just needs granite countertops, that is fine. But if you are intending to proceed and tackle a significant kitchen renovation whilst residing there, then you might want to reconsider. Is your family actually going to be okay with closing off it and eating takeout for a couple of weeks? Can you reestablish in phases so the kitchen is not entirely out of commission?
2. Size and Storage
The home ought to be big enough for the unforeseen.
If you are a couple with one child, you might think all you will need is a two-bedroom house. However, you may decide to have another child or find you need one of those bedrooms for a home office for a distant job later on. When possible, purchase with the anticipation of growth.
Plan for where you would put furniture to see that it fits.
“If the house looks really pristine, be certain all the furniture is there,” Rogers says. The owners might have put a desk or entertainment center in storage, which makes you discover if you move in the home doesn’t have as much room as you thought.
Quantify your largest pieces of furniture, such as height, for things such as entertainment armoires. If you like the house, however, the armoire is too tall, consider forgoing the home against the possibility of finding a new arrangement for the TV and stereo.
Count kitchen cabinets.
Today contractors are placing pantries back in homes because homeowners have found they actually need them. Does the kitchen fit your older one in the pantry space along with a cabinet-by-cabinet count? If you need a pot rack in your old home, you’ll need to establish if a person will work in the new home or if there’s enough space for your pots and pans, china and glasses, and the platter you are using on Thanksgiving.
3. The Neighborhood
Establish priorities for what should be within proximity of the home.
If you’re used to talking with neighbors over the fence, walking together for exercise, or assembly at the local coffee shop, see whether your new neighborhood will offer the same. On the other hand, if you’re a more solitary person, make certain that the home has enough space between you and your neighbors to your comfort level.
Research other houses in the neighborhood.
If you would like your property values to go up, it is better to purchase the worst house in a great area and enhance it than to choose the very best house on the block. If the area has lots of homes for sale, it could be on the decline.
Do you see signs of a renovation? That may indicate that individuals are committed to the area, which provides a better chance for property values to grow. In case you have small kids, do you see pools or bikes or swing places in plenty of different lawns? That might mean that your children will have new friends nearby. Do you see cars on blocks in many yards or drives or older appliances and other crap behind fences in nearby houses? That is often an indication of homeowners who don’t care about curb appeal, and it could be a symptom of a neighborhood that’s losing value, Sperling says.