Published on June 1st, 2019 | by Balanced Family
When You Want to Buy a House
American adults and households who don’t rent their property own it instead, and owning a house is quite a responsibility. Meanwhile, it’s an entire field in itself to go house shopping, and to buy a home is to enter the real estate market. This may seem intimidating for many younger adults (often Millennials) getting into the real estate market, but in fact there are plenty of resources that they can turn to. Older home buyers will already know what to do, and they will consult real estate agents to find an ideal property that suits their budget, needs, household size, and more. A real estate agent can even use CMA for a home seller to provide an accurate and fair price for that property so that buyers may find it appealing. What other strategies might a real estate agent or a home buyer or seller use when it comes to real estate?
There is an old joke that goes: “the three most important aspect to real estate are location, location, location.” This is not literally true, but location is indeed important. Even a well-built and aggressively costed house may not be suitable if it’s in the wrong area for a home buyer’s needs, and a real estate agent will know this. A real estate agent will have the home buyer list everything that they want in a property, including nearby attractions or roads, and the real estate agent will factor that in. A household with under-18 kids, for example, may want some local schools of the right type, from preschools to high schools, within reasonable driving distance. That, or the house should be accessible by the school’s bus transport system. Meanwhile, many Americans move to a new property (rental and purchased alike) to be closer to a new job, so a new piece of property should be reasonably close to that, too. And of course, universal attractions such as parks, shopping malls, cinemas, and more add appeal to a neighborhood. All of this may boost the price of properties in that area, but a home buyer will be advised on this and it may help them make a better-informed decision.
The House Itself
When a home buyer’s hired real estate agent finds some suitable properties in an appealing area, that home buyer may narrow down their selection further by price and by personal inspections of the properties. Where price is concerned, the home buyer will factor in not only location, but whether that house has been remodeled or if lawns have been landscaped recently. Remodeled houses cost more, but they have modern, clean, and appealing interiors that the previous owner had invested in. This is a good return on investment (ROI) for the seller, and cozy for the person moving in. This contrasts to a “fixer-upper,” where the buyer purchases a low-cost property that will need a lot of repair and remodeling right away. The real estate agent may also use CMA software (comparative market analysis) to ensure that a property is priced fairly when compared to local, similar properties that are on the market or recently sold. This prevents both the seller and buyer from getting an unfair deal.
Finally, the home buyer should pay a visit to the property in person and get a tour while seeing everything with their own eyes. A property’s listing online will include descriptive text and photos, of course, but some details can only be determined in person. A visiting buyer may find defects such as creaking or warped floor boards, drafty windows, termite damage, worn carpets, thin wall or attic insulation, leaking plumbing, or even wall sockets that don’t work. The visiting homeowner may even use these defects to their advantage when negotiating the price of the property. What is more, a homeowner may note serious repair needs for a fixer-upper house, such as putting on a new roof. If a house is in a great location and for a great price, but is very old, the home buyer may purchase it anyway and invest in it. This may include hiring spray foam crews to put in new foam insulation, for example. Roofing contractors might remove the entire roof and put on a new one, such as a reliable steel roof.