The home-buying process is fairly straightforward, but there are lots of steps along the way. One thing to keep in mind is that our local market tends to be competitive with multiple offer situations, so as a home buyer, you need to be prepared. Being prepared will make your offer stronger, protect you from risk, and ensure a successful home-buying experience.
We've all heard it before: Location, Location, Location. There are two locations of a property to consider. The overall location, such as the area, city, or neighborhood, and the immediate location where the home is situated.
Is the home on a busy street or the corner of one? Is it close to busy roads, where car or train noise is audible? Is it on a corner lot, interior lot, or cul-de-sac? What's the shape of the lot? These factors influence a home's desirability and marketability, as well as what can be done with the property. Understanding setbacks for building and information can help buyers assess if the property will work for them.
Types of Homes:
- A single-family home is on its own parcel, offering more control over usage and modification.
- Condos and townhomes have condominium ownership, with distinctions in style and ownership. Townhomes may have an attached garage, while condos are typically one level in a multi-level building with shared parking.
Understanding the differences in these property types is crucial for making informed decisions.
Age and Characteristics - Construction and Drawbacks:
Construction has changed significantly in the last 70 years, from post-war tract housing in the 50s and 60s to homes built in subsequent decades. Knowing how these homes are constructed, their limitations, and drawbacks helps set realistic expectations. Foundation and structural issues, common in older homes, require careful consideration. A knowledgeable agent can guide you through these aspects.
Our lifestyles have evolved, and so have home designs. The floor plan is crucial when assessing a property. While buyers may need to make concessions based on available properties, some homes lend themselves to easier modification for an open, workable floor plan.
Condition - Due Diligence, Inspections, and Reports:
Lastly, consider the overall condition of the home and inspection reports. Homes may be outdated or have issues, and understanding their severity and associated costs is essential. In our market, flipped homes or those with significant updates are common. Assessing the quality of improvements helps avoid overpaying for a poorly updated home.
In conclusion, this video covered the importance of location, property type, construction, and their impact on a home's desirability. While the scope is not exhaustive, being aware of these considerations and seeking guidance from an experienced agent is crucial for making informed decisions in the home-buying process. Thank you for watching, and here's to making a great home-buying decision!