Everyone has their own priorities when it comes to buying a new house. This process can be complex if you don’t know what to look for; thus it can take a long time, especially if there is no expert to guide you through it. To make things easier, you can start by listing your priorities on a piece of paper. A realtor should help you make this prioritized list while taking into consideration the features that you need, your budget, and your family’s needs. To get started on this, here are some of the common aspects that people prioritize when buying a new house.
Location
Most buyers will put this on the top of their priorities list. You want your house to be in an easy and accessible location, where you can go to your work with ease. It should also be in a good school district unless you’re sending your kids to a private school. Otherwise, you should look for easy access to the main roads and keep an eye out for traffic flow. You can visit that house at different days of the week and at different times of the day to ensure that the traffic flow won’t hinder you from going to work in the morning. The neighborhood should also be a concern to you, especially if the crime rate within that neighborhood is high.
Affordability
The next thing you should worry about is whether or not you can afford the house of your choice. Just because you’ve been preapproved doesn’t mean that you’ll be able to afford the payments for the next few years. It is important to manage both your finances and expectations when it comes to affording a house, so be sure that you don’t spend every penny on your home loan every month. You need to make payment plans for your mortgage, taxes, insurance, monthly or annual dues to the homeowner’s association as well as closing costs that are paid when at the loan closing. Closing loans may include lender and attorney fees as well as title insurance. This might sound like a lot to take in, but it is important nevertheless to factor in these costs when making your purchase.
Type of House
You should also consider the type of house you want before browsing through house listings. However, before you do all of this, make sure that you create a home inspection checklist to ensure that you’re getting the features and amenities you need in that house. Furthermore, you should consider other aspects like pet-friendliness, big yard, spacious basement or garage, etc. You should add these elements to a list with the help of your family members since they’ll all have some things in mind for their new house. Keep in mind that you might not be able to afford everything on your checklist and that’s okay. Make sure to discuss the discrepancies between the chosen house and your wish list with your family to decide whether you’re going to purchase the house or are going to continue searching through listings.
Credit Score
Before you start your quest of shopping for a new house, you must get a copy of your credit report from any of the three credit reporting agencies (Equifax, TransUnion, and Experian). Your credit score is going to be a crucial factor when it comes to determining the interest rate on your loan. Basically, the higher your credit score is, the less interest you’ll have on your loan. The optimal FICO credit score, which is the most widely used credit score, ranges between 300 and 850, so be sure to review your credit score in order to know what to expect when applying for a loan.
Number of Bedrooms
Every family has a specific number of bedrooms in mind when purchasing a new house. Most people will want at least two bedrooms. If they have children, the number of bedrooms will increase. This might sound like a no-brainer, but it’s still an important aspect to reconsider. While some families like their kids to share bedrooms, their kids might be averse to that prospect in the following years, which can cause familial issues in the future. Having an extra bedroom is also a good idea, especially if you’re used to having a lot of guests. An extra bedroom can also double as an office, so you can rest assured that the extra space won’t go to waste.
Now that you know some of the important aspects to consider when buying a house, you won’t have to search the market for long. Each of these tips should help you narrow down your options and find the perfect house for you. Make sure that you inspect the house thoroughly before making your purchase. Finding a mold infestation in the basement after months from your purchase, for example, will definitely be an unpleasant surprise.
