Becoming a new homeowner is an exciting personal and financial milestone many Americans look forward to and plan for at some point in their lifetime. From dreaming up dream homes to touring open houses, the home buying process is comprised of many appealing steps, as well as some more mundane ones, like nailing down your budget and securing a loan.
To help you hone your search and get the best value for your money, we’ve created a list of features to look for when buying a new home. From improving efficiency and offering convenience, to increasing property value, these features and considerations are great reference points to help you start your home search.
Desirable Location
If you’ve ever watched a home improvement or real estate show on TV, you’ve more than likely heard this property-related philosophy: location, location, location. And the adage still rings true! Whether you’re looking to buy an investment property, vacation home, or primary residence, there’s no overestimating the importance of a home’s location.
But determining whether or not a listing’s location is ideal isn’t always so simple. To help you make this important distinction, consider the following factors:
Schools: Whether or not you currently have kids or plan to, it’s always a good idea to consider the school district within the neighborhood you’re looking to buy. If you end up selling your property later on down the road, being located in a good school district is a good selling point for prospective homebuyers with families.
Recreation: Having access to parks, recreational facilities, or other outdoor spaces is also an important feature for many homebuyers. As you embark on your search, consider where the nearest bike paths, public parks, pools, etc. are located.
Walkability: If you’re looking to buy in a more urban area, it’s a great idea to consider how walkable the neighborhood is — is there a market or convenience store nearby? Or, is the neighborhood a desirable one to walk through because of its charm?
Commute: Work commutes are another major consideration to make for those looking to buy a home. If you’re planning to make the property your primary residence, finding a home that is conveniently located is a huge plus. Likewise, if you choose to sell later on, you may be able to list a higher selling price if your property is centrally-located or close to major regional employers.
Bedroom and Bathroom Space
This one may seem like an obvious consideration to make, but underestimating the space needed is a common mistake all too many homeowners fall victim to. While the future is never 100% certain, homeowners should consider their long term life plans when looking to purchase property. For example, buying a smaller property in the city now, but planning to have several kids in the next few years may not make as much sense as purchasing a larger property in the suburbs that you can grow in over time.
Considering how long you plan to hold onto your investment can help homebuyers secure a more favorable outcome whether they decide to stay or sell.
Solid Exterior
Curb appeal alone can increase the value of a home by 7% or more, but fresh paint and a mowed lawn aren’t the only aspects prospective buyers should consider when it comes to home exterior. In addition to style, a home’s exterior can tell buyers a lot about how a property has been maintained over the years and if it’s in good shape on the inside as well.
As you tour open houses and look over listings, pay attention to the condition of the home’s:
Foundation
Siding
Roof
Making sure these features are in good condition will boost your confidence in the safety of the property as well as help you avoid big, costly projects later on.
Heating and Cooling Systems
Not only are heating and air systems a big buying and selling point for the convenience and comfortability that they offer, but they’re practically standard in most areas of the country. Installing central air costs an average of $5,500, so it’s often more efficient for homebuyers to look for properties that already have a system up and running.
Pro Tip: Running an HVAC system throughout the season can really add up, so look for energy-efficient options to minimize future heating and cooling costs.
Ample Outdoor Space
Having an expansive and well-maintained outdoor space is a huge plus for homes on the market. Not only do these areas offer up entertainment potential, but also provide space for recreation, and room for kids and pets to play. Plus, the extra space also opens the door for property expansion, a pool, hot tub, garden etc. — a plus for many current and future shoppers!
Secure Storage Options
Storage is another big point of value to consider when buying a house. Not only does a secure garage or exterior shed space offer up convenience, but it also increases the value of the property when it comes time to sell.
A Manageable Mortgage
In addition to making a commitment to a new neighborhood, kitchen countertops, and appliances, buying a house is a substantial financial commitment which requires a lot of thoughtfulness and planning. Winding up with a mortgage that is unaffordable could mean sacrificing home improvements, or worse, not being able to sustain basic lifestyle expenses.
As you compare your financing options, be on the lookout for special lending that you may be able to qualify for. First-time VA loans, for example, allow eligible veterans and their families to secure more favorable financing options than conventional mortgage loans. USDA loans, on the other hand, provide appealing mortgage options for homebuyers in rural and agricultural communities specifically.
Keep these specialized mortgage types in mind as you compare to find the best mortgage option for your lifestyle and financial circumstances.
Final Notes
While each and every homebuyer’s wish list is unique to their interests, preferences, and financial boundaries, there are a few features to keep top of mind. By considering a property’s neighborhood, bedroom and bathroom space, exterior condition, amenities, and financing options, you’ll be in a better position to make a worthwhile investment.
As you navigate the home buying process, consider these tips and don’t forget to share your experience with us in the comment section below!
Author Bio: Samantha Rupp holds a Bachelor of Science in Business Administration and is the managing editor for 365businesstips.com. She lives in San Diego, California and enjoys spending time on the beach, reading up on current industry trends, and traveling.
