Key Features to Look for While House Hunting

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Buying a home can be stressful at any time. But an understanding of the key steps can help you reach your goal and make your dream a reality. The first thing you need to determine is how much you want to spend, the location of your new home, and what amenities you would like. Here's what you need to know.

Ask Yourself Some Preliminary Questions

Before you purchase a home, or even start looking, it's important to ask yourself some preliminary questions. Here are a few of the most important questions you need to ask yourself.

  • Am I going to have a mortgage?

  • Do I have a down payment?

  • Can I afford my desired location?

  • Are property values increasing or decreasing in the neighborhood?

  • Will there be a lengthy commute?

  • Is the school district desirable?

  • Is it within walking distance to activities and amenities?

Once you have the answers to these questions, you can start your home search.

Things to Consider When Touring Homes

When you begin visiting homes, be sure to consider the home's overall "health" so you'll be aware of any potential expenses or challenges you may face if you decide to submit an offer. Ultimately, the inspection will give you an official report of the home's condition and quality, but be aware of the following:

  • Structural cracking and defects

  • Water pressure and plumbing

  • Electrical issues

  • Doors and windows

  • Roof and exterior quality

  • HVAC system

When you're performing these cursory checks, make sure you check to see if the filters on the furnace and air conditioner have been replaced. You can reduce energy consumption by 5% to 15% with proper maintenance.

Remember to Look at Storage Space

Make sure you allow yourself enough time to take a thorough inventory of all your possessions. One of the most important things in any home is the amount of storage space. If you currently do not have enough, make sure your new home has plenty for all your things or downsize.

If you trim down the amount of "stuff" you have, you can possibly consider a smaller home. But if you find you cannot part with your things, consider storage. There are many storage facilities around every town, so there will probably be one near your new home. Prices are down considerably at storage facilities. Small storage spaces are down nearly 46%, medium spaces by 42%, and large spaces by 31%. It is a perfect solution for those having a problem parting with their property.

HOAs

Many single-family residential communities have a homeowner's association (HOA) structure to maintain a clean and cohesive atmosphere in the neighborhood. Also, when you buy a condominium, apartment, or townhouse within a planned development, you will also encounter the HOA structure.

As many Americans have a 25% chance of buying a home that's a part of an HOA, you must consider if you're willing to pay or can afford to pay the monthly association dues. The HOAs generally cover common areas such as neighborhood parks, green spaces, sidewalks, swimming pools, and trash removal. In a single-family residential HOA structure, homeowners are responsible for their own home and yard maintenance.

While home buying can be a challenging experience, it can also be fun and exciting. If you do your homework ahead of time, prepare to be organized, and know going forward what you want in your new property, you will enjoy the experience.