Shopping for a new home to rent or buy can be overwhelming. And if you decide to buy, such an expensive purchase and long-term commitment will make you want to be certain you’re going to be satisfied.
Of course, choosing a home is a highly personal decision. As you think about the different aspects of a home, rank their level of importance to your needs and then decide which are negotiable and which are deal-breakers.If you haven’t already, you should determine how much home you can afford and what kind of area you’d like to live in (including neighborhood and school district) before you start seriously looking at houses.
Below are the top 10 considerations you should take note of when viewing properties.
House Size
You should have a general idea of what size house you want before you even find a real estate agent. Figure out a minimum and maximum square footage and the number of bedrooms and bathrooms you’ll need.
What size house you should buy will depend on your needs and your personal preferences. If you have a large family or plan on starting one soon, you’ll probably need to look at houses with more square footage as well as more bedrooms and bathrooms. On the other hand, if your household is just you or you and a partner, it may make more sense and be more affordable to look at smaller houses.
The Ideal Yard
Another matter of personal preference is what kind of yard you’d like. Do you want a lot of acreage and beautiful, low-maintenance landscaping? Or would you prefer to avoid the responsibility that comes with having a big lawn? Maybe you want a home that sits back further from the road, providing a little more privacy.
You’ll also have to think about what kind of features you want in the backyard. You can find homes with all sorts of natural and human-made features from streams and ponds to pools, hot tubs, patios, swing sets, decks, built-in grills and more. For some home buyers, these are attractive and useful features.
Construction Quality of the Property
Before you get lured by the decked-up sample flat and finalize the deal, check the quality of construction by inspecting the strength of the walls, kind of flooring used, type of color applied, check window frames, the standard of bathroom fittings, etc.
Supposing, you are booking an underdeveloped property then check online or if possible, pay a visit on developers’ other properties that he has constructed in recent times. To know more you can even visit the developer’s project which is on the verge of completion and have a walkaround to get a fair idea about the builder’s construction style and quality.
Bedrooms
Whether or not the house’s bedrooms are suitable for your needs will depend on what you plan on using them for. For example, families with small children might not want a house where the primary bedroom is on a different floor from the kids’ bedrooms.
If you plan on converting an extra bedroom into a home office, you might prefer a layout where the bedrooms are farther away from the hustle and bustle of the kitchen and living room. Ultimately, it’s going to come down to what best fits your needs.
Again, the size and number of bedrooms are important considerations. However, there are plenty of other factors you should also think about, including closet space, sources of natural and artificial light, views from the windows, general privacy and whether there’s an attached bathroom to the primary bedroom.
Living Room
What are you looking for in a living room? Do you want it to feel cozy and warm or chic and modern? Keep your ideas in mind when looking at the living room but try not to let any current decor sway you. Instead, look at the basic layout and style of the room. Does it fit your taste? Could you see yourself relaxing in this space?
If you already have furniture that you plan on moving into your new home, how well do you see it blending with the style of the room? Buying new furniture isn’t as expensive as purchasing a house, but it isn’t cheap, either.
Basement
When viewing the basement, make a note of whether it’s finished or remodeled. Some people prefer a finished basement for added living space, and basement remodels can be costly.
Keep an eye out for signs of water damage, take note of any musty smells and look for water stains or mold growth. You should also consider having a radon test done as part of your home inspection because basements in some areas exceed the maximum radon levels outlined by the Environmental Protection Agency.
If the basement is finished and you plan on spending a lot of time in it, pay attention to how much lighting it has. It should also have at least one accessible door or window in case you need to get out quickly in an emergency.
Garage
If you have more than one car or plan on using it for an additional purpose outside of parking, you might want a multiple-car garage. Make a note of the total amount of parking space the lot has, including the length and width of the driveway and if there’s street parking available.
You may also want to ask yourself some of the following questions:
Is the garage attached or separate from the house?
Do you need room to store and organize your stuff or a spot for a workbench?
How much garage space do you need?
When leaving, ensure that the garage door works well and appears to be in good condition.
Carpet Area of the Property
Don’ t fall for the per square foot bait which developers usually use to lure their customers. Builders usually include the construction cost of the lobby, shafts, elevator space, wall thickness, staircase, etc in the pricing and include it in their configuration to increase the per square foot area.
This inflated specification is called a super built-up area which is generally 30% of the actual usable area i.e. carpet area of the house. Therefore, check the dimensions of your living room, bedroom, bathroom, kitchen, or balcony in the construction plan to figure out in reality what’s the area you will be getting to use, based on which you can take your decision and also avail a good bargain from the developer.
Rental and Re-Sale Value of the Property
Accounting the rental and future resale value of the house is very important. Not only for those who are predominantly investing in the property to let out or resale but also for those who usually plan to buy the house and live in it for a long time or maybe lifelong. When you are finalizing the house, you must consider the future gains which you can reap out of the property. Therefore, it’s vital to acquire a complete knowledge about the location in which the property is situated.
You can do reiki in the surrounding area to inspect the current infrastructure and also find out if there are any proposed future development plans like schools, freeways, hospitals, shopping malls, etc. to be made. Remember the closer the better. As your ROI will depend on the location’s ease of accessibility to these things. It will eventually benefit you in the longer run by fetching a good rent or resale value in the case due to any reason you wish to do either of the two.
Fine Prints to Understand Before Buying Right Property
Once you are through with most of the above points and have decided to go ahead and issue the token amount, hang on!!! Ensure you have thoroughly read between the fine lines and understood all the clauses, penalties, and its implications. Make sure you have calculated the additional expenses incurred in the price like GST, Registration fees, home loan processing charges, etc.
Also, check the delivery date as most builders keep a buffer of approx. 6 months to 1 yr. as a grace period. In case of delay in possession, the builder is liable to compensate the buyer till he fulfills his commitment. Also, check the penalty clause in case you’re EMIs get delayed for any reason, are you liable to pay any extra charges or not? Also, figure out if there are any hidden charges that have been implied which were not mentioned during the deal. Once you have prudently verified all the terms and conditions in the agreement to your satisfaction, then only sign the final agreement.
Heating And Cooling Systems
Unless you work in HVAC, you probably aren’t an expert in evaluating the condition of a home’s heating and cooling systems. There are some basic questions that impact day-to-day life that you’ll want answered.
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