Saturday, January 07, 2006

Things to Consider When Purchasing Real Estate

The real estate market is currently booming nationwide and for this reason more and more individuals are looking into buying a home. As the purchase of a home is a major decision and the largest purchase you may ever make there are a few things that prospective homebuyers should look for in their journey to finding the perfect home.

Area Where the Home Is Located
Perhaps one of the main factors that should be considered when purchasing a home is location, location, location. Where the home is located is an extremely important aspect to the home and whether you want to make an offer. Various factors such as safety, adequacy of schools and location of nearby amenities are all things which relate to the location aspect. For this reason, it is best to start the search for potential real estate by narrowing down a specific area where you would like to buy a home. This will also help to narrow down one’s options with regard to homes for sale.

Price of the Home
As many individuals have a set amount of money they are able to spend for the purchase of a home, it is beneficial to know exactly what price range their potential real estate purchase will fall into. By having a set number in mind, the prospective homebuyer can narrow down their options and only look at those homes which they can afford. Looking at homes out of one’s price range is not only a waste of time but it is a bit of a temptation as well. When buying a home, one wants to be sure that they will be able to afford the mortgage payments once the house is purchased. Because of this potential homebuyers might consider getting a pre-approved mortgage so they know for sure their budget and the price of homes to shop for.

Size of the Home
Another way to narrow down the choices which one faces when it comes to home buying is to have a specific size in mind when it comes to the home. For example, if an individual is looking for a house that has 2 bedrooms and 2 baths, there is no need to waste time looking at 1 bedroom condominiums. Having an approximate size in mind when looking for a home is a wonderful way to specify one’s desired options when it comes to square footage and number of rooms.

How Long the House Has Been On the Market
A great indicator to look at when viewing homes for possible purchase is how long they have been on the real estate market. This will tell the prospective homebuyer a few different things including condition of the home, price of the home and flexibility of the current owners with regard to the sale. This is a great way to get a feel for the overall situation surrounding the house.

Buying a new house is a wonderful and exciting adventure to embark on. Frequently one will get overwhelmed with all of the details that go into this somewhat arduous task. However, by keeping the previously mentioned factors in mind, one may be better able to prepare themselves for the journey which lies ahead in the great world of real estate purchase.

Written by Ken Smith. Ken Smith is the owner and team leader of the Suburban House Hunters Team and also has started a blog of resources for REALTORS.