Looking for the right home to buy is a process in which you want to consider some of the smaller details to help you make a final decision on a property. When you look at a property, you want to make sure you always consider the neighborhood and similar property sales to help you in your buying decision. Here are some home search tips to help you in this important and exciting decision.
Do Neighborhood Research
When you tour through a home, you might look at it during the middle of the day or on the weekend when many neighbors are away. This visit will allow you to look at the home during daylight hours, but it may not give you a true picture of the home's neighborhood and the street it is situated on.
The traffic going down the street might differ at various times of the day, and so will the street parking situation, such as in the evening when most neighbors are at home. You should take some time to drive through a home's neighborhood during various times of the day to get a good overall understanding of what you would be getting if you chose to buy the house.
Also, make a point to look at the other homes on the same street and in the same neighborhood. Their condition and appearance will have an effect on your home and its value and will give you clues as to what types of homeowners live in the area and how well they take care of their properties. It can also help you see if any homes are advertised for rent.
This determining factor will affect your home's value and can bring it down considerably if you ever try to sell it later on. So, for example, if you choose to sell your home in three years, the comparable sales in your neighborhood will determine your home's value. And if the neighborhood homes are run-down and unkempt, your home's value will be similarly affected.
Look at Market Analysis
This step is one that your real estate agent can help you with. In fact, they should already be checking up on the market and comparing any property you are interested in with others that have sold recently. Ask your real estate agent to pull comparable sales and compare your target home to those that are quite similar. Your agent can look at small differences in your target home compared to the market and adjust the value accordingly.
When you calculate a home's true value based on current buying data, you will find out the exact value of a home and be assured you are paying just what the market dictates. You don't want to pay over what a home is valued at, especially since this can get you into trouble with your loan requirements and the property's equity.
To learn more, contact a real estate agent.