THINGS TO CONSIDER WHEN BUYING A NEW HOME

Dated: June 30 2023

Views: 64

Here is a list of 10 important factors that every buyer should consider when purchasing a new home:

1. Budget: Determine your budget and stick to it. Consider not only the purchase price but also additional expenses like closing costs, moving costs, and potential renovations or repairs. Work with a lender to determine an affordable monthly payment and stick to looking at homes that fall within this budget. 

2. Location: Choose a location that suits your lifestyle and preferences. Consider factors such as proximity to work, schools, amenities, transportation, and future development plans in the area.

3. Neighborhood: Research the neighborhood thoroughly. Look for factors like safety, crime rates, the schools, access to parks, and community amenities. Drive around the area at different times of the day to get a feel for the neighborhood and determine what aspects are the most important to you. 

4. Property Size and Layout: Consider the size of the property and its layout in relation to your current and future needs. Think about the number of bedrooms and bathrooms, the size of the kitchen and living areas, and whether the layout suits your lifestyle.

5. Condition of the Home: Assess the condition of the home, including the age of the property, the condition of the roof, HVAC systems, plumbing, and electrical systems. If you're not experienced in evaluating these factors, hire a professional home inspector.

6. Resale Value: Although determing the future value of a home is impossible, it's crucial to consider the potential resale value. Look at recent sales trends in the area and evaluate if the property is likely to appreciate in value over time.

7. Homeowners Association (HOA): If the property is part of an HOA, review the rules, regulations, and fees associated with it. Determine if the HOA restrictions align with your lifestyle and if the fees fit within your budget.

8. Future Development: Research any planned or potential developments near the property. New construction or major infrastructure projects nearby could impact your quality of life and property value.

9. Accessibility and Commute: Consider the commute time and transportation options available from the property. Evaluate proximity to major highways, public transportation, and the daily convenience of accessing essential services.

10. Emotional Connection: Finally, trust your instincts.  If you feel emotionally connected to the home after evaluating the practical aspects, ensure that the property aligns with your vision, personal taste, and lifestyle goals.

Remember, working with a professional REALTOR® can greatly assist you in navigating the home buying process and ensure that you consider all the essential factors when making your decision.

Blog author image

Susie Stewart

Welcome! I'm Susie - Your Lexington & Central Kentucky REALTORĀ®. I work with Buyers, Sellers, Builders & Investors to achieve their Real Estate goals. My job is to consult, educate & negotiate. As ....

Latest Blog Posts

THINGS TO CONSIDER WHEN BUYING A NEW HOME

Here is a list of 10 important factors that every buyer should consider when purchasing a new home:1. Budget: Determine your budget and stick to it. Consider not only the purchase price but also

Read More

THINGS TO CONSIDER WHEN CHOOSING YOUR NEW NEIGHBORHOOD

Here are the top 10 things to consider about a neighborhood when purchasing a home:1. Location: Look for a neighborhood that suits your lifestyle and meets your needs. Consider proximity to

Read More

10 THINGS YOU CAN DO TO INCREASE YOUR CURB APPEAL

As a home seller, you get one chance to make a great first impression!Here are 10 ways to increase your curb appeal and make a lasting impression on potential buyers:1. Enhance the landscaping:

Read More

SIMPLE SPRING CLEANING

As a REALTOR® in the Central Kentucky Market, I'm in and out of a variety of different homes everyday.  I understand the importance of a clean and well-maintained space. Here are ten easy

Read More