Buying a home is one of the most important financial decisions a person can make in their lifetime. This usually means that emotions will play a big part in this decision. If a seller understands this fact, they will likely stage their home in hopes of playing on the emotions of the buyers. Therefore, buyers need to take as much emotion out of the home buying transaction as possible in order to avoid making a big mistake.
Here are 5 tips for buyers that will help them make smart home buying decisions:
1. Hire a Realtor
A savvy Realtor will help you see the homes you view through the eyes of a business person. They will be able to advise you on everything from the desirability of the home’s location, the value of the upgrades as well as the home’s resale value in the future. A good Realtor will point out things that any buyer can miss if they start falling in love with a particular house – and some flaws should NOT be ignored.
2. Buy In The Most Desirable Location You Can Afford
In real estate, location is everything. You cannot move your house to another spot!
Don’t underestimate the importance of LOCATION, LOCATION, LOCATION! You cannot pick up your dream home and move it to another spot. Consider the implications of a house that is located near power lines for example. If it bothers you, then it will likely bother many other buyers when you try to eventually sell the home. It’s not to say that you shouldn’t buy a home that is near power lines if it is your perfect home. But speak with your Realtor and put a value on that. The price, and subsequently your offer, should reflect this fact because you know that when you try to sell, the next buyers will be offering less as they consider the less desirable aspects of the property.
3. Ask About The School District/Catchment
School districts are extremely important to many people. Find the school you want to be near and then look for a home that is in the catchment for that school. Again, it is easier to change something about the home, than to send your kids to a school that is not in your district. Even if you don’t have kids, you should still consider the school district that the home is in. It will affect the value of your home since future buyers may have a family.
4. In Condos, The View Is Very Important
Some buyers will not even look at a unit that faces north because of the low level of natural light. Others will be turned off if the unit faces another building – especially if it is not attractive. If given a choice, some buyers will opt for a smaller, or more expensive unit, if the view is better.
5. If You Can, Buy The Home With More Bedrooms
Consider the price of any home along with the number of bedrooms. If you have a choice of a 3 versus 4 bedroom home, choose the 4 bedroom house if you can afford it. When you go to sell this house, you will have many more buyers interested. People now see extra bedrooms as more than just a sleeping space for one of the kids – these rooms are often turned into an office, a child playroom or guest room.
Even if you don’t have plans for moving any time in the future, don’t ignore the tips above. Life can be unpredictable and selling your home may be something you need to do at some point in the future. If you take the emotion out of buying, you will be in a better position to sell your house quickly, and for more money.
If you are looking to buy a home, or are thinking of selling yours, I would be glad to represent you and help you negotiate the best deal. Please contact me at steve@stevewalsh.ca.
Image courtesy of njaj / FreeDigitalPhotos.net
