So, the time has come to move out of your current cramped or inconvenient home and into a spectacular new house perfectly tailored to your needs. Whether considering your very first house or simply your next one, we have some must-ponder considerations that can help both the novice home buyer and the seasoned investor alike.
Location, Location, Location
There’s a reason that in real estate, location is so nice, they say it thrice. Where a house sits is everything and should be one of your top considerations when buying a home. For one, is it near your work? If not, how long of a commute are you willing to commit to twice a day for five days a week? Maybe the house lands within your price range, but at the expense of a safe neighborhood. A good, safe neighborhood can influence the home’s re-sale value later on. Perhaps you’d prefer to live in the city? Or out in the country? Or maybe getting your child into that essential school district is your top priority. In that case, finding the right price and commute time could be tricky, but worth the hassle to see that your child is on the right path. An experienced real-estate agent can help you navigate to the right location.
Monthly Mortgage Payment
Don’t make the mistake of some home buyers and fixate on a house’s overall price. Some might look at a home price and say, “Oh, I could never afford that.” But it all depends on several factors, such as the interest rate you get locked into for your home loan, how many years you will take to pay it off, any points involved, and how big of a down payment you bring to the table. Because these factors have such a critical influence on the monthly mortgage payment, what really matters is what you pay every month, more than overall price. Is the monthly mortgage payment something you can comfortably afford to pay every month? A good real-estate agent will know how to work with your lender to get more favorable and creative terms, and an experienced agent will work on your behalf with the seller to try taking care of cumbersome closing costs and other upfront fees.
Other factors to consider:
· Amenities – Do you want a swimming pool, covered patio, nearby park, gated community, etc.
· Features – How about a fireplace, walk-in closets, recessed lighting, sunken tub, outdoor kitchen, built-in grill or anything else your heart desires.
· Neighbors and general atmosphere – Have you visited the home at different times of the day and night? Are there any trains, planes, or barking dogs disturbing the peace? How walkable is your neighborhood? Is it important to you that you can walk to restaurants and grocery stores?
· Size – Will the house take care of your current needs in terms of square footage, garage space and number of bedrooms and bathrooms, and also take care of potential future needs, such as more children or space for remote work or new hobbies?
· Yards – Is there a fenced yard for privacy and space for pets to roam? Do you want to use your backyard for entertaining? Or gardening? Is having a flat lawn important for mowing, or playing sports? Are there enough trees for shade? Or too many trees that block the sunshine for your vegetable garden?
· Age of home – Do you want the latest in features and home design? Or do you prefer a more settled aesthetic? The older the home, the more repairs it is likely to need. Are you comfortable with home repairs, or finding workers to help with home repairs?
The agents at Southern Tradition Real Estate have decades of experience and a whole network of contacts and long-developed relationships in the Northwest Arkansas area to help you find the perfect home for you. Contact us today at 479-365-2585 or stop in at 4700 S. Thompson Street, Suite B-101, in Springdale and let us help you find your new home!