The idea of home purchase may seem unlikely during the pandemic. But according to Forbes, there are some valid reasons to buy a house amid the crisis. For one, there is no sign of stopping or slowing down for the real estate market. Two, the mortgage offers are attractive with lower interest rates. Lastly, you and your family need a crisis-proof house now more than ever.
Keep in mind, however, that home-buying can be daunting. On top of the whole process is finding the right property best suited for you and your family. There are a few factors to consider before selecting a house and making the final decision. You need to hire a real estate agent who can guide you every step of the way.
That said, here’s what to consider for your home purchase during this pandemic:
1. Pricing
The first thing to consider is home pricing. When checking property listings, your eyes will automatically be drawn to the house prices. Of course, you’ll opt for a more affordable home unless you have the financial means to go for a luxury house. For the most part, you’ll get a mortgage to seek funding from a bank, financial institution, or private lender. As such, it’s best to get a mortgage preapproval to see how much you can borrow. From there, you can set your overall budget for your home purchase.
2. Location
When looking for a house, you cannot ignore the location. It makes sense to choose a residential property in a place where you and your family would want to stay for good. First, you must consider its proximity to your workplace and your children’s schools. Also, make sure the accessibility to public markets, parks, churches, and commercial establishments. Plus, don’t forget the safety of the neighborhood in your chosen location.
3. Lot Size
Some homebuyers tend to neglect the lot size and pay particular attention to the house. However, it’s crucial not to ignore this, as it will determine the entirety of your residential property. For one, it’s best to have a large lot if you’re looking to extend the house someday to accommodate a growing family. Also, opt for a vast space if you want to boost the outdoor landscape for your property’s curb appeal. Besides, the lot size will determine the overall house pricing.
4. Floor Plan
The floor plan refers to the house layout, including the arrangement of rooms and areas at home. When choosing a property, it’s crucial to check the property’s floor plan. First off, factor in the number of bedrooms and bathrooms that can accommodate your family’s headcount. Also, consider the number of floors for safety purposes, especially if you have children and seniors. Lastly, check the house arrangements as they will determine the overall aesthetics and functionality of a property.
5. Special Features and Amenities
In most cases, residential properties get sold with their basic features. However, some houses come with exclusive features that can suit a particular family lifestyle. As such, consider some amenities that you and your family need. For instance, you may want to purchase a house with a home gym, home office, or dedicated space for studying amid the pandemic. Also, consider a luxury kitchen for cooking or Zen bathrooms for you and your family. Ultimately, your decision all boils down to your family lifestyle.
6. House Age
The age of a residential property is a top consideration in your home-buying journey. Most home buyers opt for modern houses that are in top shape and working condition. A few others prefer to have classic homes that they can renovate for safety and functionality. Fret not, as property viewing and home inspection are a part of the real estate process. But at the onset, it’s best to ask the property’s age to see if you’d like to proceed with the home purchase or not.
7. Your Family’s Needs
After considering everything a house can offer, consider your personal preferences and your family’s needs. It’s best to sit down with your family and plan on what kind of house you’re looking to purchase. Of course, it all starts with a home vision. From there, you must conduct research and perform due diligence. Once you and your family have a picture of a dream house, you can jump-start your home-buying journey.
At this point, you now know what factors to consider when choosing a house. Be sure to take note of the variables outlined above-from the home pricing and the floor plan to your family’s needs. With all these in mind, you’ll be able to make the right home purchase decision. Ultimately, you’ll make your family’s dream home come true.
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