What should you have on your checklist when you’re in the market for a new home? A safe neighborhood, a great kitchen, affordable price, a beautiful garden, large square footage, and a lot more. But it’s easy to overlook what’s on your checklist once you find a beautiful home without all the features you want. So it’s crucial to know exactly what to look at when you’re house hunting so you wouldn’t end up with the symptoms of buyers’ remorse.
What to consider and research before buying a home
Your needs
Your home can tell a lot of stories about your lifestyle and what you do. If your home hardly reflects who you are, odds are your decision to buy the property was influenced by something else other than your needs. So before you do the actual buying, sit back and ask yourself about what you really want in a home.
If you’re planning to get married in the future in a nice and spacious home, consider a bungalow with loft type of house that is good enough for a starting family. But if you’re planning to live all alone and wants a home that’s near your workplace and the city, consider a studio or a 1-bedroom condominium unit.
However, if you don’t want a condo and like more living space, consider townhouses. The bottom line is look for a home with features that matches your needs.
So do a thorough research on the locations you’ve shortlisted. Your ideal location should be close to commercial areas like banks, markets, hospitals etc. Safety should be on your list too. So look at neighborhood crime rates, walk score, and consider other infrastructure that can safeguard your house from natural disasters like earthquakes and floods.
School districts
The reputation of the school districts across the location you’re looking to buy a home should always be on your radar. If you’re a parent with a school-age kid, or planning to have kids, pay attention to school performance ratings especially public schools with higher scores. What if you don’t have and never plan to have school-age kids? Buying a home in a good school district can determine how much you’ll have to pay for your new home and how much you’ll list it when you’re ready to sell.
But homes in a good school district are often more expensive. That said, such homes are often protected from the ups and downs of the real estate market. Even at a period when real estate markets are slowing down and prices are tumbling, homes in a good school district will sell faster and at a better price.
Transportation
As odd as it may seem, public transportation affects home values. More often than not, values of homes in areas dubbed “public transport shed” or areas within a half-mile of public transport are more attractive than houses located beyond that boundary. Since commute time plays a significant role in housing decisions, residential real estate near public transport that guarantees shorter commute time should be on your checklist. Having a home that is close to a public transport system will boost the value of the property.
Background check of neighbors
Finding a good home that matches all or most of your needs is exciting. But while you have the right to choose whatever home you want, you can’t choose your neighbors. Just one noisy and lousy neighbor is enough to ruin your family’s happiness over and over again. What if your neighbor is a pedophile and you don’t know that until after you’ve moved in with your kids.
A background check of your potential neighbors can help you figure out the type of people you’ll have to live with in the same neighborhood. A background check will include a criminal history check that will specify if any of your neighbors have been arrested or convicted of felonies and any misdemeanor crimes. The background check will disclose everything about your potential neighbors’ criminal past. Not only conviction and sentencing, but all previous arrests. So once you find your desired home, do a background check of your neighbors before you commit to buying the property.
Neighborhood taxes
Take some time to research the various taxes you’ll be required to pay in the neighborhood once you move in. Sometimes, you may have any combination of state/city/town/village/school taxes that you’ll be required to pay. So before you make up your mind to buy in any neighborhood, find out what their taxes cover, when they are due, and how much they have increased in the last 5 to 10 years.
For instance, the neighborhood you’re considering may have expensive school taxes. If you have school-age kids who will attend the public schools, you may be getting what you’re paying for especially if the school district is a good one. But if you’re planning to send your kids to a non-public school, you’re paying taxes for nothing. Don’t overlook this if your kids are almost done with schooling or if you don’t intend to have kids for a while.
Homeowner’s insurance
Homeowners insurance shouldn’t be the last thing on your list when you’re in the market for a new home. Chances are your lender will require the name of the agency providing you with home insurance. So you shouldn’t miss the chance to shop around for a quote while house hunting. Most basic insurance often cover storm damage, fire, theft and liability should someone like a contractor gets injured on your property and sue you.
But there are several other add on you should consider to cover items like home office equipment, expensive jewelry, and if your property is located in a flood-prone area get additional flood insurance. One of the easiest ways to find a provider is to shop online. Consider using an independent agent who can provide multiple quotes from different providers so you can review them all at once. While quotes will vary based on your location and the value of the property, it gives you a good chance to estimate your cost.
Final thought
Don’t let your emotion overrule the facts of the property you’re planning to buy. Don’t forget that most home sellers boost their homes’ curb appeal before listing. So pay attention to the features of the property and your needs before making up your mind to buy.
