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Home Buyers • September 12, 2023

Buying A Home? Read This First!

by Angela Carpio

 

 

Thinking about buying a home? Figure out what your priorities are in these areas to find out what you are looking for.

 

New Construction or Existing Home

New construction is a home that is currently under construction or newly constructed that is waiting for its very first owner. It is usually constructed according to current code and popular design concept at the time it is built and also. Because it is new construction, you do not expect to make major repairs in the home any time soon.

Existing home, also known as pre-loved home, is a house that has had previous owner or owners before. Typically more affordable than newly constructed home in the area its situated and the average timeline to get into a pre-loved home is typically sooner than that of a new construction home.

 

Location

It is important to prioritize a location when buying a home because you cannot change it. You can remodel your home to suit your desires but your location will always be where it is. Do you want to be near good schools? Some local amenities buyers take into consideration are restaurants, shopping centers, groceries, and entertainment places. HOA or no HOA? Do you need to be close to a transportation hub? Something to think about is that if you decide to sell your home in the future, what sells? Location. Location. Location.

 

Personal Taste

How many bedroom do you need? How many baths? How big of a lot do you need or want? Single story or two story? For multi generational living, would you like a next gen suite? 2 car garage or 3? Single family home, condo or townhomes? Your real estate agent (Me!) should be able to help you with that.

 

Budget

A good rule of thumb is to stay at a monthly payment that would allow you to afford the same lifestyle you are accustomed to. Look, the reality is life happens. Sometimes, someone loses their job. When that happens, you still want to be able to keep your home until you find another job. Stick with this rule. It helped a lot of my clients during COVID because even though the lockdown happened and they did not work for a few months, they were able to pay their mortgage and ride it out because they did not go big or go home.

 

Make the house-hunting a little bit easier by narrowing down your priorities in these four areas.

 

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