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Top 8 Factors to Consider When Buying a New House

Top 8 Factors to Consider When Buying a New House
by John Carlucci - July 29, 2021,

Becoming a homeowner is a long-striving goal for many, whether it’s a modern loft in the city’s hub, a picturesque cottage with a white picket fence, or sprawling country property. When you finally get to the purchasing stage, you might find yourself questioning your options. It is a big step, and you need to make sure you are considering all the essential factors.

Consulting with real estate experts, we have come up with the top factors to help you get your dream house.

  1. Taxes

“Homebuyers looking to purchase a new house should get an estimate of how much taxes will be if they purchase the home. Many times I see listing agents put a home on the market with the tax amount based on what the seller currently pays. Taxes will always be higher when a home buyer closes on the home. Making sure the buyer makes a phone call to the local municipality will avoid any surprises. 

“Homebuyers should also make sure they hire a buyer’s agent to represent them in the purchase. It literally costs the buyer nothing to have a Realtor represent them when buying a home-yet it can mean the difference between a smooth or not-so-smooth process. A Realtor can guide a home buyer through the process and ensure that everything is understood and all the right documents are in place.”
Jason Gelios, ItsAllAboutTheRealEstate.com. Jason is a Top producing REALTOR® with Community Choice Realty and author of the real estate book Think like a REALTOR® and the creator of The AskJasonGelios Real Estate Show. 

  1. Location

“One factor you should consider when looking to buy a new house is- location. While searching for a location, you should also observe the surrounding area. Determine whether or whether the neighborhood is family-friendly. Before you get too engaged in the house-buying process, take a tour of the area at various hours of the day and night.” (Richard Mews)

  1. Neighbors

“Additionally, if feasible, attempt to meet some of the neighbors in order to get additional information on the area's amenities and residents. Whether you are a family person or not, you do not want to live in close proximity to individuals who are negative influences or are engaged in criminal activities. It is critical to seek a home with nice neighbors and a pleasant residential atmosphere.”

Richard Mews, CEO Sell With Richard

  1. Budget

“Firstly, it is crucial to consider your budget. This is self-explanatory, but consider how much you are willing and able to spend monthly on a mortgage, how much will possible repairs cost, and whether you are capable of paying that kind of money, any new furniture, or additional things you'd want to buy, and create a sustainable budget you want to dedicate to your new housing facility (considering all your other expenses as well).” (Darren Nix)

  1. Purpose and Lifestyle

“Secondly, consider your use of the house and your lifestyle. Will it be a house used as your primary residence, or will it be a rental property? Do you travel a lot and therefore a big garden necessary to take care of may not be a good idea? Do you love cooking, so a big and practical kitchen is a necessity? Have you found a job in a certain city and thus it may be ideal to move close to your new workplace to save time and money on commuting? 

“Consider how the main purpose of the house and your lifestyle choices shape your priorities and requirements for the house. Then make a list of 3 to 5 priorities you are not willing to budge on, and this should narrow down the research significantly.” (Darren Nix)

  1. Market Factors

“And thirdly, understand the market forces. Whilst this may be very difficult for someone who is not well-versed in the study of economics, certain trends are far easier to spot. Look at statistics showing house prices within your desired area and see how fast they have been increasing/decreasing over the past few years. 

“If there seems to be a rather steep increase (which is possible as a result of Covid-19), it may be a good idea to postpone the sale of your new house to a time when prices are more stable. This is because, this way, you will avoid overpaying for a house of which the value is far less, making it an inefficient investment for the future.”

Darren Nix, Founder of Steadily Landlord Insurance

  1. Your Readiness

“One of the intrinsic factors to consider when deciding whether or not to buy a house is your emotional state. Check your readiness by asking yourself questions like, ‘Am I truly ready to own a home?’ and ‘Am I ready to manage the responsibilities of a homeowner?’ 

“These questions will assist you in reflecting and considering your options before making a decision. You can also make a list of the advantages and disadvantages of owning a home and compare them. Examine its benefits and drawbacks. And if you still see yourself wanting to own a home and are confident in your ability to do so, then go ahead and start looking for a home.” 

Martin Boonzaayer, CEO of The Trusted Home Buyer

  1. The Neighborhood

“Nobody enjoys living in a noisy, hostile, and hostile environment, especially if they have children to raise. You, as a parent, must consider the environment in which your children will develop as individuals. You must make certain that they grow up in a safe and friendly environment where you are not harassed by anyone in the neighborhood. So, before you choose a house in a specific location, it's a good idea to check out the locals first. Make an effort to speak with them, strike up a casual conversation, and inquire about the state of the environment. If they give off a warm and welcoming vibe, that's a good sign to pay attention to.”

Lisa Lazey, CEO of Lisa Buys Austin Homes

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