5 compromises you should never make when buying a home in Howard County MD
If you are a prospective home buyer, you probably already know that your dream home should fit in your budget and have all the ‘must-have’ features. Once you find a home that meets these requirements, you can focus on ‘nice-to-have’ features. It’s where you may have to make a few compromises.
There is nothing wrong with being flexible, but a smart buyer knows where to draw the line. Here are a few things about a home that you should never compromise on:
Condition
Before buying a fixer-upper, make sure you can overcome the financial and emotional challenges of taking on major renovations. If you don’t have any experience with renovations and remodeling projects, you should steer clear of a fixer-upper. You will wind up wasting thousands of dollars and a lot of time. Also, there are contractors out there that understand your lack of experience and may take advantage of you so it is wise to get numerous quotes for the exact same renovation.
Size
The floor plan and the layout are two of the most important considerations you should make when deciding whether a home is right for you. Determine minimum number of rooms you and your family will absolutely need to live comfortably. If the home doesn’t fit in terms of number of rooms or bathrooms; cross it off your list. This is especially true if you plan on growing your family and staying in the home for years.
Budget
Come up with a budget based on your current income (not the prospects of your future income) and expenses. Make sure that you will be able to pay your monthly mortgage installments comfortably. Stick to this budget, no matter what. You should also factor in closing costs when determining your budget. Closing costs can amount to up to 7% or so of the property’s value.
School district
Many home buyers believe the quality of school district is important only if you have kids. Whether you have children or not, make sure the house you are planning to buy has desirable schools nearby. Good schools typically translate to a higher resale value—potential buyers with families will want to be in the right district.
Neighborhood
If you are a young professional and buy in a community of retirees, you won’t feel comfortable living there. Make sure the neighborhood suits your lifestyle and family’s needs.
Visit the home at different times in the day and keep your eyes open to spot problems such as noise, traffic or bad neighbors. Also, the condition of homes around you can affect your future resale value. A lot of “for sale” signs or a high rate of foreclosures are also a warning sign.
The area should be fairly close to work and have basic amenities such as parks, shopping and hospitals.
Parking space
The home you are eyeing should have adequate parking space as per your needs. Many communities put restrictions on outside parking, guest spaces, and overnight parking. If you are buying in such a community, make sure that you are comfortable with these restrictions.
Conclusion
A home is the biggest purchase in most people’s lives. You should try to find your dream home with all the “nice-to-have” features, but you should also never forget that it is a big investment. Invest your money in a property that will have a good Return On Investment (ROI) in case you decide to resell in the future.