The real estate industry experienced a surge during the pandemic after the US Federal Reserve reduced interest rates to spur the economy. The reduction of interest rates resulted in a housing supply shortage that caused home prices to go up. Despite this, people still looked for homes in the market.
And looking for properties is getting easier with the development of apps designed for real estate. These apps allow you to check properties that are suitable to your needs and tastes. They also allow you to book a tour of the property without having to worry about a crowd going around during an open house event.
But before you start looking for your dream home, you should take a couple of things into account.
Property Location
The first thing you need to take into account is the location of the property. Even as home prices have increased, the prices of homes in some states are higher compared to others. If you already have a state in mind, you should also consider the ease of access to work, recreational places, and shopping facilities.
The traffic in the area is also something you need to consider when looking for a house to buy. If the traffic in the area is bad, you will have to wake up early to avoid being late for work. You should also consider the crime rate of the neighborhood where the house is located. A neighborhood with an elevated crime rate will have cheaper houses.
On the other hand, a safe neighborhood will have high home prices. But you do not have to worry about the safety of your family. The pandemic also plays a factor in the home choices of some people. They prefer living in a neighborhood with many open spaces that allow them to avoid crowds.
Lot Size
The size of the lot is also a good thing to consider. A large lot size gives you a lot of opportunities to expand your home. A large backyard allows you to set up a deck or a garden. A deck allows you to host parties when the pandemic is over. On the other hand, a garden provides many health benefits since it gives a source of fresh vegetables. Taking care of a garden also helps improve your mental health.
You also have the option of building a shed or another building in the extra space of the lot. This allows you to set up a workshop or space for a business. The extra space even allows you to build another house to earn by offering it in the rental market.
But you should also consider the cost of a big lot size. Properties with bigger lot sizes are more expensive than those that have smaller lot sizes. It also requires a lot of maintenance, which is necessary to prevent pests from making the backyard their home.
The Exterior of the House
If you are buying an existing home, you should check the exterior. You should check the roof, sidings, and foundation of the house, among others. Any issues in these areas will affect the price of the house. The best way to look for issues is to let the house go through a home inspection.
If the roof shows signs of damage, you should ask the owner about the damage. You should also ask about the age of the roof and if he made some renovations or repairs on the roof. Peeling paint and signs of decay on the sidings are some of the things you should look out for when you look for a house to buy.
On the other hand, ensuring the stability of the foundation is important since fixing it requires a huge expense. You should look for cracks on the walls, especially in the areas close to the doors and windows. You should let a professional check the foundation to avoid issues in the future.
Number of Bedrooms and Bathrooms
The number of bedrooms and bathrooms will depend on the number of people in the household. While you’ll let the children share bedrooms, you should also consider getting a house that allows them to have their own rooms when they grow up. Having a designated guest room is also a good idea since it can host a visiting family member.
The number of bathrooms also allows you to avoid issues in case you have a large family. A house with at least two bathrooms is ideal since it reduces tension in the family when people want to use it simultaneously.
Even as owning a house is the dream of many people across the country, they should also consider several factors before finalizing their decision when they buy the house.
