It is one of the most challenging tasks you can take on, but the pleasure of finding and moving into the right home for your family is truly profound. Finding the right home means you have to do your homework – consider all the factors that affect the daily lives of your loved ones – before setting out to buy one.
Before investing in a new home for your family, it is critical to have knowledge of the things that go with buying a home, such as purchasing agents, renovations, utility bills, and more. With such information, you will be able to make informed decisions and land on the best property for your family.
Homes are among most people's biggest investments. To help you find the right home for your family, here are six tips to ruminate over when picking out the perfect home for your loved ones:
1. Create Your Budget
You need to have a solid budget in place before you can begin your search for ideal homes. You should have a clear sense of how much you are willing and able to spend to acquire your new home and other costs like renovation and furnishing.
To create a budget that reflects your actual financial situation, make sure you consider current as well as foreseeable expenses. With a clear understanding of the expenses, you can carry out an affordability check to have a clue about the properties you can comfortably invest in. The home price only accounts for one cost; here are some of the expenses you should put into consideration when creating your budget for a new home:
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Upfront Costs
Upfront costs vary depending on the loan amount you can access, the agreed deposit/down payment amount, and extra fees. The deposit amount is usually 25% of the accessible loan amount. Fees include legal fees, stamp duties, and commission fees for property agents.
However, if you prefer to buy a home privately, your agent will negotiate with the seller's agent. This eliminates legal and commission fees as well as stamp duties.
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Furnishing Costs
The cost of furnishing a home is often surprising to new home buyers. Fortunately, you can manage to keep furnishing costs moderately inexpensive by investing in the basic furnishings first. Nevertheless, it is critical to spare enough funds for furnishings that allow your family to live comfortably.
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Renovation Costs
Just like furnishing costs, renovation costs are often dismissed as minor costs. However, home renovations often cost home buyers thousands of dollars, and should be among the top budgetary considerations.
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Maintenance Costs
Depending on your home's size, maintenance costs can vary wildly. Some of the most common maintenance costs include drainage repairs, pest control, and replacement of house parts that are old or worn out. As maintenance costs typically arise at different times, they may surprise you when you least expect them and inconvenience your family.
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Recurring Payments
After paying the deposit fee and moving into your new home, you will have to make a few regular payments. These payments include home insurance, mortgages, property taxes, utility bills, and home protection schemes. Planning your budget with such costs in mind will give your family the peace of mind they need when living in your new home.
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Hidden costs
Most people do not consider all the hidden fees and costs that go with a home purchase. However, some of the costs, such as home loan interest are significant enough to make you lose your home. When creating your budget, you should pay attention to factors such as;
- Valuation fees
- Administrative fees
- Buyer's stamp duty
- Property agent commission
- Legal costs
- Home loan interest
2. Consider the Location
One of the most significant factors in your home search should be finding the ideal location for your family. Nevertheless, it is easier said than done – there are several things to take into consideration before deciding which is the right location for your family.
Where do you prefer to live? Do you prefer metropolitan areas or suburban areas? You must be able to answer these questions with your family's needs in mind.
The ideal location for your family could be a suburban area for the low costs or the peace and quiet it provides. You may prefer to live in the city because of your home's proximity to amenities and facilities. Regardless of your preferences, the area you choose to live in should have easy access to essential amenities like schools, hospitals, markets, etc. Knowing the lifestyle of the area is important before you begin your home search. View our Buckhead Real Estate, Historic Marietta Real Estate, and East Cobb Real Estate guides to start the search!
3. Engage a Qualified Property Agent
Purchasing a new home is one of the milestones in life that should involve careful research and consideration. While online resources can guide you through the process of buying a new home, they can be confusing, unnecessarily time-consuming, and costly. To avoid dealing with the complexities of state and federal property laws alone, it is best to hire a competitive property agent.
For first-time home buyers, finding a property agent should be their top priority. The property agent will help you find the right house, calculate costs, and negotiate prices for you. With their experience and knowledge of the real estate markets, their advice on when to buy or sell a home is invaluable.
When choosing the right property agent for your home investment, it is essential to check whether they are accredited by the National Association of Realtors (NAR). This will guarantee you are hiring the services of a qualified and licensed property agent.
4. Compare Homes
Before you set out to view prospective homes, you can narrow your search down by comparing homes with your family's needs and ruling out those that do not fit your preferences. If you have a specific location in mind, you can sort homes in the area according to proximity to essential amenities. Compare home factors such as peaceful neighborhoods and community integration to find the most ideal home for your family.
Residential properties are vastly different in size, design, and class. Nevertheless, you may have specific space, budget, or maintenance requirements that define the ideal home for your family. Be as specific as you need to ensure you are investing in the most ideal home for your family.
Comparing homes is much like comparing cars. You may have preferences in the transmission that other car buyers do not, but your ideal car is the car with that type of transmission. With a new home, you and your family decide which elements and resources have to be available – though probably different from most people looking for new homes in the area.
5. Inspect the Home
The ideal home for your family has to meet the right standards apart from design and size. It is, therefore, essential to carry out a thorough inspection of the homes you are considering investing in before moving ahead with the purchase. The services of a professional home inspector can provide you with an unbiased opinion on the condition of the home and its structural integrity.
Home inspectors are also great at estimating the true value of a property as they reveal problems in the home that may require extra spending to fix. An untrained eye cannot tell when a house is in poor condition, particularly after repainting and basic renovation has been done.
Inspecting a new property is not a one-day affair. Make sure the easy-to-ignore elements of the home, such as plumbing, fireplace, roof integrity, and flooring among others are also inspected. A Julie Altenbach Real Estate property inspector will provide you with a detailed report on the home's condition at the end of the inspection along with an accurate valuation of the home.
6. Trust Your Instincts
Your instincts can be a great guide to finding and choosing the perfect home for your family. After all, you know your family's needs better than any realtor you can hire. Make sure you are comfortable with the ambiance and your family is too.
Only invest in a home that will be a good experience in your family's daily lives. If your family loves nature, make sure your home is not in a crowded neighborhood; maybe consider Sandy Springs homes for sale. If your family can live happily in your new home without one or two family members being inconvenienced by the move, then you have likely landed on the right home.
Make the Right Home Investment Choice
If you are looking for your new Atlanta home, Julie Altenbach is a qualified and experienced home realtor happy to aid you through the entire home buying process. Finding the right home is not always a walk in the park, but you don’t need to go through the motions alone.
We take our clients' preferences and considerations as our top priority in finding their new homes and negotiating the prices. Contact Julie Altenbach and begin your home search with the right foot forward.
