When you're ready to purchase your Eastern Panhandle home, you may overlook a few key pieces in the real estate puzzle. Common mistakes made by homeowners include purchasing a home for its decor, not thinking about resale, and more. These tips and suggestions will help you stay in the know and avoid costly blunders when making the most important purchase of your life.
Buying a Home for Its Decor
It's hard to do when you're seeing stars, but remember that you are buying the house, not the furniture or decor inside it. Make sure you see beyond the decorations and look at the bones of the home. Focus on the floor plan and the square footage. You also might want to measure the dimensions and graph out how they will accomodate your own belongings.
Not Researching the Neighborhood
It's very important that you research the neighborhood before you buy your Jefferson or Berkeley County home. Take a walk through the area, check out the amenities and the area schools to be sure that your address will place you within your desired school district. You may also want to attend a community meeting, if possible. Afterall, this is not just buying a house, it's buying into the area around the home too.
Not Thinking About the Resale
The bathroom tile may be perfect for you, but maybe it won't appeal to others when it comes time to sell. When you are decorating and renovating your home, you need to think about what is going to appeal to a broad range of buyers later. According to HGTV, "Buying houses and being in the real estate market is like chess: You always want to look two or three steps ahead in the game."
Buying the Most Expensive Home on the Block
Expensive does not always mean great value or best in the neighborhood. The most expensive house will only depreciate in value over time. Remember, you want it to appreciate. Large, expensive houses often are not the first houses to sell because they are usually overbuilt to the neighborhood they're in. It's very important that you research the neighborhood before you buy to find out what the price point should be and measure that against what the house is listed for— is there a big difference? Consider that.
Setting an Unrealistic Budget
Just because the bank prequalifies you for a loan of $300,000 does not mean you can afford to make that payment every month. You should sit down and make a realistic monthly budget including what you spend every month and use that to come up with what you can afford to pay when it comes to mortgage payments. A good suggestion is to take a third of your gross income and use that number as the amount you can spend on a house. Its also smart to save six to nine months of mortgage payments before you purchase, plus extra if you plan to renovate or make home repairs.
Love at First Sight— The First Property
It's common for many Eastern Panhandle homebuyers, particularly first-time homebuyers, to fall in love with the very first property they see on the West Virginia real estate market. Considering your price range, you need to see at least three to four more houses to compare what you can purchase for the value. At the end of the day, then you can determine which home was truly the front-runner.
It's important to consider these six factors before you make the jump to purchasing your home on the Eastern Panhandle. If you've read them over and you're ready to start the search, contact me and together we can find you the perfect home.
The Kable Team
Kable Team Realty
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