Buying a home is a major lifetime investment and so is finding the home that best suits your needs for years to come. What if you find two homes that meet your criteria now it is only a matter of choosing one or the other?
What final factors should you weigh in on to help you decide? Below are seven things to consider when comparing two homes to decide which one will become your new address.
Neighborhood - Rate the neighborhood in regards to safety and convenience to your lifestyle. List the advantages and drawbacks for shopping, entertainment/restaurants, city services and cost of utilities.
Schools And Work - Visit the local school district to gain more information about the school(s) your children will be attending. Compare the schools' success rate for teaching, sports, or other extracurricular programs that are important to your family.
Even if you do not have children, neighboring schools affect area traffic from buses and cars picking up students to speed zones and loitering. What is the driving distance to work or does it matter to you? Also, take into account drive times from work to schools, shopping and other appointments.
Appreciation - If the two homes are in different parts of town or different neighborhoods, ask your real estate agent to retrieve sales of homes in those neighborhoods over the past few years. If one neighborhood shows an annual average percent increase while the other shows twice the percentage, you may have your decision made.
Home Size - Compare the houses to other homes in the neighborhood. While it may boost your self-esteem to have the biggest house on the block, it's typically a better idea to stay away from purchasing the neighborhood monster. When it comes time to sell, you'll find that the lower the value of your neighbors' homes will shrink your home's value.
Seller Motivation - Ask your real estate agent how long each home has been on the market. If the home has been on the market for some time, the seller may be more motivated that the other seller.. Conversely, if the house has just listed recently, the sellers will probably wait for the best offer.
Knowing why someone is selling their home is key to making a good offer. Your estate agent might have additional information about the seller's motivation whether is is job-related or otherwise. Some sellers likely want to move as quickly as possible in certain situations, meaning you have a better shot at them accepting a lower price.
The House That Is A Home - First create a list of things important to your lifestyle, like 'family gatherings', 'privacy', 'sunsets', or 'relaxation'. Also, make a list of the amenities and attributes your home must have. If you want that first-floor home office, a large, open back yard for the kids, or a gourmet kitchen, be sure to include that on your list.
Then, rate how each house measures up to each need on your list. Likewise, make a list of the cons associated with each house and determine how much of a negative impact each will have. Other considerations may include ease of maintenance, parking, and homeowners fees.
Appointed Time Visits - Visit each home at different times of the day to get a feeling for how the house and neighborhood look and feel in the morning versus late afternoon or evening. Consider the amount of traffic the street has night or day. Even if the deal on the house you choose falls through, you may still have the other home to buy.
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