5 Things to Look For When Buying a Home

Since the housing market is currently overrun with available properties, it is easy for buyers to feel overwhelmed by the choices or to get carried away and fall in love with a place for the wrong reasons. If you think you've found your dream house and declared, "This is the one!" take a moment and consider these 5 points.

1. Is the home the right size to meet your needs? In the past it was much easier to sell a home and move to a larger one as a way to accommodate a growing family. In light of today's housing market, a better plan is to move into a home that has enough space to meet your current and future space requirements.

If you are at the other end of the spectrum and the kids have grown and gone, it may be time to downsize. When moving to a smaller home, avoid a common mistake that many make. Avoid looking for a place that will accommodate all of your adult children and their families. How many times a year will they actually be visiting you? Maintaining a larger place than you really need will cost you both time and money.

2. Does the house have good resale value? Consider all of the pros and cons of the home in question. Evaluate the neighborhood, its amenities, demographic data, and overall location. Next, view the house itself with a critical eye and pay special attention to the layout, traffic flow, amount of storage, number of bedrooms and bathrooms. Take a look at the exterior features, such as curb appeal, outdoor living space, and privacy. Buying something quirky because it is a good deal and has a "weird kind of charm" in general does not pay off when it comes time to sell the property.

3. What type of maintenance requirements are there? The answer will also depend on the home's existing condition when you buy it. Homeowners must always attend to the regular upkeep and repair of a home, however, there are certain high maintenance issues to be aware of. For example, a home constructed of wood requires painting every few years, different types of roofing and decking materials last longer than others, and a swimming pool is a feature that requires ongoing attention. A home's landscaping can also be a breeze or a burden.

4. Is the home convenient to your frequent destinations? Many people ignore this convenience factor. To put this into perspective a better question may be, "Could you afford to live here if gas prices doubled or tripled?" When considering a home, having it closer to work, school, friends, and family is a plus that directly correlates with your quality of life. Long commutes are time consuming and increased fuel expensive.

If you are in a metro area, find out how far the home is from the nearest mass transit station.

5. Can you implement your future plans? Many savvy homebuyers shop for smaller home bargains and fixer-uppers. They often have plans of adding on, updating, or renovating. If you are going in this direction, do your homework and proceed with caution. Never just assume that you can build an addition or another. Get familiar with the local zoning ordinances, easements, planning board proposals, and discuss any future plans with your neighbors or homeowner's association. Finding out that you cannot add a family room to your 1100 square foot dream cottage because of an easement that has been in place since 1960 will be very disappointing if you've already closed the deal!

Lisa Andree is a marketing professional who helps mortgage companies promote their products such as a 30 year mortgage and USDA loans online.