Posted on: 4 February 2020
As you search to find just the right home, you want to make sure you pay an appropriate price and also consider the home's utility costs and your ability to pay them when you are living in it. The following are some recommendations that you can use as you search for the next home you want to purchase as your residence.
Look at Market Value
When you have found a home that you would like to buy, you need to decide how much you are willing to offer the seller to buy it for. The home should potentially be within a close range of your maximum financing limit, but you want to make sure and offer a correct and competitive but true price for its purchase. To do this, you will need to find recent home sales in the area of homes that are similar, then use the sales prices to calculate your target home's value.
For example, if the home you want to buy is a rambler home with three bedrooms and two bathrooms, a fireplace, and a three-car garage, look for homes that have the same characteristics. Then, you will need to adjust your target home's price according to any features the target home differs in, such as a larger lot, a fireplace, or an upgraded kitchen with new appliances. After you have done the necessary research for the target home's value, you can make an educated offer.
Consider the Home's Efficiency
Another important factor when choosing a home is the efficiency of the home and the cost of its utilities as a result. You don't want to buy a home with everything you want only to discover the heating system is very inefficient and your monthly heating bill in the winter is exorbitant, and you cannot afford to keep your home comfortably warm. As one of the home's features, you need to consider its heating and cooling system along with the size of its interior and other amenities. Your real estate agent can help you in calculating your potential utility costs, and you can ask for examples of the home's heating bills.
As an example, if you are looking at buying a home that uses radiant heating throughout each room and a house that has baseboard heating, ask for a yearly cost of heating from the seller to make sure either heating system would be affordable. You may want to consider upgrading a home's heating system if it is quite inefficient, and you can submit an offer to buy the house adjusted slightly to allow for the cost of updating the heating system.
To learn more about single-family houses near you, contact your local realtor today.Share