It is a dream for most people to buy a home. People work hard to make that dream come true. Buying your home is not only an investment in money, but in the affect that it has on your family, emotions, freedom, and privacy. Some people struggle to reach that goal while others happily live their dreams.
It is important to know there are steps to buying, and it is important to know the basic strategies to buying a home. Unfortunately, there is not always a free sandwich of information. Paying for information is what helps make the investment worthwhile. Most people choose to pay for information on their own. Before making any major decisions, and before starting a search for the ‘right home’, it is important to understand the common and not so common strategies to owning a home.
There are many different choices when buying a home. You could buy the ‘traditional’ single family home, you could buy a condo or townhouse, you could buy a duplex or tri-plex, or you could look into scheduling a trigger marketer to buy on your behalf.
Here are some of the choices for the first time buyer:
The choice of home:
I am constantly hearing the choice between a ‘single townhouse’ and a ‘condo’. Where you live, the square footage and location of your home will be one of the more important choices. In most scenarios, owning a single family home in a suburban area is more affordable that owning a condo Downtown.
The size of your home:
In today’s world, the average family home is pretty small. Many families are opting for smaller homes. First time buyers are looking for 1, 2 and 3 bedroom homes.
The neighborhood:
You need to figure out the neighborhood you want to be part of. Things to consider are safety, school zones, and future development. Ask your realtor:
Walk Score
This is a website where a surveyor calculates the walk score of a community based on easy walk access to stores, restaurants, and other facilities. Be aware that the walk score doesn’t consider the homes ‘style’ or ‘style’ but rather big factors that should be considered.
Safe Zone Factor
Do you like to walk your kids through a neighborhood on their own, to play outside, to ride your bike or hike, or do you always have a ‘go-zone’ with your kids? While most families are happy with easy access to watch pets and/or take them on walks, your home will carry they value of being in a safe zone.
Master Plan
Have you ever walked down a road, and wondered why there was a row of homes at the bottom of a street, facing the same way? As a first time kentucky home buyers will you need to plan for this? You might be happy to purchase those homes, but they aren’t always easy to renovate and flip.
The other strategy is to look at single family homes that are being remodeled. This can be done by having a low-ball offer on the house by we buy houses kentucky company, and buying it at a lower price.
In addition to looking at neighborhoods and the amenities, the next thing to do is looking for foreclosures. How can you find foreclosures to flip? The best way to look at foreclosures, is to look for pre-foreclosures. A pre-foreclosure gives you a ‘behind the scenes’ look at the homeowner and their lender. You can find many foreclosures that are in distress by scouring the local newspaper and home for sale magazines.
You might get lucky and find an ideal property before someone else does. Or you may find a foreclosed home that needs some work, but you can fix it and still sell it. The investment off-set the higher cost of the house vs. the savings you may receive in getting higher bidding. However, bigger savings could be found if you’re willing to do the work.
Before you invest in a home, take the time to gather the information you’ll need to make an educated investment decision. Make sure you’re able to repair the home, and you’ll have a good bit of unexpected advance costs.
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