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Property search: What type of home suits your needs?

March 18, 2015 at 8:22 am Lisa Ross 1 Top Real Estate

Are you in search of a new property and you don’t actually know which type is the best match for you? Are you confused and you cannot decide what to purchase? Well, don’t panic, your headaches are history… Let’s study together the topic and you shall discover what best fits your lifestyle!

Picking the right home that perfectly matches your needs is definitely a challenge. However, being aware from the start about your possibilities and your real options, can guarantee your success!

In the search of a home…

There is no such thing as a crystal ball where you can see yourself in ten years’ time and guess your future priorities too; no one knows for sure what the future reserves for us. But, there is one thing you can always do – trust your instincts. The moment you enter a property, feelings may overwhelm you – Do you see yourself living there? Does the property offer everything you wish? You should study the matter more in-depth…

A dream home can become a real nightmare if you cannot really afford to stay there. Thus, the first and foremost aspect you should figure out is your monthly finances. Chances are, if something sounds too far-fetched for you now, then you should take a few moments and see if this is really what you want.

The right way to your property search!

property searchIt’s already an all too common saying that buying a house is probably one of your greatest investments from all times, therefore, take a big breath once you decide what to purchase. Specialists state, there are several steps involved in the process:

  • Decide whether to move or not
  • Establish your real finances
  • Research the market
  • Get a real estate agent
  • Get a mortgage pre-approval
  • Choose a property type
  • What are your options?
  • Make an offer
  • Close the deal!

No matter what type of property you choose to own, you have to have a clear perception over your current and your long-term financial condition. Unless you have all the money you need, paying a mortgage involves a series of risks you have to take into account.

The house finder: Essential aspects that go hand in hand!

Seeing things from another point of view, there are at least three factors that need your attention throughout the process!

  • Early offer or not?

So, let’s say you have found a property that you absolutely adore. Should you make an offer right away? Well, it depends. There is no right or wrong answer here… Sometimes it is best to make an offer as fast as you can, to make sure you have a chance to actually purchase the house. While, on the other hand, there are situations when you should sleep on it overnight. Don’t rush if you are not 100% positively sure this is what you want!

  • Indoor or outdoor. Which one should influence your decision?

What counts the most? Well, in an absolutely perfect world, both the outdoor and the indoor condition of the house should be in a top shape, however, in some situations you just have to compromise! Usually, as a picky buyer, you’ll certainly seize something you won’t like. Can you fix it later on? Do you intend to do renovations?

To continue, if you are one of those many persons who work a lot and spend many of their hours at work, then some of the most common advice would be to focus your attention mostly on the indoor features. You won’t probably get to spend as much time outdoors as you would like.

  • The neighborhood

However, probably one of the most important aspects when choosing a property is the neighborhood. As some say, even though the property is perfect, if it is placed in the wrong neighborhood, then you’ll most likely going to hate it after a while.

The neighborhood can affect a lot your lifestyle! Thus, it is utterly understandable why some get to say – choose your next house, firstly after studying the market and the neighborhood.

Choose the type of home that you need! Is it one of these three?

Let’s study three of the most important types of homes you’ll have to consider and point out just some of the most important pros and cons.  Each one of them implies different responsibilities and advantages too! The property search begins…

  • Condo

When thinking of buying a condo, there are several things you need to consider. Both pros and cons can affect your choice. For you to take the best decision, here are some things you need to study:

Pros:

Protection – Living in a condo can give you that sense of security we all want. The majority of condos offers security features, such as guard services, gated or even locked entries.

Maintenance – Do you want someone else to do all the maintenance of the building for you? Then, a condo may turn out to be the right solution. There are people cutting the grass or fixing the roof, no worries here!

Amenities – A pool or a gym right at your ‘door step’ are not a dream anymore for you. Living in a condo can offer you such amenities and facilities.

Location – Usually condos are located in urban areas and within walking distance from shops. Excellent advantages!

Cons:

Privacy – In terms of privacy, there is a lot to say. In short, you have to share common areas such as the backyard, the laundry room, in other words, there will be plenty of opportunities to meet your neighbors, even though you don’t want this.

Fees: Besides the monthly mortgage payment you will also have to pay some association fees that will be used for building maintenance; this may get to be too costly for some! Make sure it won’t be a financial impediment for you!

Neighbors – Depending on the unit you intend to buy, you may stumble upon noisy neighbors that may disturb you. If you don’t want to take the risks, then don’t buy a condo.

Rules and regulations – Each condo community has its own rules and regulations that you must follow. Here, for instance, we talk about the noise level, pet ownership, renovations etc.

  • House

Pros:

Privacy – The privacy level is one of the key aspects of owning a house. You have no shared walls so you won’t be disturbed by your neighbors that easily.

Garage – There are high chances you have your own garage space that you don’t have to share, and more, you don’t have to pay an extra fee for it because it is included in the price of the property.

Space – Depending on the house, you probably have a small backyard where you can relax and spend time outdoors. Either way, this is one of the few options where you have plenty of space, for whatever needs you may have.

No association fees – No more monthly extra expenses, you’ll have to take care of everything and handle your finances with no mandatory fees.

Cons:

Ownership responsibilities – You are responsible for whatever happens to your property, including the maintenance; this will require more time and money to invest.

Inflexibility – If you want to move to another place, you’ll have to take your time to list the property and then wait until you sell it. Long-term commitment!

A loan that will cost – Buying a house means serious money involved in the process! You’ll have to thoroughly think about this!house property search

  • Townhouse

Pros:

Community – Living close to your neighbors can really give you the special feeling of being part of a close community! However, you’ll have to deal with the noise and privacy issues too.

Affordable: If you want to live in a house, but you don’t have the enough amount of money for a detached house, then a townhouse can be a great alternative!

Maintenance: The maintenance of the common ground is made by the community association! You’ll never have to worry about maintaining the parking lot or the shared driveways. This will help you save a lot of time!

Cons:

Rules and regulations: You’ll have to follow certain rules and regulations like all of your neighbors. This will keep everyone in line.

Extra costs: You’ll have to pay a monthly tax that will cover common expenses of shared grounds such as pools, lawns, gardens or even playgrounds.

Short of space – If you’re seeking for privacy and a lot of space just for yourself, then a townhouse may be a challenge for you. You will probably not have a big yard just for yourself, and usually townhouses come with one single parking space. Do you have two cars? If yes, then you’ll most likely have to pay extra for it.

All in all, choosing the next place to call ‘home’ can easily turn out to be a real obstacle for you. However, by studying the market, your true possibilities, a firm list with your must-haves and together with a good real estate specialist by your side, you too can get to have your own place. However, keep in mind that a property search requires your patience, time and money too!

There is no doubt that each and every type of property available nowadays on the market has its own advantages and disadvantages, however the secret to success is to note which drawback you can cope with and what compromises you are willing to do.

What is more, today there are more and more options available for whatever wish you may have, however the worst part is that you’ll have to take your own decisions based on your needs. Balance your decision well and everything will sort out just the way you want it in the end! Good luck!

Lisa Ross

A former head writer for some of the most successful online magazines, Lisa Ross is the official writer of Tour Wizard. Widely regarded as one of the most prolific authors in today’s online world, Lisa came as a surprise for her audience often providing controversial points of view. She is considered one of the preeminent writers on real estate topics, who is also the fount of creativity and innovation for editors worldwide.

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