Most Important Things To Consider When Buying A House in Pandemic
The buying process is complex and takes time, and it’s easy to get off track. Having written priorities is a helpful way to guide you through the process without forgetting some of the features that are important to you and your family.
Your realtor will also want to understand your prioritized list. Understanding which features mean the most will help eliminate houses that won’t work for you and compare the homes that will. There are numerous qualities in a house that buyers should consider before making an offer. Each homebuyer is different, so finding the right home for you will require you to consider what you are looking for Location
Age of the house
One of the most important factors of any piece of real estate is location, location, location. Buyers want to find a location that allows easy access to the places they frequent the most work, school, shopping, recreation, place of worship, friends and family. Look for easy access to the main roads and check traffic flow. Checking this out before a purchase can help save you from hassles getting out of the neighborhood and onto the main thoroughfare or from an unreasonably long commute.
The location of the home within the neighborhood is also important to many people. Some people prefer a lot near the main entry, while others like to be away from traffic and further into the development. If there is a park, pool or recreation area, some owners would choose the closest available lot. Cul-de-sacs are favored by some, and some people like living on the main boulevard. Talk about your preferences, and ask your realtor if certain lot locations bring a higher purchase price.
The size of the lot that your house is on will impact various aspects of your home’s uses and potential so you should consider this before making your purchase. The shape of the lot will affect your privacy, and if you have a preference in the shape of your lawn or the length of your driveway you may want to consider the lot shape.
Many people give little thought to the size of the lot the house sits on. Within a neighborhood, the lot sizes might be fairly similar. Once you’re going to showings and looking at what’s available, you’ll soon see if you have a clear preference of large or small, corner or interior. Some lots are pie-shaped; some are rectangular, and some are irregular in shape. Depending on the level of privacy, how you will use the lawn, and the length of the driveway, this might matter to you.
The ideal number of bedrooms for each family will vary. If you are planning to expand your family in the future you should consider a home that has more bedrooms than you currently need. Each family will have an idea of how many bedrooms they would like. Most people will want at least two, and if there are children, the number increases. Some families like their kids to share bedrooms, while others like separate bedrooms for each to accommodate different bedtimes and study habits. If you have regular visitors for any length of time, it’s nice to have a bedroom that is designated as a guest room.
An extra bedroom often doubles as an office, den, kids’ playroom, or exercise room. Many hobbies can require working space and storage for supplies, and an extra bedroom serves this purpose well. Think carefully about your lifestyle and what will enhance it.
Extra bedrooms are ideal for families who intend to host guests, or they can also function as office spaces. Be sure to consider how you intend to use bedroom space in the short and long term to make the right purchase.
The number of bathrooms in a home can be an important factor for many homeowners. Consider how many people will utilize each bathroom – including gusts. Would you prefer to have bathtubs or showers in each bathroom? Newer homes generally have two or more bathrooms, although some bathrooms might not have a tub or shower.
Is the size of each bathroom important to you? Is there an opportunity to add a bathroom to the house if the need arises? Ask yourself these important questions while considering buying a home.
The layout of the kitchen plays a role in the function of the space. If you spend significant time gathering in the kitchen, you may want to consider a more open kitchen layout. If you do not cook often, a smaller or enclosed kitchen might be sufficient for you. Take time to consider the importance of the kitchen space for you and your family to help guide you.
Each family has different ideas about cooking. There’s the person who said the only reason there was a kitchen is because it came with the house! In that case, any kitchen would do. Then, there’s the vegetarian who cooks daily and uses a lot of fresh ingredients, or the quick cook who microwaves all the meals. Some people entertain a lot or have large families to feed. Whatever style of cooking you are into, the kitchen will require a close look.
Home appliances can be expensive to replace. Consider your preference in home appliances as well as the age of the current appliances in the home. Upgraded appliances can be a requirement or a bonus for some homebuyers, but they may not be a necessity for others.
Age Of The House
If you are not looking to renovate, some houses that meet all your requirements may have been built several decades ago. A factor to consider when buying a house is the age of the property. An older home may have its certain charm and appeal, but in turn may need more upgrades, repairs, and improvements. If you are interested in an older home, make sure you have the time and budget for renovation projects.
Building codes are also a thing to consider when buying an older house. Codes may have changed over the years so having a basic understanding of the building laws then and now can help you get a better understanding of the state of the house. Consult your realtor as they may have the knowledge of the state of the house or where to find the information.
Unless you’re buying new construction, there is generally quite a list of potential maintenance items. When looking at the house, you are probably making a written or mental list of all the things that could use a little help. They might be repairs, large or small, replacements or additions that would make the house a home.
Include the cost of the home’s maintenance in your budget. Some projects may be cosmetic and easy to complete. Other projects may require more time and money. The age and condition of the home at the time of purchase will have an impact on the cost of repairs and maintenance.
Before even looking, you should determine your price range and get pre-approved for a loan. Buying a single-family home is a huge investment, and there’s always more to it than just the purchase price. Think about how all costs will affect your finances and stick to your decision on price range and mortgage payment.
Of course, the purchase price of the home will play a large role in whether or not you should buy a home. Come up with a budget that is right for you and be sure to stick to it. Consider all costs and make a decision that will accommodate your finances and goals.
Pandemic impact on home buyers in India
If low interest rates and high tax exemption (rebate against home loan interest payment is as high as Rs 3.50 lakhs per annum) were going to make a change in the consumer behavior, the Coronavirus outbreak is likely to halt that shift, at least in the near to medium term.With property seekers unable to undertake site visits, this could result in the postponing of purchase decisions.
With the Coronavirus pandemic impacting all sectors of the economy, the troubles have compounded for India’s realty sector, which has been dealing with a challenging scenario since the economic and policy reforms were introduced. The slowdown since February-end is apparent and while site visits are almost non-existent, the decision-making process is hugely delayed