If you're in the market for a home today, you know that there seems to be a bit of a crunch when it comes to homes for sale. Attractive homes are currently selling for well above normal home values—and they sell quickly. That doesn't mean that there aren't houses for sale that average people can afford and make shine. Here's what you need to look for when comparing these homes to find one you can truly make your own.
Cost of Ownership
Many people make the mistake of believing the price you pay for a home is the sum of the cost of ownership. That isn't the case. In addition to things like property taxes and home insurance, there are other costs to consider when comparing houses for sale. These things include homeowner's association fees, private mortgage insurance, maintenance fees, etc.
These costs can have a significant impact on your monthly payments and the total you pay to own your home. Don't forget to consider average adjustments for things like maintenance fees and HOA dues as they may increase substantially over the next decades.
The Home's "Bones"
While you may not be able to find the perfect fit within your price range during these trying times, it is possible to find a home with the right "bones," or framework upon which to build. This means that a home that has three bedrooms and a dedicated dining room may easily be converted into a four-bedroom home to meet the needs of your family, but only if the "bones," or the structure of the home, are right to allow that transition.
The Adaptability of the Home
The average mortgage is a 30-year commitment. Much can change in 30 years. You may have children, bring an aging parent into the home, or have children head off to college and leave the nest. You may even develop mobility issues that make stairs a problem. It's important to consider that while exploring houses for sale and choose a home that can accommodate these changes as they occur. In other words, you want to focus your search on homes for sale that can grow and adapt to the many changes life is likely to throw your way in the next 30 years.
Finding the perfect home isn't always possible in a fast-moving real estate marketplace. The key is to find houses for sale that you can, over time, transform into the perfect home for your current and constantly-changing needs.
For more information, reach out to a real estate agency and ask about houses for sale in your area.