Factors to compare when picking between potential homes

 

July 15, 2011

 

Home buyers can often tell right away if a home they're looking at doesn't suit their tastes or needs - but what happens when they're torn between several options? Sometimes, buying a home isn't as simple as coming across one's dream property. Home buyers might have to choose between a couple of different homes, and in those cases, it helps to have an experienced real estate agent to break down the positives and negatives of each. Below are a few factors home buyers should keep in 

mind when they're down to the finalists in the home buying process.

 

 

Two homes that are similar in purchase price may differ greatly in secondary costs. The National Association of Realtors (NAR) reports it's important to ask the home seller for past utility bills and property tax payments, since this can determine how much the new home buyer will pay for those expenses. Home sellers may also be able to give some idea of what it costs to maintain the property regularly. According to Freddie Mac, maintenance costs should average between 1 and 3 percent of a 

home's value each year. If all other matters are equal, these considerations might make the difference in a home purchase.

 

 

A number of factors determine how a home's value is calculated, including its location, condition and the value of surrounding properties. Freddie Mac reports a real estate agent can normally provide information on how a particular home's value has changed over the years, providing at least a general idea on how well it will retain its value in the years to come. Home buyers may end up choosing one property over 

another because it will hold up better price-wise in the long run.

 

 

Beyond financial matters, home buyers may want to compare each home's features and amenities one last time. According to Liberty Mutual, it helps to look into each home's safety features and construction quality.    Additionally, NAR reports it can be helpful to compare each property's neighborhood and see which would fit their desires and needs better. 

 

Ultimately, Freddie Mac reports these characteristics can affect how well the property maintains its value over time, and real estate agents can provide appreciation-related knowledge to help home buyers break the tie.