After you’ve got your finances in order, it’s time to start shopping for a home. There are lots of things you want to consider when shopping for a home including price range, area, size, and specific home features, so lets explore these further.
Price Range
Your price range is dependent on your yearly household salary. In general, you can afford a home that is 2.5 times your yearly salary. Say you and your spouse take in $100k a year, then you could afford a $250k mortgage. There are plenty of online mortgage calculators out there that can give you a good idea of what you can afford.
Area
Now you want to consider where you want to live. Your three options are in an urban, suburban, or rural area, each with their own pros and cons. Urban areas are often closer to employers, entertainment, schools, and shopping, but may be more expensive. Urban areas may also have crime problems and be noisy. Suburban and rural areas aren’t as expensive as living in the city, but the drive to work, school, or shopping centers will probably be longer. These areas are definitely quieter than the city and also most likely don’t have the same level of crime problems.
Home Size
Home size is another factor you want to consider when shopping for a home. One-story or two? How many bedrooms and baths? What kind of square footage should I look for?
- Square footage – Homes with high square footage are cheaper per square foot than homes with less square footage, but you should also consider the layout of the home in this equation. Small homes that have an efficient layout may seem larger.
- Stories – One story homes are easier to clean and most likely less expensive. However, this means the bedrooms take up more space overall in the home. Two story homes have more living space and provide a nice separation of the bedrooms from the rest of the living space. However they are more difficult to clean and heat/cool as well.
- Bedrooms, Bathrooms, etc. – If you have or plan on having a family, you’ll need at least 3 bedrooms if not more. Singles or seniors are generally fine with two bedrooms. Similarly, families will probably want more than one bathroom in order to avoid conflicts in bathroom time when everyone gets ready in the morning. Singles and seniors may be fine with one. Adding a second bathroom is always an option. You’ll also want to consider other features like a garage, which protects your cars from the elements and adds more storage. Finished basements are also a nice option, though you can most likely finish an unfinished basement unless it’s very old.
If you’re looking to invest in low-cost properties with lots of earning potential, we can help. Gray’s Home Solutions has properties of all types across the state of Maryland. Contact us for a full list of properties. Even if you’re not looking to buy right now, you can participate in our sellers referral program. Here’s how it works. Send us the phone number and property address for a For Sale By Owner or vacant property. We’ll take a look, and if we buy the property we’ll pay you $250 as a thank you for providing the lead.
Are you interested in learning more about selling your home fast? Our ebook has a ton of great information for you. We also have an ebook with information on how to avoid foreclosure, available for download here. They’re both free, so give them a look. You can also connect with Grays Home Solutions on Facebook, Twitter, Google+, and LinkedIn for more real estate made simple.
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