Helping You Achieve Your Dreams Of Buying A Home
Owning a home is one of the most significant life dreams for many. But when it comes to buying a home, every potential buyer seeks something different and unique to their wishes. It is this uniqueness that makes buying a home difficult for many buyers. In the end, the hopes of owning that perfect dream house is what motivates their ambition.
The acquisition of private residential property is a process that starts with focusing on what you want in a home. Following that, you will need to be realistic about certain aspects. This includes things such as whether you can afford it without facing financial straits. Over the years that we have been in this industry as a real estate brokerage company, we have amassed a treasure trove of knowledge on what it takes to buy and own a home.
We often advise our clients to look at it from a business point of view. If you are starting a company, you need to first consider what your business is about. In addition, you need to consider whether or not it is the right time for the venture. To help you understand things better, we suggest that you spend some time evaluating the various elements that constitute what you will be calling your home. You also need to factor in whether it is the right time to make such an investment, and if not, then when is the right time. We will help you figure these things out by answering key questions below regarding buying a home.
1. What Is It You Want In A Home?
That dream house you desire should have and offer all the things that you need to make it as welcoming and comfortable as possible to live in. Primarily, you need to focus on the essential components of the property. It will help you avoid buying a ‘Money Pit’ when thinking that you are making an affordable investment. Will you contend with the possibility of amending some elements of the home to give it a unique personality? What if it all comes at the cost of not enjoying where you live? Therefore, you will have to consider the following:
• You need to invest in a thoroughly inspected property so that you can take into account its architecture, age, structural integrity, security, and heating. The costs of heating and cooling a home keep rising. Thus, you should consider this when buying a home. Is the HVAC system up to date and is the property energy efficient? What about air quality?
• Are you satisfied with the design and how long it will last before you decide to change the bathrooms, kitchen, attic, basement, or any other area in the house? In short, if you purchase a property and believe you will still do some renovations in the future, then you need to factor this into the overall acquisition costs.
• When thinking of the renovations, you need to think of how the house is set up. Are there elements you feel will not meet your personality, needs, or goals? Its strengths should outweigh the potential weaknesses to help you see promise in the home when you fix up a few things here and there. What options do you believe will be an essential addition that will help you fully enjoy your new investment? Most importantly, are there realistic opportunities that will make such changes possible? The weightiness of the answers to these questions regarding the remodeling of the property should help you decide if it is worth buying.
• The purchase means that you need to dig deep into your pockets. However, buying a home should not cost you an arm and a leg, nor should it become a thing of your nightmares. It should not be giving you sleepless nights after purchasing the place. As such, you need to review and re-assess the overall costs of making such an investment. The fact is everything from the total energy costs of keeping the home warm to the safety and security costs should be included in the principal price. You should also take into account the interest, escrow fee, utility costs, real estate taxes as well as other charges.
Based on the above, it is evident that you cannot wade through such turbulent waters without the assistance of experts. Hence, the reason why you should consider enlisting the services of reputable realtors. We at Victory Real Estate LLC will help you make sense of it all so that you know what it is you need to look for and take into account when buying a home. But to get you there, you also need to understand why you need to include a time element into the mix. For this, you will have to answer the following question:
2. When Is The Best Time To Buy A Home?
Again, we recommend that you look at it from a business point of view. It is wise to assess the market to determine the best time to make a move. For instance, you cannot launch a product offseason; timing is everything. You increase the chances of having a better reception of your product or service when you make such a move in the right season. Similarly, buying a house is a matter that dictates you take into account the market trends and seasons.
Some people will question whether there is such a thing as the best time to buy a property. Our answer to this is simply – it depends. A few factors will be in play, and they include your needs and goals, availability of properties of interest in your local market, and your capacity to finance such an investment. All these things are subject to time. However, we cannot overlook the fact that houses sell all year round. But which times present the ideal opportunity for buying a home?
• The real estate market during spring:
It’s perhaps the busiest period with a lot of action and activity. For starters, the timing is perfect. Winter is often too iffy, in addition, many are focused on making the most of warm family time. Summer is when vacationing is in the minds of many. And fall finds many focused on back to school. That then leaves spring as the perfect time; moreover, the buyer will be able to buy and move into their new house. However, such a buzz of activity means competition is high, and thus prices are bound to be up with some beyond reach.
• The real estate market during the summer:
In most cases, the properties listed in spring that do not sell will often remain up for sale during the summer. We have witnessed that more than once, and these homes will then face some price adjustments that lower their asking price. With fewer buyers looking into a property to buy during the hot months, competition is limited, and this is one of the prime times to buy a home.
• The real estate market during the fall:
It is a time of the year that traditionally is a slow activity in the market. But this has been changing over the years as the drive to own a house becomes something that more and more people yearn for and put in the time, effort and money to acquire. The number of sellers is not as high as is that of interested buyers. However, there may be a house that you find interesting and worth becoming your dream home.
• The real estate market during winter:
Buying a home during winter is not unheard of, but it is not something that we can say is common. During this time of the year, the weather is not that charming. Therefore, there are fewer sellers and buyers than during the other three seasons. The subsequent result of this is that properties are listed at more realistic prices.
Overall, from our professional standpoint, we cannot claim that any of the seasons are a far better choice than the others. The market prices will take a dip and then sore as the seasons come and go. Thus, you may find it favorable to buy a home during winter. Conversely, the weather and other demands of life may push you to consider making such an investment in the spring or during summer. To answer the second question, what we can say with utter confidence is that the primary factors that will govern when to purchase that dream house are your needs, life priorities, and your financial readiness.
Buying means spending, and this then means that you need to consider the impact it will have on your finances. We have one word for you that you need to appreciate when it comes to owning a home – Mortgage.
Overall, you are in a better position to buy a home, and the investment will be valuable when the mortgage interest rates are relatively low. When the mortgage rates spike up, the monthly carrying charges respond in kind. This has some significant impacts. As such, it is costly to acquire and own a new home during such times, let alone reside in one. Moreover, the increase in real estate prices makes it hard to qualify for a mortgage. But if you are willing to wait it out, the decreased number of qualified potential buyers will cause a shift that leads to the lowering of prices. It is all a matter of the supply and demand theory. Whether things take a change in the market is not governed by the existing sellers but the available buyers.
Give Us A Call
Are you thinking of buying a house or investing in the real estate market in Philadelphia? Let Victory Real Estate LLC help you achieve your dreams. Buying a home is a significant investment with a lifetime impact. As such, it should be an investment done the right way, right from the get-go. Call us today at (267) 666-0666.