Looking for a new home can be a daunting task. Unlike shopping in malls, there are a number of factors that you need to consider so you don’t fall in the wrong house. Buying a house can be a gamble too. You choose the wrong one, and you can end up head over heels with your choice and regret later. To think it involves a lot of money, it might be hard to get it back again.
So I am going to make it easier to you. In truth, you don’t need to rush when buying a home. Your realtor has all his time for you. Even if you are rushing for the holiday, it is far better to buy a house that meets your needs no matter what time of year. Here some things that you need to think through with a rational mind so you can have the right home and live happily with the people you physically want to be with.
1. Look for houses within your budget.
First of all, you need to have a budget. The median single-family home cost in Maui is around $435, 000 to $480, 200 – the price has gone up 4.4% over the past year. With this price you can already expect a one-story bungalow or 2-story concrete house with great location, good features, creative exterior and interior designs, and quality construction. Most expensive houses are sold in millions. For example, one of the costliest houses sold in Maui is the Walea house owned by Thom Weisel (founder of the Thomas Weisel Partners Group) which cost $29.3 million. However, you can expect the property to be really huge featuring 8 bedrooms, 8 bathrooms in a very vast lot along the coastline. If you are looking for houses near the coastline or along the beach, they are typically more expensive. The cheapest houses are sold around $140, 000 to $235, 000 and up depending on the location, house materials, design, and many other factors.
Oftentimes, the right house is not the biggest house of your dreams. Your dream house can be too huge to heat and cool, and cost even more considering some extra expenses in its upkeep. So try to use your budget as gauge in choosing your home. If your dream house is too expensive for you, you can look in some listings for average priced houses nearest to your imagined design.
A house that is well within your budget and has amenities that will make your stay enjoyable throughout the fall, winter, spring, and summer is perfect. If you want a house that has an outdoor swimming pool, you might want to save your money until fall or winter. Home prices usually drop during this season.
3. Shop with a real estate agent.
A qualified real estate agent can help you go through the tricky process of buying a house. You might say that you don’t need one because you have an internet, and it basically lays down to you all the things you want to know. But you cannot really trust everything that is published online. If you have a real estate agent who has access to the MLS, you can get accurate and personalized information of your aimed house in the best way possible. Here are some perks of having a real estate agent:
- He can give you a full disclosure of the house’s problems and can give you truthful advertising
- He can advise you of the price you can afford and apprise you of the associated risks you might suffer in the long run
- He will take care of the documents, and make you understand the pros and cons of the contract before you sign it
Whether or not you have a car, distance from home to work is something you need to consider when buying a house. Let’s
say you found a very affordable home which is 20% less your intended budget. However, it is located in the suburb and very far from the city center where you report for office. Well, if this is the case you may need to throw some questions to yourself such as: How many hours does it take to drive from home to work? Will I be spending more time with family? Will I really be able to save in the long run?
Your realtor can answer most of this questions but if you have some doubts, you can actually look for another option elsewhere. To give a narrower picture, let’s say the gas in Maui cost around $4.19/gallon and the distance you need to drive everyday is 35 kilometers back and forth. Now, you need to consider how much distance a gallon of gas can cover, not to mention some errands and getaways. From work alone, you might be spending more money on gas than your house’s monthly interest. If you consult your real estate agent, you can have all risks pre-calculated for your own convenience.
5. Consider your family’s opinion.
What your family want matters a lot. If you are eyeing on a certain home, try to seek what your family can say about it. It feels better to stay together in one home that is loved by everyone. If you are not staying with a family, you can consult your partner or whoever you are staying with. You may pick up important pieces of advice that can lead you to purchase the right house.