The 3Ps of Real Estate: What Should You Be Concerned with When Looking for a Home???

So, questions that I get often are:

"What should I be looking for?"

"Suppose it needs work?"

"What should be a deal breaker?"

Well honestly, the answers to those questions can vary tremendously depending on so many factors. What's your intent with the home? How long do you plan to live in it? Are you even planning on living in it? and so on and so on... However, I have concluded that, in general, you should concern yourself with the 3 P's -- PRICE, POSITION and POTENTIAL!

Price - Well, I think this one is self-explanatory. Make sure you are getting a fair deal and something that is reasonable in comparison to what is happening in the market. In addition, do NOT bite off more than you can chew! Just because the lender approved you for $400,000 does not mean you have to buy a house for that much. You have to remember that you want to be able to live inside the house, as well as LIVE in general. Do not be house-poor just to say you are now a homeowner. Consider all of your financial responsibilities and make sure that the price of the home you buy is aligned with a comfortable living.

Position - When I speak of position, I'm referring to where the home is positioned. We've always been taught that it's all about LOCATION, LOCATION, LOCATION ! Where your home is located could have implications on how quickly it may appreciate. However, when I speak of position (location) being important, I'm not only referring to it in relation to value or return on investment. I'm also saying to be sure it is in fact somewhere you will love to live. Somewhere you can picture raising a family or just simply somewhere you love to come home to every day. If you are not a fan of the neighborhood, then remember, that will not change. You cannot assume it will eventually be how you picture it. Community improvements take time and money - it doesn't happen overnight.

Potential - This is something I cannot stress enough! Some homebuyers go in with an exact blueprint of what they're looking for. Sadly, unless you are an architect and can design it yourself - the odds of finding a home that has 100% of the things on your list is rare. You have to concern yourself with your "must haves". Examples would be: number of bedrooms, pool or no pool, one story or multi-level, etc. What you then need to look for is the potential that exists. If it doesn't have that ideal kitchen you imagined, does the space available lend itself to remodeling the kitchen yourself? If it is a 3/1 but you're looking for a 3/2 - do you see an area where adding an additional bathroom down the road could occur? So many things can be done after the fact.

In short - you need to examine if the Price and the Position of the home makes it worth buying due to its Potential.

CONTACT ME FOR YOUR COMPLIMENTARY BUYER'S CONSULTATION.

Milta S. Williams, Realtor

info@miltasellshomes.com

"The Time is Now"