Moving to a new city is an exciting venture that leaves people with plenty of opportunities to explore new areas, make new friends, and form new memories that can be cherished for years to come. However, before all of the fun can begin a major decision needs to be made: where a person will live.
Finding a home that suits your needs can be challenging as it requires balancing the costs with your budget, but this is easier said than done. To effectively make a smart purchase decision, consider all necessary factors that are involved with making a home purchase including everything from what the home looks like to the actual neighborhood it’s in.
How Expensive Are Homes Today?
Currently, the median home price in the United States is $440,300 as of the end of 2022. This is a pure average, however, and doesn’t take into account the fact that some of the most coveted states in the country will have far higher home prices. States such as California, Florida, New York, and others will have average home prices nearing $1,000,000, for perspective, with some parts of those states well exceeding the seven-figure mark. Take the time to perform market research in the area you are considering moving to in order to understand what the average home price looks like.
How Long Does It Take to Purchase a Home?
When a person is considering Pelican Bay Daytona beach homes for sale, it’s worth looking up how long it takes to actually purchase a home. This can help a person time their move more effectively so that they actually have a place to stay. In the majority of cases, the time from start to finish in the homebuying process is around six months. This includes four and a half months of actual shopping including around a month of additional time to close the contract.
7 Factors to Keep in Mind Before Making a Purchase Decision
With the average home price and amount of time to get your new home understood, it’s worth looking at the seven key factors to consider ahead of your purchase decision:
1. The Proximity to Entertainment in the Area
Perhaps one of the biggest factors to keep in mind when purchasing a home is how close the entertainment areas are to the home. Whether it’s a movie theater, nightlife, restaurants, or other entertainment venues, having options close to your home can help. Ideally, these locations will all be walkable distance to your home, but even having to take a small drive is far better than a multi-mile drive.
2. The Schools That Are Near the Home
Regardless of whether you are planning on starting a family in the near future or not, having schools in close proximity is extremely important from an educational standpoint. Going further, it’s better to have a slew of schools in the area so that multiple options can be considered depending on your child’s wants or needs.
3. The Commute Times to Work
For those who commute into work on a daily basis or frequently, consider how long it will take to get to your worksite from your house. Don’t forget to factor in the amount of time it takes when there is traffic, so consider researching traffic in the areas you are moving to. In addition to this, research any other similar drive you would make on an average basis to see what other drive times look like.
4. The Potential Noise Level of the Neighborhood
Make sure to research how loud the potential neighborhood you are moving into will be. If you can’t find reviews online through sites like Nextdoor, consider touring or walking around the neighborhood to see who is in the area. This can give a great indication as to how loud the noise may be in the area you are moving to, which is important for anyone with young kids.
5. The Interior Design and Functionality of the Home
Naturally, how the house looks is one of the biggest factors to consider as well. Start by ensuring you love the exterior of the home as this is what will be stared at consistently. Going further than this, though, think about how the interior of the home works when it comes to factors such as furniture, natural lighting, and more.
6. The Current Housing Market
One of the biggest factors that must be considered when looking at purchasing a home is the current state of the housing market. If interest rates are higher than they normally are and they don’t show signs of falling, it may be worth waiting to purchase a home until it becomes more affordable. While it may not be enjoyable to pass up on what seems like the perfect home, only being able to afford it for a short period of time will ruin the experience.
7. The Budget You Have in Place for the Purchase
Finally, consider the budget you currently have in place for the home you want to purchase. This budget needs to include items such as the down payment you can afford, the ongoing costs of maintaining the home in the future, and any other costs associated with a home. However, factor this purchase into your overall current budget in order to be sure that the decision to purchase a home will not ruin your financial standpoint.
Purchase the Right Home for You or Your Family
Regardless of whether a person is looking for a home for just themselves or the entire family, it’s worth taking the time to ensure you are making the right choice. Therefore, consider your budget first and foremost to determine what you can afford. From there, think about all of the other factors listed above to ensure you are taking everything into account for your decision. At the end of the day, there is no single right house for everybody, and so long as you love the home yourself then it is the correct choice.