Wednesday, July 01, 2009

What makes a property a “Good Buy”?

It all depends…on many things. Mostly on what you think your home should have and what is most important to you. To some buyers, the purchase price may not even be a factor on a “good buy”; to others privacy is everything.

Buyers all have a “hot button”…something that will make them pick one home over another. What that is, varies from one person to another and may swing from one need to another, just like a Florida breeze.

The price. If getting a financial bargain is most important than please do not expect a long list of other features this property must have. Cheap properties are usually priced that way for a reason….because they need work, or they have a poor location, or they have a funky floor plan or maybe they are just unappealing. It is rare that you will find a beautiful home with all top upgrades, bells and whistles, in a great location, at a “give-away” price. Most such homes exist only in advertisements with pictures that can look deceiving, descriptions that are “puffed” up and locations that you have not yet seen.

Location: Does a good location always mean it is a central location…not necessarily. You may want a home located near a particular school, near shopping, or in a gated community. Someone else may think a good location is golf frontage, an oversized cul-de-sac lot, or out in the woods with no neighbors. If you are looking for a location out of the norm, than you cannot be picky about the style of house. For example, it your #1 desire is to be on located on prime Lake Frontage and your investment has a budget, you just may have to settle for a bit less of a house.

Features: If your desired features can be added or changed, this should not be a deal killer if the price is right. If the house needs landscape, that is curable. A pool, fence and fresh paint can also be added…carpet and countertops can be changed. If a feature can be fixed, added or changed, and you are willing to alter some things, your ability to look at the possibilities and past the outdated colors can put money in you pocket.

Summary: Home buying is always a trade-off. You will never get the perfect combination, as it will always be that one property has the perfect floor plan, another has the perfect location, and another will be the best price. Stay flexible in your wants…if the house has solid possibilities, buy it, and then make it perfect.

If you want to know how much house your budget will buy just ask us.