If you are on the hunt for the house of your dreams, you might feel discouraged when you see a home that is outside of your price range. While it can take time to find the perfect house, knowing what factors might lower the value of a home can help you succeed with realty services more quickly. Take a look at this list of potential price-plungers to see if you might be able to fairly offer less than a home is listed for.
You might think that having a home on a corner is a boon: After all, you get a bigger piece of land, in most cases! While you may see it as a plus, others may decide that having two streets' worth of traffic is a big thumbs-down. Also, because the home may have sidewalks on two edges of the yard, you'll have more shoveling to do if you live in an area with cold winters. If none of this bothers you, then you might have great luck getting a nice house on a corner lot for an affordable price.
Although the thought of lounging on a pool deck and floating away the stresses of a hot summer day sound lovely, swimming pools do come with the obligation for maintenance. In addition to that, homeowners with pools have an increased liability and greater responsibility, particularly if they have children or grandchildren in the home. For these reasons, it's possible that you might end up being able to buy a house with a pool for about the same price as you'd pay for one without a pool.
Depending on where you live, the homes in the area might be predominantly one- or two-story homes. If the neighborhoods have a healthy mix, be aware that those with the bedrooms upstairs may be less expensive than those that are ranches. People with young children and retirees may prefer one-story living, so it may make sense to offer less than the asking price for a two-story home. This might not apply if a bedroom and a full bathroom are present on the lower floor, however.
Towering oaks, maples, palm trees or pine trees in a neighborhood certainly make for a distinguished appearance, but savvy homebuyers know that big trees placed too close to the foundation of a house can spell trouble in the future. If you are looking at a home with trees within 20 feet of the foundation, either think it through carefully or ask for a price reduction. Other dangers of trees in the yard include fire hazards and plumbing problems.
Being close to a train station or airport might be ideal for you if you travel frequently, but others may not feel the same way. After all, you may be sacrificing peace and quiet or even clean air if you are in close proximity to a transportation hub. Since the biggest factor that you should consider when purchasing real estate is location, this might be your chance to get a great house at a low price.
It might be your (or your partner's) dream to have a man-cave, or perhaps you would love to have extra living space or a spare bedroom. While a converted garage appeals to some people, others would rather have the space to stash their cars. If you are open to a garage conversion, be sure to let your realtor know, as he or she can keep an eye out for a home that is a great deal due to this characteristic!
As always, you should follow the advice of your real estate agent when deciding how much to offer for a home. He or she will be able to show you listings of houses similar to the one you are interested in, so you can see what the going rate for such a house should be. Good luck in finding the home of your dreams at a price you can afford!Share