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Which Factors are Important in Your Home Search?


Are you looking for a new home in modern Morristown Real Estate? If so, you already know how challenging the whole process can be. We all have preferences and a desire to get a house that matches our needs. After all, as the saying goes, "Home is not a place… it's a feeling." For this reason, the Emily Lafrinere Team has made your search simpler by putting together a list of the important factors to consider while looking for your next home. Keep reading to learn more.

1. Location


You’ve probably come across the common slogan, "Location, location, location," in real estate. This mantra has been used over the years to emphasize the importance of location while looking for a house. Often we find ourselves being so moved by our emotions that we forget other external factors. 

For instance, you are looking for Morristown homes for sale, and you spot one with almost all the characteristics you want. Wouldn't you want to buy it when you set your eyes on it? Well, as much as this is normal, you should remember that it's possible to renovate the house, but moving it to another location is impossible. Some of the factors you should look out for when settling for a location are:

Schools



School is the most critical factor to consider, especially if you have kids or are planning to have them in the future. Ensure you conduct in-depth research on the schools that serve the areas you are interested in. How do the schools in that neighborhood perform? What are the reviews? These are some of the questions you can use as the starting point of your search.

Traffic and commute times



Think about how much extra time you would spend commuting to work every day. This should be the time spent on traffic and the time it takes to connect to the main highways. Some questions you can ask yourself are: What is the distance between the home and the main highways? And how long would it take to get to a means of public transport in case you have a problem with your car?

Neighborhood lifestyle


Your lifestyle requirements determine your preferred standard of living, and you probably want to live in a neighborhood that compliments it. Is there uniformity in the sizes and styles of the houses? Are the yards tidy and neatly kept? And if you own pets, it's also essential to check if the area is welcoming to them. You can drive around on weekends or weekdays after work to better understand the community's lifestyle. Whether you prefer an urban lifestyle or a quiet suburban setting, it's always a good idea to get a realistic picture first. 

2. Finance


When looking for a home in Morristown Real Estate, finances are an important factor to consider. This is because if they don't work in your favor, you might reconsider your options. The crucial financial factors to consider are:

The budget



You probably have some preferences and an idea of how you want your next home to be. However, the first questions you should ask yourself are: How much does it cost? What is your budget? And can you afford it at the moment? The answer to these questions will be determined by your income and how much you are willing to invest from your savings.

Payment plan


Sometimes you may not have the exact full amount to pay for the house. In such a case, you can agree with the seller on a payment plan that works for both of you. The plan includes the method of payment you'd be using and the duration it would take. You are obligated to abide by the terms of this agreement, whether they are written or not. It's crucial to avoid entering into agreements that won't benefit you or could ultimately burden you in the long run. Always go for a house that aligns with your financial plans and situation.

3. Home layout and size


It's easy to get tempted by some of the home's unique features, such as an outdoor living area, a sauna, or extra spaces. However, it would be best if you tried to stick to your preferred home size and avoid going for features you'll never use. Most older homes have limited storage space compared to new homes. If you have lots of stuff such as out-of-season clothes, or sports equipment that need proper storage, you might consider the new modern Morristown homes for sale.

Determine the number of bedrooms and bathrooms required, then only look at properties that fit your requirements. If you have a family, are planning to have kids in the future, or there's the possibility of staying with relatives, then you should consider a larger house with extra bedrooms and bathrooms.

Remodeling a kitchen may be expensive and time-consuming. But it can be worth considering if the kitchen only requires a few improvements to meet your demands.

Remember that size is only one aspect to consider, and the others are still important. Going with a house size that is out of your preference is not a wrong decision if all other considerations have been met.

4. Home site


Although the house is where you will live, the area and the land surrounding it should also be considered. Think about any concerns that may be present in the surroundings. You should research the neighborhood's history of flooding, for instance, if your preferred home is at the foot of a hill. A steep pathway could be a concern if the neighborhood receives harsh winters.

Also, consider how far you want to be from your neighbors. You may prefer a neighborhood with nearby houses and accessible neighbors or a location with few countable neighbors. Whatever option you choose, you should first assess the communities and check whether the residents are friendly and engaging.

5. Local amenities and infrastructure


Another critical issue that you must consider is the area's amenities. Check if the location is well-connected either by road or railway networks and if the local supply of water is adequate. Confirm to see if the neighborhood has recreation centers and streetlights and if there are services like phone and internet access.

6. Renovation and repairs needs



The house's condition is also a determinant when searching for a home. What state is the house in? Will you be required to make repairs and renovations? If so, how much would it cost? These questions are significant because they give you an idea of what to expect and help you plan ahead for such costs if necessary. Here are some pointers for addressing renovation needs:

Be realistic


The process of renovation is not easy. First, it is expensive, and second, it is time-consuming, which would force you to extend your planned move-in date. It would be best if you did not make a quick decision based only on outward appearance. However, considering the cost factor, you should view the house with a neutral mindset.

Uncover any hidden renovation needs


Besides the evident flaws, like the floors, walls, or roofs, some houses may also have other defects that are unnoticeable. These include the ventilation system, AC system, and heating system.

Seek assistance from a professional


Some areas might go unnoticed without the help of an expert. A home inspector can easily identify all these faults and comprehensively report their findings. A real estate agent will also advise you on the critical areas and costs based on your preferences and the home inspector's report.

Seeking professional assistance is always a good idea to make an accurate overview of house conditions. List all the possible areas that would need renovation, and note the estimated costs next to each item. This estimate will also help you, in the long run, to plan and save money for any future unforeseen repairs.

7. Resale value


The idea of selling your house while searching for a new one may seem strange. However, certain emergencies can occur that may force you to think otherwise. Such events include:
 
  • Relocating to another location
  • Buying and moving to another house
  • An urgent financial problem
No one can tell the future or when you'll need to sell the house. For this reason, it's important to consider the value of the house and the rate at which it will depreciate. A house should be treated as an asset. While searching for Morristown homes for sale, think about one that would give you profit in the end, or go for one that would not incur huge losses. Don't go for a house that depreciates at a higher rate. Additionally, consider how property taxes have changed over time to understand how much future payments might shift.

Let a professional assist in your home search


When looking for a home in Morristown real estate, there are many significant aspects to consider. If you concentrate too much on one, you might overlook other bits of vital information. The above considerations serve as a guide to help you determine what to emphasize.

Are you interested in finding Morristown homes for sale? If so, contact our team at Emily Lafrinere Realty, and we'll be glad to assist you in finding your next dream home.


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