You have immersed yourself heavily in house hunting and then you discover that you are in love with 2 homes and you don’t know which one to choose. In such a situation, don’t be guided by emotion. Instead, let reason prevail.
In most cases, you will get only a couple of days or weeks to make a final decision. This is particularly true if you are in a market where homes in similar price ranges attract multiple buyers.
Sometimes the easiest way to arrive at a decision is to take a piece of paper and write down your budget, your family’s requirements, and the positive and negative aspects of each house.
Here are a few things you need to consider while comparing the two homes:
If the two houses are in two different neighborhoods, compare the pros and cons of each. If you have young kids, you will probably want to have parks in the vicinity. See which of the two neighborhoods will meet that requirement. You also want to know whether there are good shopping malls, restaurants and other services in the neighborhood.
Other things you need to consider are: Are the streets well-maintained? Do people keep their homes nicely? What about the commute to work? A home closer to your place of work is definitely worthier than one far away from it.
Visit the schools in the neighborhood. You will be able to find general information about schools online. It still makes sense to visit them personally. Talk to parents and teachers. The reputation of schools in the neighborhood often plays a significant role in determining the resale value of the home. That is why you need to consider this factor even if you don’t have school age children.
Visit the local police station and inquire about crime in the neighborhood. If the area is infested with crime, you will definitely not want to buy property there. You will probably also want to consider how the home compares to other homes in the locality. The biggest house on the block will definitely be more tempting than the others, but as far as possible, avoid purchasing it. When it is time to sell, the relatively lower values of the homes in the locality will reduce the value of your monster home as well.
Look for chances of appreciation. If the homes are different neighborhoods, and if one of these neighborhoods is showing greater chances of price appreciation than the other, you probably don’t need another reason to zero in on that neighborhood.
The sellers’ situation
Try to find out how long the homes have been listed. If the home has been listed for a long time, the seller will probably consider offers lower than the asking price. On the other hand, if the listing is only a few days old, the seller will probably want to wait a little longer if you are offering less than the asking price. Your agent should be able to find out why they are selling. If it is a divorce or something job-related, the seller will probably want to close as soon as possible. In this case, they are also far more likely to accept a lower price.
Compare the houses
Prepare a list of all amenities you would like your home to have. This will help you decide which home will be a better choice. You also need to consider the drawbacks of each home.
When you consider all factors carefully, you will easily discover that one home is better than the other. If both houses still look equally appealing, take yet another look at them. You might find out something you didn’t notice the first time you looked at them.
Once you decide on which dream home you are going to purchase, it’s a good idea to find out the value of the home before you sign the final papers. You can obtain a free home valuation report from Neighborhood IQ to find out how much a property is worth, especially after your fall and winter home improvements and maintenance projects are completed. Also, the Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, and match you with potential lenders.