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How To Avoid Overpaying For A Home

by Laviola Team 12/31/2018

When you’re shopping for a home, it’s easy to be overzealous in your attempt to find the perfect property. One of the biggest regrets of home buyers is that of paying too high a price for their dream home. There should be a balance between cost and the right property for you. No matter what kind of house you’re looking to buy or where you plan to buy it, a little planning goes a long way to help you get the most for your dollar when buying a home. Below, you’ll find some tips to help you avoid the dreaded mistake of overpaying for a home.


 Look For Amenities That Increase Value


Does the neighborhood you’re looking to buy in have a lot of cool perks? Perhaps the property is close to the heart of downtown or close to one of the most desirable schools in the area. These features add value to the home based on the demand in the neighborhood. 


You should also consider if the neighborhood is known as what’s termed “up and coming.” The potential that a neighborhood is also a factor in the price of a home. Is there a lot of construction going on in the area? Is the home you’re buying in a great area but considered a “fixer upper”? High potential properties in desirable areas can actually give you a bargain. A nice property in an area that is still being established can also be a bargain but beware. You may end up paying a higher price as sellers and developers understand that people are eager to move into the neighborhood. Also, if a neighborhood seems to be built up too much, it’s not a good sign. An overdeveloped area can lead to decreased property values over time.         


Inside the home, look for things that have been updated to increase the value of the property. An updated kitchen and bathroom add the most cost to a home as these are the most expensive rooms to renovate. Other perks in a home that greatly increase the value include new flooring, new roof, being situated on a cul-de-sac or dead end street, and easy access to highways and main routes.  


Know That Some Features Decrease Value


Things like power lines, poor economic growth in the community, high-traffic areas, foreclosures, and unkept homes can all drag down the value of a property. If you happen to be looking in one of these areas, understand that you shouldn’t be paying top dollar for a home there. Look for bargains. Whether you plan to stay or simply flip a property, you need to know at what point the price will be right without overpaying for the home.    


About the Author

Author
Laviola Team

Steve & Sharon Laviola have sold 24 homes in the first half of 2018 with many newarriving daily.... 2017 was a great year too with 31 homes in the area being sold by the Laviola Team. 2016 was supported with 28 home sales. Steve Supervised and staffed model homes for new community in 2015 where 61 homes were sold at high market pricing due to his knowledge of new construction and excellent communication skills. 51 Homes sold in 2014, so you can see that the stats for the Laviola Team speak for themselves....

Steve Laviola was the #5#5#5#5 individual agent with RE/MAX in the entire state of Tennessee in 2015. He received the 2014 Chairman's Club Award; less than one and half percent of RE/MAX agents, nationwide, achieve this prestigious award. He holds the Platinum Club Award, for two consecutive years and was also honored with the Hall of Fame Career Award. Sharon Laviola has proven marketing skills and provides that TLC for an excellent experience in property purchases or when selling a home. She has staging experience and is a member of the Institute for Luxury Home Marketing. Steve and Sharon have over 20 years of experience in Real Estate. 

They are very active in the community and give a portion of all sales to the Children's Miracle Network as well as many other local organizations in their area. Just more reasons for you to let their expertise guide you through the buying and selling process!