When you are looking at Ut homes for sale and trying to find just the right one to buy, there are several things to remind yourself of. Whether you're a house-buying novice taking your first tentative step on to the property ladder or an old hand seeking the perfect home for your retirement, the same principles apply. The rule is that you need to achieve the right balance between affordability, availability and suitability.
Affordability - Can I Afford This Property?
As a general rule, traditional mortgage lending principles allowed borrowing up to 3 your gross annual income. Couples could generally borrow three times the larger salary plus one times the smaller, or two-and-a-half times their joint salary. You may be able to borrow more but there's no point buying the house of your dreams if it's going to turn into a financial nightmare.
Your payments should not be more than 35-40% of your net monthly income. More than that and you are in danger of borrowing too much. Part of this is what contributed to the fall of the market in the past year or so.
Availability - Is It Ready in The Area You Want?
Having worked out what you can afford - remembering any costs for improving the property - you need to find out whether the sort of property you want is available in the area that you want it. It's likely that you will have to compromise on some of your likes and dislikes so be prepared to be flexible. Finding new Utah homes is easier than finding the older existing real estate properties in Utah, unless you have the help of a real qualified real estate agent.
The best way to conduct your search is to attack on many fronts is using a great local agent, local paper property pull-outs and looking on the internet. A good agent will know the areas locally and can often guide you to deals and help you structure them in a way you may not have known about.
If you're keen on a particular street, put flyers through doors asking if they want to sell. If you use a great agent, they can often help you reduce fees and you may get the property cheaper than would otherwise be possible.
Real Estate agents websites such as househuntinginutah.com can help, they can help you index properties for sale, plot them on a map and includes local details.
Suitability
You've found somewhere you like the look of and it's in your price range - do you go for it? You need to weigh up a number of factors:
1. Accessibility. Are your family and friends nearby? Is it convenient for work?
2.Facilities. Is it handy for shops, restaurants, parks and the cinema? Can you park easily?
3. Noise. Are you likely to have big semis rumbling past your bedroom at 3am?
4. Schools. Is the local one any good? Is the home within its enrollment area? Check with the school itself.
5. Space. If you are buying a home you want to live in for a while, make sure there is space for the family to grow.
Always follow the motto 'caveat emptor' - buyer beware. Suspicion is good. Ask why the seller is moving? What's wrong with the area?
Location, location, location
There are many factors affecting your choice of home but location should be your number one consideration. You can improve the property but you can't move it.
Think not just about the attractiveness of the neighbourhood, but how it might change in the future.
The price could be affected by:
A. New developments. If developers are building in the area it is probably a sign that the location is becoming more popular. But common sense applies - a meat processing plant does not have quite the same appeal as a luxury leisure center Your lawyer will check for any plans but it's also wise to have a look round the area yourself.
B. Transportation. A new rail or bus station or road may mean easier access to the center of town and can have a big effect on the value of a property.
C. Restaurants, bars and shops. New restaurants and bars open and close all the time but they can be a good indicator of the direction in which an area is heading. A fashionable High Street with trendy shops adds to the appeal of a location while shabby stores detract from it.
Check the price
You can obviously get a good idea of how much a property is worth by comparing with others. However, information on various websites could also help out. Your agent can help you with the Utah MLS and you can also see get an idea of whether prices are rising or falling in the local area.
Good Luck in your hunting. We are here to help you.
Email me or call me with any questions. Visit http://www.househuntinginutah.com or email me at anne@househuntinginutah.com
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