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How To Avoid Overpaying For A Home

by Robert & Nancy Lindeman 11/28/2018

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
Robert & Nancy Lindeman

Robert and Nancy Lindeman have over 25 years of experience in residential and commercial real estate transactions, and have been top producers for many years.

They pride themselves on providing a highly individualized approach to each client's needs, including a strong presence on the Internet. Weekly blogs about the Sarasota Lifestyle provide a wealth of information to their clients. Social networking has enhanced their marketing efforts and has resulted in a new source of buyers and sellers.

They are currently living the Downtown Sarasota Lifestyle and have sold many downtown condominiums as well as properties on Longboat Key, Lido Key, Siesta Key, St. Armands Key, Bird Key, in many golf course communities, and in the greater Sarasota/Bradenton area.

Testimonials

Our experience with Bob and Nancy has been great. They are both SRQ "realty savvy" and a really nice couple, who genuinely care about your situation and interests

Guy & Nancy,

Nancy and Bob Lindeman have been friends and realtors for over the past 14 years during which time we have purchased three and sold four properties, they have been very professional and responsive throughout the period. We wouldn't use anyone else in Sarasota market

George and Charlotte,

Julie and I wanted to drop you this note to express our appreciation to you for your wonderful help and support with the purchase and sale of our old home. It was great to have your support in planning the sale and then in taking care of those pesky things that need to be taken care of to satisfy the buyer. The guidance you gave during the purchase of our condo at the Vue, helped to make us comfortable. You helped make our dreams come true.

Many Thanks, Julie and Richard,

Bob and Nancy Lindeman were fantastic to work with when selling our condo. They are a team and communication during the selling process was excellent. Nancy and Bob prepared brochures and a video tour of our condo that displayed it in the most attractive way. what was most impressive was the manner in which the internet listing was devised! Any search for a condo in downtown Sarasota would produce our condo in the results and it was most likely to first item. Many thanks for the creativity and work that Bob and Nancy put into a sale

Lynne and Marvin,