This list will help you start your search for a home. Although the main factors that you should consider are the number of rooms and the condition of your kitchen and the size and location of the yard, there are many other things to be aware of before you make an offer. Gary Kevin Coats, Raleigh, NC realtor shares his top 10 tips for home buyers.
Here are some things to consider when purchasing a home.
1. The Location
Location, location, and location are the most important factors to consider when purchasing a home. While you can make most things better, your home’s location is not. When you’re house hunting, think about how close the home is to your job, where it is located on the lot, traffic, noise from neighbors, and proximity to your work. You should also consider the accessibility to shopping, schools, parks, and public transport.
Do not buy in a bad or good neighborhood. Instead, choose a place you feel comfortable with. You should do your research about neighborhoods. However, remember that most of the most desirable neighborhoods will be more costly investments. You want to invest in a neighborhood that is on the cusp of becoming the best.
Let’s begin with a real-life example from Gary Kevin Coats in Raleigh, NC: I bought a house in a “bad neighborhood.”
13 months later, I have an estimated $83,000. Considering that a home on the same street was sold for over $200,000 in just three hours, it’s more than double what I paid. Another smaller home is also available for sale on my street at $258,000 (it’s too expensive). The value of this home has been increased to 325,000 by 2022.
This area is becoming a popular choice, especially for millennials.
What does buying in a supposedly ‘bad area’ offer that buying in a good one doesn’t? Higher floors. This means that the neighborhood is less likely for it to decline since it is already considered ‘bad’.
Read: The Raleigh Real Estate Market in 2022
This home is located less than one mile from downtown Raleigh NC. With the growing city, many buyers are looking to purchase in this area.
Raleigh and Charlotte are two of the most sought-after locations for millennials, young parents, and retirees. These are wonderful cities to live in. Everybody wants to live downtown, particularly millennials who make up over 60% of all buyers.
It is time to look beyond the current situation and focus on the future. This is what Gary Kevin Coats calls reverse-engineering the future of the area you are considering buying a house in.
Many Real Estate Agents will tell their clients to “buy in a safe area” but this is missing the essence of real estate investing. It doesn’t necessarily mean that the neighborhood will be safe in five or ten years.
2. The Site
It is also important to consider where the house is situated. You may be able to get a house that is located on a busy street or close to a highway for a lower price but it will be harder to sell later.
This is true for houses that are located next to commercial properties, such as grocery or gas stations. It may also apply to houses that are near large churches, community centers, and streets with unusual parking traffic. A house with a beautiful view or close to a body of water is also likely to be more expensive, both in the present and later stages.
Gary Kevin Coats stated that the site of the home is one of the most important factors for resale.
“A home in Raleigh with a great lot will sell 3x as quickly as a home on the main road of in the middle of nowhere.” States Gary Kevin Coats. “Look at the location of the home. Is the home on a hill? Does it have a view? A walkout basement? Are there many stairs to climb? Are neighbors’ windows looking directly into the home from their windows? Is the yard safe for children, pets, gardening, and other purposes? These are all factors to consider if you plan to resell the home later.”
Access to the property is safe due to driveway elevation and stairs to the front door. Consider how your accessibility requirements might change over time if you intend to live in the house for the long term.
3. The Neighborhood
Make sure that the neighborhood and not the house meet your expectations. You can research a neighborhood by driving around during the day or evening, on weekdays as well as weekends.
“Good neighborhoods often have indicators of stability such as well-kept houses and yards, proximity to amenities, low crime rates, and public transportation.” Gary Kevin Coats stated.
“If you’re moving to a new area like Raleigh or Charlotte, a local realtor can help you find out more about the surrounding areas. You can ask them questions about the area, schools, events, and community. You may not need to go through this step if you’re buying a house in your hometown. However, realtors might have an insider’s view of home sales and may be able to negotiate a lower price for you.” Gary Kevin Coats adds.
Do the homes in the area have similar sizes and features? Are the yards kept clean by neighbors? Is it safe enough to run, walk, or cycle in the neighborhood? If you are concerned about your pets or children, make sure to check if the neighborhood is pet-friendly.
4. Curb Appeal for the Home
Your design preferences and lifestyle should be reflected in your home. Are you a relaxed person who doesn’t need to maintain your home?
“Curb appeal refers to the exterior value of a home. A Raleigh home with curb appeal is more appealing to the eye and inspires confidence. Because of its positive effect on buyers, great curb appeal can help a house sell faster and fetch more money. It is the first thing people notice about your home and is a great indication of how well you maintain your home.” Gary Kevin Coats pointed out.
Many homeowners neglect their curb appeal when they put their house on the market. This is a big mistake. This can lead to a loss of perceived value and a decrease in the selling price of your home.
You might be able to live a more relaxed lifestyle without needing a formal Victorian home or Tudor-style home that requires a lot of maintenance. You might consider a brick house. You should also check the condition of your roof, patios, and decks. Also, check out the landscaping to see how much maintenance you will need.
5. The Floor Plan and the Size
A floor plan allows the buyer to visualize a property as their own. The buyer can visualize how their furniture will fit in the space, and how they would live in that particular layout.
Floor plans provide homeowners with the information they need about their home’s structure and layout.
“If you won’t use the space, don’t be drawn to a large or unusually designed home. Before you start house hunting, you should determine the size of your home and what you want from it. Also, you should consider your ideal floor plan. While extra square footage may give you the craft room, home gym, or theater room that you desire, it will also mean higher energy bills and taxes. It will also require more furniture to fill your home. Realistically consider how much space you will need to live comfortably now and over the life span of your stay.” Gary Kevin Coats highlighted.
Try not to fall in love with someone else’s layout. The furniture is not usually included in the home sale.
6. Bathrooms and Bedrooms
Determine how many bedrooms and bathrooms are necessary for you, then only consider homes that fit your criteria. A charming, cozy cottage is not enough to make you fall in love. Do not assume that you will be able to add more square footage in the future. Consult an architect to get advice on how to plan space, use lots, and comply with city regulations. Consider who you might have living in your home in the future. Consider whether you might have children and if so, consider bringing in family members or finding roommates.
Gary Kevin Coats uses a recent example: A Raleigh homeowner recently sold their home because the buyer fell in love with the bathrooms.
“A bathroom that has been recently renovated and requires only minor changes is likely to be worth the investment. If your bathroom needs significant work (both in time and money), then you might consider selling the house as-is.” Coats stated.
Read: 34 Things to Clear in Your New Construction Home
The kitchen, living room, and master bedroom are the most important rooms. It’s not enough to focus on the most important rooms. To make a great first impression, you will need to avoid major turning-offs like limited parking and bad smells.
7. The Kitchen
Don’t settle for a kitchen you don’t like if it is the heart and soul of your home. Remodeling a kitchen can be expensive and time-consuming. Many people choose to remodel their kitchens to achieve the exact look they desire. If your home is not within your means, you might have to wait for your dream kitchen or live with it. It might be worth looking into if your kitchen needs minor updates, such as new appliances.
The data shows that the Kitchen has been the most important room for home buyers and sellers. Sixty-nine percent of homes for sale on realtor.com(r) mention the kitchen in their descriptions. This compares to 49% who mention the bedrooms and 21% who mention the living area.
Gary Kevin Coats explains why the kitchen is so important in real estate.
“It contains everything you need to prepare meals. It is also the hub of communication. Because it provides a focal point and direction for the household, the kitchen is the most important space in the house.” Coats explained.
8. Closets and Storage
Older homes have smaller closets and less storage space. If you have lots of craft supplies, sports equipment, or holiday decorations, you should make sure you know where it is stored when you go house hunting. You might start your search by looking at the homes. Although you can always increase storage space, it might be necessary to sacrifice some living space such as converting a bedroom into an office or closet.
According to Zillow.com, closets are the second most requested amenity. A storage solution that is integrated into commercial or residential builds and remodels can save the client both time and money.
Organization saves Time: All items and clothing should be easily and quickly accessible. All items should be easily accessible. Clothes management can save money. Everything must be easily accessible and visible so that it is easy to find what you need. The consumer will spend less on clothes if they have fewer.
We asked Gary Kevin Coats if closets increase the value of a home?
“The short answer is that a custom closet can increase the value of your home and provide a better return on investment than other renovations. A custom wardrobe can transform an unutilized space into a bedroom and increase the home’s worth.” Gary Kevin Coats stated.
9. The Windows and Lighting
Take a look at the views from your windows to see how much natural daylight they allow in. Pay attention to the lighting and views from windows in the living areas where you will spend the majority of your day. It’s not a good idea to stare at your neighbor’s house or use artificial light in your room because it’s too dark.
Lighting is essential for any space. It makes work much easier and can change the mood. Lighting is essential to make your interiors look inviting and vibrant. Lighting can affect the atmosphere and the perception of space.
We asked Gary Kevin Coats why are windows and lighting so important to buyers?
“A small room may look larger if there are large windows that overlook greenery. Lighting that isn’t updated will reflect the age and condition of a house. A good light can enhance the home’s features and make it seem larger, more modern, inviting, and more welcoming to potential buyers.” Coats stated.
“Also, be sure to check for outlets and light fixtures that are already installed in every room. Although you can always add more artificial lighting or outlets later, it is nice to have them in place before you move in. In Raleigh, NC, the emergence of smart lighting is the new theme for home buyers. They are drawn to Artificial intelligence and solar.” Coats adds.
10. Final touches
The details such as trim and hardware can make even the most basic home look extraordinary. A stylish fireplace and custom window treatments can also be selling points. Tech updates such as a smart temperature or a security system can also be attractive. These elements are worth looking for when you’re house hunting. You can also add them to your home once you have moved in.
It is crucial to understand that millennials make up over 60% of buyers when looking for a place.
Are you buying in an area that appeals to this particular demographic? If the answer is yes, it is likely that you are purchasing in an area that will have high demand. Demand raises real estate prices. The number of millennials choosing to purchase instead of rent is increasing.
In April 2022, the median listing home value in Raleigh, NC stood at $400K. This trend is up 15.9% year over year.
Gary Kevin Coats explains that a plan is essential when you are buying a house. You can sell your house down the road if you are aware of who your potential buyer will be. You will have an easier time selling if you purchase in an area that is attractive to the most buyers.
These are the key elements to a successful house hunt. You could find the perfect home.
About Gary Kevin Coats
Gary Kevin Coats, a Raleigh-based real estate broker, is highly experienced. Coats Custom Homes’ constructions director is he. Kevin is his middle name. He lives for his passion for understanding both residential and commercial real estate markets.
Kevin was eager to improve his academic credentials after high school. He earned a B.A. Campbell University, Buies Creek NC.
Kevin began his real estate career at York Simpson Underwood in 2001. This is a well-known brokerage in Raleigh, NC. He was named “Rookie Of The Year” as a broker associate for the highest sales volume in his first year of business. He used the knowledge he had gained at YSU to start his own company, Featured Properties, in 2003.
Featured Properties, a Raleigh-based boutique real estate brokerage company, offered a complete line of residential and commercial property services and support. Kevin was the broker/owner, and he employed a small team of junior brokers. He was instrumental in the sale-out of Caraleigh Mills, a large commercial development that involved the conversion of an old textile mill into luxury condominiums. Featured Properties was primarily focused on residential brokerage throughout its remaining existence. Kevin joined the Coats Custom Homes family to manage the new construction division and extensive remodeling. Many of the work was speculation. Coats Custom Homes bought existing homes and then did a complete renovation to the home before reselling them.
To learn more about Gary Kevin Coats, please visit https://kevincoats.com/