Tips To Help You Search For Your Next Home

Buying a home is a big decision, but it does not have to be so intimidating that you do not want to take on the process on your own. There are certain elements in the search process that can help you in making decisions about your selection of a home. Here are some search tips to help you find the right property for your needs.

Look at an Income Property

When you buy a home, it does not always need to be a single-family home that only you will live in—there are a variety of properties that have an additional suite or basement apartment or that are duplexes or three-plexes. A property that has space to rent out to a tenant will help you financially get into your own home but with the added rent potential.

To look for a rental property, you don't always need to look at a property that was originally built as a multi-unit property. You can find a property that has income rental potential within a subdivision or a similar area. For example, some homeowners have added a basement apartment into the basement of their home that is complete with a separate entrance, tenant parking, and utilities. And other older homes that were originally built with multiple bedrooms have been separated into rental apartments and are sold as such. 

As you search for a rental property, look for properties that are listed as multi-unit properties with two or more units. In each description, you can find details pertaining to the rental unit, such as if it is currently rented and how much rent it brings in.

Search by Price

A basic way to look for a home with the required amenities is to search by price range and a maximum you can afford based on your finances and mortgage qualifications. However, when you search by price, keep in mind that you can always negotiate a price down from its list price, as many sellers are willing to negotiate this. And just because a home is listed at a certain price does not mean that that is what you need to pay—always complete a market analysis with your realtor or the home finder website to help you calculate the property's true cost.

As you look for a home by its price, you may also want to look at lower-priced homes that are financially or physically distressed. This is a great way to get a home with potential equity that you can buy as a foreclosure or short sale, for example, or as a house needing work to improve its condition. And when you can do some or all of the work to rehabilitate the property, you save on the labor costs by not having to pay a contractor for the physical work to increase your equity in the property.