Meridian is a city in the South-west part of the state of Idaho. Located in Ada county, it is the third-largest city in the state. This city is ranked among the fastest-growing cities in the United States and is consistently ranked as one of the best places to live. There is a great reason for this distinction because living here offers the best of everything. It successfully balances the simple Idaho lifestyle and also provides all the urban amenities. If you are planning to settle and buy a home in Meridian, well, it is a great decision! Here are some useful tips to buy a home:
New vs Existing home
Every homebuyer is faced with this dilemma of whether to buy a new home or choose an existing one. Each one has its own advantages and is primarily based on personal preference. Some buyers like to purchase a new home as everything is new and can be created as per their taste while there are others who like the fact that the old house has some history which comes with families living in that house for many years. Let’s check out some of the advantages:
Advantages of buying an Existing Home
- The neighborhood: Existing homes will have a well-established and charming neighborhood with big trees and a good landscape. Homes are not alike and give a sense of pride that their house is different from others in the locality.
- Location: Usually, older homes are located in the center of the city. Most of the family homes are close to the city’s recreation like malls, pubs, etc. It also means that there is less commute to and from work.
- Cost: New homes are comparatively costlier than older homes because of the rising cost of land and construction materials. Also, new homes will have associations to provide services and that comes with association fees. Also, these association enforces regulations for community activities which may not be liked by the homeowners.
Advantages of buying a New Home
- Low maintenance: While the older neighborhoods need to pay for the homeowner association fees they usually end up with higher maintenance costs. The plumbing, electrical and even concrete products age, so old homes need constant upkeep. The newer homes will not need much maintenance and they are covered under warranty against defects.
- Safe and Energy Efficient: Another advantage of new homes is these buildings have to follow the building rules and regulations which make it safer from natural-calamity. These houses are more energy-efficient and have better insulation which results in lower utility bills.
- As per your taste: When you buy a new home, you get to make choices on the wall color, appliances, bathroom fittings, etc. Even new homes can be built as per the architectural style you like and make it look beautiful with contemporary designs.
- Better facilities: The newer homes will have more facilities to enjoy like swimming pools, playgrounds, clubhouses, gyms, and other such facilities. If you are fond of high-rise buildings, there are many redevelopment projects in urban centers. Such homes will be close to city centers and hence require less commute.
The age of the home is not as important as quality. While buying a home it is essential to look at the quality of the building and then decide. Keep an open mind, when you are looking at homes and look at the best combination of amenities and value of money rather than the age.
Things to consider before Buying a Home in Meridian, ID
You will need to consider many factors before buying a home. Check out these tips to make the home buying process manageable:
Know the market
Meridian, Idaho has many things that make it an attractive place to live apart from its idyllic location. It has an affordable cost of living and is 2% less than the national average. The sales tax and the state income tax are also low with groceries costing 11% less and transportation 13% less than the national median. A close look at these Meridian Idaho homes for sale at HomesInMeridian.com shows that the housing market is booming. New, as well as old homes, are available and one can find their dream home at affordable prices. Home value appreciation is up by 13.6% in the past year and that means the buyers market is appreciating. Knowing the real estate numbers for the location will help during negotiations.
List down what you need in your house
Analyze the needs of your family before deciding to buy a house as that would give a good idea of what you want in your new home. Make two lists where one is a list of must-have features and another that describes nice-to-have in your perfect home. After you spend some time searching for homes, these two lists will blend into one as you learn about the availability in the market.
Pre-qualify or pre-approval of the loan
Before you start the actual search, the price range to look should be decided. For that, it is important to get a pre-approval or pre-qualification for a mortgage. In a pre-qualify process, the mortgage company will take some basic information on your finances and provides a figure for a mortgage. Use this as a basis for setting the price range for your new home. But note that since the pre-qualification process is not thoroughly investigated, it may be unreliable.
Most buyers prefer to go for a pre-approval where a loan for a certain amount is pre-approved by the mortgage company. The lender will take all the relevant information from the buyer and investigate the financial status and gives an amount that the borrower is eligible. With pre-approval in hand, there will be no hurdles to buy a home.
Pick the location
Now that you know what you want in your new home and how much you can afford to spend, it is time to pick the area. The neighborhood you stay in is as important as the home. List the type of neighborhood you want to live in with the amenities you are looking for. A few things to consider are, schools and hospitals in the locality if you have children, drive time to work, recreation activities, accessibility to a nearby market, etc. Here also, create two lists of must-have and nice to have and use this while searching for homes online. That will help in narrowing the location.
Research online for home listings in Meridian, Id
There are many free websites where home listings are shared. Based on your location, price and other preferences you can access all the information about homes that are for sale. You will be able to see images of the property, the seller’s information, property information, address, age of the home, etc.
Hire a professional to help you
Hiring a buyer’s agent will help you find the perfect home within the price range you specify, They have access to all the information that is not publicly available which can help you with the decision making. These agents also have a good relationship with lenders, inspectors and other professionals which helps in quickening the process of buying. They are also good negotiators and can help you save hundreds of dollars if you decide to make an offer.
Get the house inspected
Before you make the offer for your dream home, it is important that the house is inspected by a professional. That will help you understand the quality of the building and any repairs that it needs. The inspector will assess the condition of the HVAC systems, plumbing, electrical systems, roof, floors, ceiling, doors, and windows. Based on the report you can decide on the purchase.
Make the offer
If you decide to make an offer, make a written agreement as per the legal requirements. The seller is presented with that document which contains information on what both parties should do. The agreement will contain the offer price, down payment, amount of deposit, financial agreements, list of appliances, etc. Take the help of an attorney to get this drafted as it is in your best interest.
Follow the above-mentioned tips to buy your dream home in the beautiful city of Meridian. Buying a house requires a lot of time and effort, so take the help of professionals, who can help you make the best and right decisions.
