4 Ways to Determine Whether a Home Is a Good Deal

By Ted Holmes

Edward “Ted” Holmes is a Licensed Associate Real Estate Broker and founder of The Holmes Team at William Raveis Real Estate, serving Chappaqua and Northern Westchester County, NY. With 25 years licensed, 456 career transactions, and consistent top-ranking production statewide, he is a recognized expert in residential, luxury, and commercial real estate.

What does a good deal look like when buying a home?

When I’m helping my buyer clients find a property to purchase, I’m almost guaranteed to hear this question: Is this home a good deal? Because this question is so common, I’ve decided to share four simple ways to tell whether a listing is a great deal or one you should leave behind:

1. Price: Price is the most important factor in any market. Speak with a lender to get pre-approved for a loan before you begin your home search. This indicates what you can afford and gives you a price range to work with when you’re shopping.

2. Home features: Think about the size of your household, the types of activities you enjoy, and your routine. These will inform your purchase, letting you know the number of bedrooms/bathrooms you’ll need, the home layout that you’ll want, and the must-have features you’ll require in your home.

3. Location: Some homes are more expensive than others due to their location. Homes that are closer to shopping outlets, transportation, and schools usually go for a higher price. You may need to think about compromising on your home’s size or condition in order to get into the neighborhood you want.

4. Condition: Does the home need repairs or updates? Does the kitchen need to be remodeled, and if so, can you afford it? Homes that require more work cost less than updated homes, so this is another way to get into the neighborhood of your dreams.

If you’re thinking about buying or selling a home, or if you’d like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.