However, one that often gets overlooked in favour of market conditions like interest rates and dwelling values is how the right floor plan can make or break a home.
It can be easy to think of all properties as containing essentially the same floor plan - here's a bedroom, there's a kitchen and in between is a bathroom or two.
But nothing could be further from the truth. How a home is laid out - from the amount of space it contains to where certain rooms are placed - makes a big difference to the people living in it, whether that's you or a potential renter.
Components to keep in mind
When selecting a property and analysing its floor plan, there are some general questions you should be asking yourself.
For instance, does the layout of the home suit your needs? If you plan on living in the property and want a space in which to entertain friends, a large living room and dining space will likely be necessary. Or if you're looking to rent out the home to a family, does the floor plan make it easy for children to access the backyard for playtime?
The floor plan's flexibility is also an essential factor for investors to account for. Whether you're looking to rent or sale the property, you need a floor plan that can adapt a wide range of interested parties. Can the extra room work as both a child's nursery and a home office? Would the way the house is laid out make it seem too big for just a couple or too cramped for a family?
Floor plans are always important, but which components take precedence will depend on your reason for purchasing the home.
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