May 11th, 2019 8:47 AM by Jackie A. Graves, President
Buying a new home is an investment in your future, but is it
right for you right now? There are a few things to consider before taking the
real estate plunge. This is a large investment, and it should never be rash.
Be sure to look into the local school district. If you have
children, it goes without saying that the quality of the school is key to your
child's educational experience. The school evaluation, however, also includes
the quality of the grounds and facilities. This is a major structure in the
neighborhood and its condition can affect the surrounding property values. For childless
homeowners, the school districts are still a factor. Because
the school quality influences home buying decisions, it has a direct effect on
resale and property value.
Proximity is not just about schools. Consider how close
you need to be from modern conveniences like the grocery store, freeway
entrance, the mall or a local watering hole. For prospective homeowners that
prefer a rural lifestyle, this might not be important. However, urban and
suburban areas have a lot of consumer choices for all markets, and it is a
Purchasing a home is one of the largest decisions that most people
make. It was once expected that nearly every individual buy a home, but today,
that isn't necessarily financially feasible. Real estate is a long-term
investment and your timeline must be considered. If you are moving within a few
years, you might want to rent. Although real estate is a great investment, it
is not a short-term investment. Having your money tied to property might affect
your liquidity when you need to move.
If you are moving into an unfamiliar area, you might not want to
buy immediately. Taking the time to look round, gives you the opportunity to
learn about neighborhoods and community points of interest that will drive your
Most spend every penny to get into a new house, especially
first-time buyers, but this is not the best practice. Be sure to have
a contingency fund for all of the unexpected costs. Although
the home warranty covers most of the house, most operate on a pre-payment
reimbursement plan. But warranty aside, other costs will arise. For example,
most power companies require a deposit. If you have money set aside in your
home fund right from the beginning, you can add to it as you go for
Your new home is more than indoor living. Your surrounding
outdoor space will provide hours of entertainment for your friends and family.
Landscaping the front yard for curb appeal is important. If you are not the
hands-on type, you might want to consider a home with a functional landscape.
Regardless, the front yard adds aesthetic value to the home's appeal.
But let's be real, the backyard is where the entertaining
happens. If the home you are considering needs more zip, consider installing a
pool or hot tub to guarantee hours of family fun. Try looking up some
great pool ideas that will fit your backyard. Also, having a barbeque area with
dedicated conversation space, a kid play area, or a fun space for the dogs are
all things to consider when looking at the perimeter areas of a home.
Visualizing beyond today is also key. If the area has
undeveloped or underdeveloped land in the surrounding areas, research the
community master plan or land ownership. It would be unfortunate to buy a
beautiful home and have an industrial area built too close. This also goes the
other way. Taking a risk on an older property with older buildings that are
ripe for repurposing might be a smart investment too.
Whatever you decide when looking for your new home, be sure to
think about what works for you. This is your investment. Are you ready to
invest in your future?
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