Real Estate Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
What to Look for in a Home
Searching for just the right home can be very exciting. You may plan ahead for the number of bedrooms and bathrooms that you want. Or imagine preparing for dinner parties in a sun-filled kitchen. Although these things are important, there is more to a good home purchase than the rooms it contains. Following are just a few suggestions to consider. Take some time to make a list and determine which additional priorities are important to you. Survey the neighborhood during many different times of the day and days of the week. Are you comfortable with the noise, activity levels, traffic volume, etc.? If you have, or plan to have children, check with the local school board about the neighborhood schools. What is the student/teacher ratio? How are the test scores? How involved are the parents? What programs are available for students? What credentials and how much experience do teachers bring to the task? Is the foundation of your new home sound? Is it well built? Are the existing appliances sound or will they need to be replaced? Are the home's major systems such as electricity, plumbing, heating/air, and roofing in good condition? Is the home energy efficient? How much major and/or cosmetic work will be required? What will your commute look like? If possible, do a trial run during rush hour. What is the crime rate? What permits have been issued for new projects and/or construction in your new neighborhood? Will you be expected to pay homeowner association fees? Are you comfortable with the covenants set forth? Does the neighborhood provide sufficient recreational opportunities? Will you be moving into a home or joining a community? Is the local grocer clean and well-stocked? Enlist the help of a good real estate agent, reputable home inspectors and others to help find a home with more than just a pretty face. Beyond Mortgage Payments Owning a home involves far more than keeping current with your mortgage payments. There are a number of costs associated with home ownership that extend far beyond the basics (i.e. principal, interest, taxes and insurance). Assuming responsibility for these costs can be a big financial adjustment. This is particularly true if, as a renter, you are accustomed to responding only to fixed expenses (i.e. rent) without much concern for variable expenses (i.e. broken pipes and new water heaters). Well, now you are the landlord and it is up to you to handle the mortgage, in addition to all of the variable expenses of home ownership. Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, the roof may begin to leak, or the furnace will give out. You can minimize the financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of the cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate the scramble and panic of getting the funds together to get that tree off of your roof. In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand the full cost of home ownership before you sign on the dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate the total cost of home ownership. Use that information to make a budget. Before you sign on the dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in the future. Nicole Soltau is the President and Founder of CreditUnionRate.com
MORE RESOURCES: |
RELATED ARTICLES
What You Can Do To Sell Your Home Fast Yes, you want to sell your home and you want to sell it fast. It may be a seller's market and every other home in your neighbourhood is selling and you think it's going to be a cakewalk selling your home. Choosing a Realtor Purchasing a property, either as an investor or as a prospective homeowner can be one of the most exhilarating and frightening experiences of your life. In both situations it is imperative that you find just the right property at the right price. Why Use a Property Manager? Most experienced property investors use property managers. Why? Because they make you money. Fixer Uppers: Dont Make This Mistake Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about using the right approach from the start. Real Estate Investing - The Job Escape Real estate investing is pretty unusual in lots of ways. Real estate investing is creative. Negotiating A Short Sale - The High Road to Huge Foreclosure Profits Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt. How to Decrease the Value of Your Own House Owning a house is part of the American Dream. Depending on where you live in the US - home ownership can be around 70%. Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs There's no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. Real Estate Appraisal - Rental Properties Real estate appraisal for rental properties isn't the same as for single family homes. If you were looking at a 24-unit building, it would be difficult to find similar ones nearby that have recently sold. Flipping Fixers: Using Transformation Psychology for Top Dollar Satisfying and lucrative real estate investment depends upon your correct assessment of profit potential, of course, but your ultimate success depends on your ability to transform a fixer into a dollhouse. The renovation process involves physical work and choosing the best supplies, in order to create maximum positive emotional effect and profits. Real Estate Development Feasibility Study (Income) - $1.2 Billion Developer Tells You How To Do One There are two sides to a feasibility study and in an earlier article I discussed the cost side of the format and:Now Let's Discuss The Income SideWithout the Sales Income, All You've Done Is Spend Money, And Anyone Can Do That.So that we are clear in what I am going to define for you, let me say that there are two forms of Income. Finding Structural Problems During Escrow - Small Rural Home Example In rural home purchases, the transaction is often subject to a satisfactory home inspection being done. Any imperfections are usually corrected during escrow. One Stop Shop for Buy to Let As the buy to let market continues to go from strength to strength, a unique selling opportunity has been created for landlords looking to dispose of both residential and commercial buy to let property with the ability for transactions to take place directly between landlords.Set up by experienced property investors with an acute understanding of all aspects involved in buying and selling of investment property. Real Estate Research By Talking Real estate research might start with a look at the U.S. Selling Houses: Cutting Edge Design Tips for Selling In this article, you're going to discover new techniques for marketing houses, and you'll find that these fresh, new interior design ideas will help sell your home faster, and for a higher price than the competition!Buyers' physical senses respond to a home's design, and what a buyer feels is based upon their psychological reactions to sight, hearing, smell, touch, and even taste. Design Psychology employs new strategies in interior design to entice buyers. Planning for Real Estate with Estate Planning One of the most important considerations you will need to make in regards to your real estate holdings and your estate includes tax planning. If not handled properly, your estate could end up getting hit with significant losses due to taxes after your demise. Fixing Houses: Mixing Your Own Paint for Savings and Harmony To make the maximum profit on your investment properties, you'll need to save money wherever you can. One way to save significant amounts of money is to mix your own paint. Condos Vs. Condo Hotels For Vacaton Home Ownership Condo hotels, also called condotels, are a relatively new concept in vacation home ownership. Rapidly gaining popularity, numerous condo hotels are now being built in Florida, Las Vegas, Chicago, Toronto, the Caribbean and many other locales around the U. Searching for CLUEs: What Homebuyers & Sellers Need to Know About Homeowners Insurance Homebuyers and sellers should be aware about issues involving homeowners insurance and the C.L. Closing Costs When Buying A Home Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating. |
List4Sale Domain Is For Sale - $10,000 For Enquiries eMail Us © www.List4Sale.biz 2012 |