Choosing a home is a huge decision, and people often make some big mistakes when they select a house to purchase. While a good real estate agent can help steer you toward a house that truly meets your needs, there are some aspects of home buying that are important to consider. Here are just a few tips that might keep you from buying the wrong home.
Aside from the down payment, closing costs and monthly mortgage costs, there are plenty of other expenses that you need to think about. For example, typically you pay about 1% or more of the purchase price as your yearly income tax. So if you buy a house for $300,000, then you will pay at least $3,000 each year or $250 per month in property tax. If your home is located within an association, this is another monthly or quarterly cost. It might only by $50 a month or it could be $500 per month, but it's still a part of monthly expenses. Homeowners insurance is yet another monthly expense to think about, and if you hire a company for a security system, there is yet another monthly fee, albeit a small one.
You not only have to like the actual house, you really need to like the location. Liking the neighborhood on that first visit isn't enough, either. Remember, you home will always be at that location and while the interior and yard can be changed, you cannot move it away from a busy street. If it is across from the local elementary school, that school will be there long after your children have headed off to high school and college. If it backs up to the freeway or a noisy road or is located in the flight path of a major airport, this also cannot be changed. You also need to think about the distance from your workplace, from grocery stores, drug stores and other places you frequent.
Often we are dazzled by impressive staging or a fully update kitchen with sparkling appliances. However, that beautiful kitchen might have almost no counter space or storage. That beautiful master bedroom with the amazing drapery and crown molding also might have a tiny closet and a miniscule ensuite bathroom. You can make a room look great very easily with cosmetic changes, but you cannot make a home bigger or make closets larger and add bathrooms. Or, if you can, it's an extremely costly and difficult process. A bland home with huge potential can be a much better buy than a home that just looks pretty. Judge the home by its true condition, not its ascetic condition.
While you might hope to make this move your last one, you still might have to sell it at some point. You need to look at the home's resale potential. For example, if it is close to great schools and on a quiet, picturesque street, this will appeal to many buyers. An open floor plan and plenty of natural light also appeals to buyers. Strange home layouts are hard to fix, as well, and as stated before, people rarely want to live on a noisy or busy street. Resale might not be at the top of your concerns list, but it should be something you at least consider briefly before purchasing a home.
When you are ready to search for that perfect home in Alameda County or Contra Costa County, contact the experts at 1st InSite. This real estate team can find a home that fits your needs and budget. They can help you find Walnut Creek homes for sale, Danville homes for sale, Alamo homes for sale or homes in Lafayette, Orinda, Moraga or any other city that interests you.
Aside from the down payment, closing costs and monthly mortgage costs, there are plenty of other expenses that you need to think about. For example, typically you pay about 1% or more of the purchase price as your yearly income tax. So if you buy a house for $300,000, then you will pay at least $3,000 each year or $250 per month in property tax. If your home is located within an association, this is another monthly or quarterly cost. It might only by $50 a month or it could be $500 per month, but it's still a part of monthly expenses. Homeowners insurance is yet another monthly expense to think about, and if you hire a company for a security system, there is yet another monthly fee, albeit a small one.
You not only have to like the actual house, you really need to like the location. Liking the neighborhood on that first visit isn't enough, either. Remember, you home will always be at that location and while the interior and yard can be changed, you cannot move it away from a busy street. If it is across from the local elementary school, that school will be there long after your children have headed off to high school and college. If it backs up to the freeway or a noisy road or is located in the flight path of a major airport, this also cannot be changed. You also need to think about the distance from your workplace, from grocery stores, drug stores and other places you frequent.
Often we are dazzled by impressive staging or a fully update kitchen with sparkling appliances. However, that beautiful kitchen might have almost no counter space or storage. That beautiful master bedroom with the amazing drapery and crown molding also might have a tiny closet and a miniscule ensuite bathroom. You can make a room look great very easily with cosmetic changes, but you cannot make a home bigger or make closets larger and add bathrooms. Or, if you can, it's an extremely costly and difficult process. A bland home with huge potential can be a much better buy than a home that just looks pretty. Judge the home by its true condition, not its ascetic condition.
While you might hope to make this move your last one, you still might have to sell it at some point. You need to look at the home's resale potential. For example, if it is close to great schools and on a quiet, picturesque street, this will appeal to many buyers. An open floor plan and plenty of natural light also appeals to buyers. Strange home layouts are hard to fix, as well, and as stated before, people rarely want to live on a noisy or busy street. Resale might not be at the top of your concerns list, but it should be something you at least consider briefly before purchasing a home.
When you are ready to search for that perfect home in Alameda County or Contra Costa County, contact the experts at 1st InSite. This real estate team can find a home that fits your needs and budget. They can help you find Walnut Creek homes for sale, Danville homes for sale, Alamo homes for sale or homes in Lafayette, Orinda, Moraga or any other city that interests you.
About the Author:
Madeleine Glazier enjoys blogging about the real estate industry. If you are searching for Danville real estate agents, or to discover Danville homes for sale, please check out the 1stInsite.com website now.
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