Home Buyer Considerations Not To Be Missed

Buying a new home is sort of like buying a new car where both are typically larger ticket items and make for a very exciting time of your life. However, as a home purchase will most likely be one of the single most expensive things you will ever buy, it is imperative that you don’t overlook some very important steps before you submit any offers to purchase. Here are some typical things that get overlooked that you want to be sure you don’t miss for your next home purchase.

Neighborhood Research

Other than making sure that the location works for schools, commute to work and necessary services, it is a good idea to go above and beyond. It is recommended that you make a few visits to the neighborhood during different times of day. It is also smart to walk around and talk to the neighbors to get an accurate feel for the area. 

Homeownership Expenses

Very often buyers will only project monthly costs like mortgage and utilities. However buyers should forecast all expenses that go into caring for the home including landscaping, pool maintenance, pest control and the like. In some cases operating costs are made available by the seller which can help you budget otherwise finance experts suggest that you set aside 1% of the home’s value per year for repairs and maintenance. 

Homeowners Association

Not all associations are created equal. This means that each will have their own set of rules to abide by and their own budgets. You will want to investigate some things like if there are any large assessments that are coming up or if there are many homeowners that are delinquent on their dues. Delinquencies can have a big impact on necessary repairs that may need to be made. 

Resale Value

Not everyone has a firm grasp on how long they think they will spend in the home they buy. Jobs change, families grow or other external factors may trigger a move at any given point in time. Therefore, check to see local trends in the market and how the particular neighborhood has fared over time. This can be an indication of how things may be if you decide to sell in years to come. A home may be ideal for you today, but you want to know you have options down the road if your situation should change.