The primary consideration in a home purchase is its Resale Value.
The Baby Boomers--78 million of them--are approaching retirement age. The National Association of Home Builders predicts that by 2012 forty per cent of all households will be headed by someone age 55 or older. When you go to buy a home, think handicapped accessible, level floors, and 9 to 11 foot ceilings over the two story vault. In 2005, 60% of the homes sold were 10 years old or newer.
1) THE BIGGEST MISTAKE BUYERS MAKE IS THE FAILURE TO PLAN AHEAD.
The first step you take should be financial prequalification. This eliminates the idea that you can’t afford a home and gives a solid price range for the home search. Make sure you know what taxes and insurance costs will add to your monthly payment. Sellers are more willing to negotiate price and terms knowing that the deal will close because you are pre-qualified.
If you have special needs (schools, medical, activity, etc) research them before looking at property. Ask your Realtor® for information and assistance.
2) KNOW WHAT TO BUY
The primary consideration in a home purchase is its resale value. For most Americans, a home is their largest single asset and the average family moves every 6 to 9 years. In 1950, the average home size was 1000 living square feet. By 2003, that figure rose to just below 2800 square feet, even though family size decreased, fewer people married and more singles own homes than ever before.
Home value is derived through 1) location, 2) size, and 3) amenities. Translated into Real Estate this means 1) select a property in the best location you can afford.Generally, a smaller home in a great neighborhood is more valuable than a larger home in a less desirable area, 2) don’t buy a 3 bedroom, 2 bath, 2 car garage if you can get a fourth bedroom, another bath, or an extra garage for the same price, even if you don’t like it quite as much as the smaller home or you have to repaint the purple walls, 3) take the house with the pool. Think handicapped accessible, level floors, and 9 to 11 foot ceilings over the two story vault.
3) DON’T WASTE TIME AND EFFORT LOOKING AT PROPERTY YOU’D NEVER BUY ANYWAY.
Most properties have pictures and enough details available that you can review them by snail or email and narrow the search to a small number that fits your needs, tastes, and price range.
4) BEFORE MAKING AN OFFER, GET A MARKET ANALYSIS OF THE PROPERTIES YOU ARE CONSIDERING.
This gives you the hard facts to compare properties and a frame of reference to consider what a reasonable offer would be.
5) ALWAYS GET A HOME INSPECTION ON ANY HOME, EVEN NEW CONSTRUCTION.
6) DON’T OVER RENOVATE THE HOUSE FOR YOUR AREA. GETTING A RETURN ON YOUR INVESTMENT IS HARDER THAN EVER. REMODELING COSTS HAVE GONE UP WHILE THEIR RESALE VALUE HAS DECLINED.
Check out this website for sex offender information: familywatchdog.us
Check out this website for local crime information: http://www.myfcso.us
