Tuesday, September 29, 2009

Guide to Buying a Home

Buying a home is one of the biggest personal and financial decisions of your life. It’s important you take the time to research the type of home and the type of loan that are right for you and your family. When buying a home, there are numerous factors to consider, including location, school district, price, layout, and Realtor.

You may have heard the saying location, location, location. When it comes to real estate, location is one of the most important factors. Location will determine how much your home appreciates in price, how conveniently it is located, how safe (or dangerous) it is to live there, and how easy it may be to rent. A good location can lead to appreciation in your home price, even when the general real estate market is declining.

Another factor to consider is the school district the home is part of. Good school districts help a home appreciate significantly and are also important if you have children who will be attending the schools. A good school can add a significant premium to the price of a home. If schools are not important to you, look in areas where schools may not influence the home price as much. In those areas, you can get much more home for your money.

Price is of the utmost importance when purchasing a home. It is important to buy a home you can afford and one that can accommodate your financial commitments. When considering home price, remember to factor in property taxes, home owner association fees, and maintenance costs.

When looking at for a home, think about how you will be living in the home and what you will be using it for. In addition to the number of bedrooms and bathrooms, is it important to have an open floor plan so you can entertain guests? Will you have visitors staying over often and thus have a need for a bedroom with its own full bathroom? Are there crucial aspects of a home such as a kitchen island, laundry room, large backyard, playroom for the kids, or swimming pool that you must have? Think through what you need and what is important in a home before you begin shopping for a house.

Selecting a Realtor to work with is also extremely important when buying your home. It is important to select a Realtor you’re comfortable with, someone who understands your needs, and someone who is knowledgeable about the home buying process and the area in which you’re looking to buy.

Most importantly, although embarking on one of the biggest commitments of your life, enjoy the process of shopping for and buying your new home.

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