So you are interested in buying a home. For many people this is a process that can take several months as they begin their search for their dream home. That is expected because the purchase of a home is, for many people, their biggest investment. In the following I will identify some of the factors and considerations that have to be made.
Buy or Rent?
Before beginning the process of finding a home its important for the potential homebuyer to decide if its a sound economical decision for them. For many, buying a home provides good economic sense due to it providing a tax shelter and a built in savings plan. The mortgage interest and property taxes are tax deductible, and equity builds if the property appreciates.
What to Look for in a Home
I recommend that you look at a property and imagine yourself as an appraiser. The most important criteria for buying a home is, and will always be location, location, location. With that in mind look out for these factors when evaluating a home:
- A home in a good neighborhood has strong potential for appreciation.
- Take different routes to the property to make sure there are no unsightly matters such as dumps, wrecking yards, or vacant lots.
- Make sure there is good accessibility to the property travelling to the home at different days of the week at varying times throughout the day.
- Check for noise pollution. Is the property near an airport or traintracks? Other noisy businesses include auto mechanic garages, daycare centers, and dog kennels.
- Check the level of crime in the area. Generally, neighborhoods with poor lighting in the streets experience higher levels of crime as well as traffic accidents. Also visit the city police department records for crime statistics and volume reports.
- Factors that influence homeowners insurance are: proximity to local fire station, the number of fire hydrants on the street, and if there is adequate street and sidewalk drainage.
In the next section of this article I will discuss factors that should be taken into consideration when financing your new home purchase.
Kevin Fenderson works as a Realtor for Hilltop Realty in Santa Ana, CA. For more tips and info, check out his blog at newschoolrealestatemarketing.com [http://www.newschoolrealestatemarketing.com]
