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What to Look for in a Home
Searching for just the right home can be very exciting. You may plan ahead for the number of bedrooms and bathrooms that you want. Or imagine preparing for dinner parties in a sun-filled kitchen. Although these things are important, there is more to a good home purchase than the rooms it contains. Following are just a few suggestions to consider. Take some time to make a list and determine which additional priorities are important to you. Survey the neighborhood during many different times of the day and days of the week. Are you comfortable with the noise, activity levels, traffic volume, etc.? If you have, or plan to have children, check with the local school board about the neighborhood schools. What is the student/teacher ratio? How are the test scores? How involved are the parents? What programs are available for students? What credentials and how much experience do teachers bring to the task? Is the foundation of your new home sound? Is it well built? Are the existing appliances sound or will they need to be replaced? Are the home's major systems such as electricity, plumbing, heating/air, and roofing in good condition? Is the home energy efficient? How much major and/or cosmetic work will be required? What will your commute look like? If possible, do a trial run during rush hour. What is the crime rate? What permits have been issued for new projects and/or construction in your new neighborhood? Will you be expected to pay homeowner association fees? Are you comfortable with the covenants set forth? Does the neighborhood provide sufficient recreational opportunities? Will you be moving into a home or joining a community? Is the local grocer clean and well-stocked? Enlist the help of a good real estate agent, reputable home inspectors and others to help find a home with more than just a pretty face. Beyond Mortgage Payments Owning a home involves far more than keeping current with your mortgage payments. There are a number of costs associated with home ownership that extend far beyond the basics (i.e. principal, interest, taxes and insurance). Assuming responsibility for these costs can be a big financial adjustment. This is particularly true if, as a renter, you are accustomed to responding only to fixed expenses (i.e. rent) without much concern for variable expenses (i.e. broken pipes and new water heaters). Well, now you are the landlord and it is up to you to handle the mortgage, in addition to all of the variable expenses of home ownership. Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, the roof may begin to leak, or the furnace will give out. You can minimize the financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of the cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate the scramble and panic of getting the funds together to get that tree off of your roof. In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand the full cost of home ownership before you sign on the dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate the total cost of home ownership. Use that information to make a budget. Before you sign on the dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in the future. Nicole Soltau is the President and Founder of CreditUnionRate.com
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Rules that helped set real estate agent commissions are changing. Here's what you need to know The Associated Press Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com The Realtors' Big Defeat The New York Times Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News What National Association of Realtors agreement means for Texas real estate KAMR - MyHighPlains.com Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane A luxury agent on how the NAR settlement will change his business The Washington Post Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times National lawsuit could shakeup housing market, cut into real estate agent commission 11Alive.com WXIA Swimmo Invest Opens up a New Chapter in the Real Estate Industry Markets Insider CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper What Seattle-area homebuyers should expect after national settlement The Seattle Times Realtor group will pay $418M to settle commission lawsuits The Associated Press Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal Settlement will affect Iowa homebuyers KCCI Des Moines Realtors settlement to lower home sale costs, alter commission structure - The Washington Post The Washington Post Israeli real estate event: Legal complaints escalate NorthJersey.com National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal A commission settlement may affect housing market 9News.com KUSA What the death of the 6% real estate commission means in D-FW The Dallas Morning News Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter Pension funds snap up real estate at steep discounts Financial Times China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Foreclosures Are Rising—Especially in This One State—but Not for the Reason You Might Think - SFGATE Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Manhattan Real Estate Update westsiderag.com The NAR Settlement's Impact On Commissions And Home Prices Financial Samurai End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Artis Real Estate Investment Trust (OTCMKTS:ARESF) and Armada Hoffler Properties (NYSE:AHH) Financial Analysis Defense World Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Agent Migration and the Power of New Mike DelPrete 4 Ways a Settlement Could Change the Housing Industry The New York Times Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider |
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