What Makes A Great Neighborhood To Buy A Home In?
Its something we need to study. It really matters at resale if you are in an area where people are looking for homes.
New homes are only new until someone lives in them. Then they are just another resale on the market with thousands of others. In bad real estate markets you need something more.
You need the perfect location, location, location.
You need the perfect location for you.
Find the best neighborhoods by renting somewhere before you buy. Living nearby gives you an advantage. You can get to know people and find the best place for you and yours if you give yourself time to save up cash and choose well. Buyers with cash have more power.
Here are some things to look for when you shop.
Look for short commutes.
Look for older houses with character. Cute always makes resale easier.
Look for houses that sell quickly. Some houses in close in neighborhoods sell without ever being for sale at all. People want to be in some neighborhoods and will snap up houses before the real estate agents get a chance. Thats a great position for a homeowner to experience.
Look for great schools for places in family neighborhoods. People will bankrupt themselves trying to give their kids the best start in life.
Check out the local tax office for accurate data instead of lies about what houses sell for in your target area.
Be ready to spend money on fixes if you are unable to pay top prices in your target area. Older homes always need work, sometimes a lot of it. You may be able to find bargains in houses with 1 or 1&1/2 baths. For resale you will need at least 2 bathsor you will have trouble at resale, too. Its a fact. Houses with less than 2 baths dont do as well at resale. Most families and singles, too, need at least 2 baths to be reasonably comfortable.
And remember, if you are living in a house you can do work gradually as money permits without the extra expense of borrowing money to pay for things. A whole new bathroom with all new fixtures costs a lot less from the DIY stores than a contractor will charge you for the work. If you are reasonably capable you can do it. Be ready to be perfect. Shoddy work wont make either you or buyers happy.
If you have to borrow money for all your fixes you need to consider whether you can afford to do things that need to be done on your house. Interest charges could break you and/or cost you more money than the house is worth.
So much of being comfortable and happy is about being financially comfortable. Make things nice for you but dont spend yourself into misery. Resale may never have to happen so dont make it your lifes work.
Make any work you do on your house look like it goes with the outside architecture. Choose classic over trendy. Stylish or trendy decorating typically only lasts about 10 years. Then everything changes. The last thing you want to do is to have to remodel extensively to resell when you want to retire.
Dont plan to resell and move too often. Get a house you can stay with and maybe pay off completely. Paying interest is like being robbed.
Try to be closer to wherever you have to workand close to other places to work if you get laid off or fired. It happens. Be prepared and have alternative plans. Also consider self-employment. City living makes this easier. You have more alternatives.
Another thing you might consider is self-built housing. Much of it can be done out of pocket. Having a nice home that meets your needs and comes without a mortgage could be wonderful for you and yours. There are many building methods that are sturdier and more eco friendly than conventional homes. Find better science and more budget friendly options for you and yours.
A HOME is an important thing. Its too important to make the impulsive decision. Study up, save up and do it right. While its true you might have to do it fast, have the knowledge to do it right. Study your market and find the best home for you. Study the market so you KNOW when its right.
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