Home equity…Everybody wants it, but what exactly is it, and how do you get it?Equity represents the degree of ownership an individual or entity has in an asset after subtracting any debts against
4 Factors To Consider When Purchasing A New HOME
Dated: September 28 2018
Buying a new home is a major milestone and is possibly one of the most exciting accomplishments many will face in their lifetime. With the flood of emotions that comes along it can be easy to get side tracked and lose sight of what is most important: finding the perfect home for you and your loved ones. Even though buying a new home can be a stressful and overwhelming process paying close attention to a few major key factors will assure you are making the right decision. Determining factors that are non negotiable is key to minimizing stress levels and avoiding a major case of buyer's remorse.
1) Location, location, location. Take a moment to consider quite possibly the most important factor when choosing your new home. Is the home conveniently located? What will your morning commute look like? Does the home provide access to main roads that will ease the burdens that come along with heavy traffic? Remember you can always change the aesthetic appearance of your home but never the desirability of the location itself.
2) Functionality. Is your new home well suited for the purpose intended? Is this your starter home that you may eventually grow out of or a permanent forever home? With that being said, does the floor plan and size correspond with your immediate and long term needs? Some important features to look for when deciding include: sufficient storage space, location of master bedroom, closet size, and how stairs may or may not fit into your long term plan.
3) Affordability. Have you ever heard the term champagne taste on a beer budget? Make sure that your properly assess any unanticipated expenses that may come along with a new home. Have you factored in the possibility of increasing property taxes? Are there any HOA fees to consider? What will unexpected expenses, utility bills, and any maintenance and upkeep cost you? At the end of the day, you don't want to be stretched too thin when it comes extra wiggle room in your budget.
4) Current Condition. Is the home move in ready? Are you looking at minor repairs or in need of major plumbing, electrical, or roof replacement? A licensed home inspector can give you a better idea as to the current state of any necessary repairs. Don't bite off more than you can chew when it comes to the current condition of the property.
Keeping these 4 things in mind will help you settle into your new home with ease and will assure you feel comfortable with your purchase for the duration of ownership. Making the right investment simply involves staying focused on these 4 key components and in no time you'll feel right at HOME.
REALTOR XSellence Realty
In today’s highly accelerating real estate market, there is no substitute for an exceptional, knowledgeable real estate agent. As a native Texan and Realtor in San Antonio and surrounding areas, yo....
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