Although we are presently experiencing a Sellers Market in housing which, we have never seen in recent memory to this extent and, resulting in escalating home prices and far – more qualified potential buyers than houses for – sale instead of overreacting, etc.
A smart buyer will take the time and make a concerted effort to better understand and, truly appreciate those significant factors which every buyer should! These factors are of course in addition to closely examining the specific features and quality of the house!
With that in mind, this article will attempt to briefly consider examine review and discuss 7 key ones and why they matter.
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1. Area/ region/ neighborhood: Consider, what you like, and don't, about a specific area, region, and/ or, neighborhood! What are the strengths, weaknesses, and neutral considerations? If, you are familiar, with the area, why are you attracted to it, and what does it offer? If, you are not, do some research, speak to neighbors, and drive – around, and observe!
2. Your personal, present/ foreseeable – future considerations: Each of us, is unique, in certain ways! Since, for most, their home's value represents, their single – biggest, financial asset, it is wise to pay keen attention, to what you are seeking, and differentiate between, your present and foreseeable – future needs, priorities, and goals, and how a specific house, might serve your purpose! What attracts you, and not, and, why?
3. Real estate taxes: Remember, often, real estate taxes, are a significant component/ part, of your monthly costs, of homeownership! When doing your calculations, don't forget to seriously, consider, the impacts of these!
4. Safety/ crime: Examine the area's relative – safety, and crime figures! For most, living in a safe neighborhood is a most, significant factor! Look at the data, rather than, just asking someone!
5. Conveniences: How convenient is the location, especially, as it relates to your needs, and priorities? Is it, close to shopping, markets, drug stores, etc? How about access to mass transit? Is it easy and convenient, to use a car, etc?
6. School quality: If, you presently, have, or plan, to have a family/ children, or, even, if you don't (because it affects, future resale values), examine the reliable data, regarding the quality of the local school system! Many states publish official data, etc!
7. Your personal comfort zone: What makes you feel comfortable, and how, would a particular property, enhance your enjoyment, etc? Do all the facts, fit into your personal comfort zone, especially, in terms of costs, monthly expenses, area, location, and all other relevant factors? Remember, if you aren't comfortable, you probably, shouldn't purchase that specific house!
Be a smarter home buyer! Consider these, and any other, personally – significant factors, carefully, before making a final decision!