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Monday, October 27, 2008

Home Buyer Considerations (What not to consider)

What do you need to consider when looking for a home to purchase? This is not a comprehensive list but is offered only as a starting point.
  1. Price. This is almost universally the primary consideration. No explanation needed here, for sure. Unless you are paying cash this is something you should discuss with your lender prior to doing anything else!
  2. Location. You have decided on a general area however narrowing your selection is critical.
  3. Size. Yes, size does matter! How many bedrooms? What about total square footage?
  4. Property Type. Do you want a single family/detached dwelling? What about a townhouse or condo?
  5. Age. This is almost certainly going to be a reflection on the general condition of the property. What about the roof, mechanical systems (AC, heating, plumbing, electrical)?
  6. Deed Restrictions. Do you want the restrictions created by living in a subdivision? Homeowner's associations all have rules!
  7. Schools. This is a major consideration for most. Even if you do not have children in schools, the quality of local schools does have an impact on the home prices/values.
  8. Commute Time. Are you going to be traveling to work or college? What about recreational venues such as golf courses? The convenience of these definitely impact your quality of life/lifestyle.
  9. Taxes. What are the trends in the area for property taxes. None of us can have a direct impact on property taxes but, as I see it, taxes rarely go down!
  10. Attitude toward the market. Where is the market headed? Are the home prices continuing to drop? What about the number of distressed or foreclosure homes in the local market?
  11. Lot size. Do you want a zero lot line? Do you want a little space for your privacy?
The above list contains my suggestions of some items to consider. Now, a couple of areas that should not be primary considerations in your home buying decision...
  1. ROI. That is your return on investment. If you are looking for a home that will be your primary residence I suggest you do not look at it as an investment. The current market has been negatively impacted by the number of buyers who took the previous several years as opportunities to "invest" on their homes. Remember, it is a home first!
  2. Buyer Agent Fees. In out market real estate agents who work with buyers are compensated by the seller. As a buyer you do not normally ever have to pay your real estate agent!

If you are considering purchasing a home in the Rockledge, Viera, or Suntree area of Melbourne, Florida, please give me a call. I would welcome a chance to discuss how I can assist you in your effort.

Gay Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida. Email me at agent@moving2brevard.com or call me directly at 321-693-3850.

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