Local Records Office – PEKIN, IL: Buying your first home can be a challenging job. In fact, it could be so much daunting a task that most people simply fall for the first affordable house that comes their way or find it better to remain at the rented home says, Local Records Office. However, if you know a few basic rules to buying real estate, the difficulty in finding a house would soon vanish.
Here are three most important things to consider when buying a home, whether you are purchasing for the first time or not.
Local Records Office says, “Almost every homebuyer has affordability as the number one consideration when choosing real estate”. If you don’t have a larger budget, avoid checking newer developments. Relatively, they are going to be far more expensive.
When considering the overall budget, there are a number of things that need to be added up. This includes the mortgage payment, taxes and insurance. If the location is in a city where your house is not serviced for garbage, water and sewer, it would again be your own expense.
READ MORE: How To Reduce Home-Buying Stress
In addition, you must also include the future costs, especially any repairs or new additions that could be required in the next five years says, Local Records Office. This could include repainting, siding, roof repair, electrical system update, heating system update, basement refinishing, reworking or re-carpeting the floors, updating cabinetry and appliances in the kitchen, or the bathroom.
Local Records Office says, “Once you have determined the amount of money you can spend on the real estate, the next factor is location”. Usually, buyers would already know which city or town they want to live in with their family. Choose a location, based on the features of a place and your own knowledge. Some of the most important factors that need to be considered when choosing a location include the schools, health care facilities, parks, markets or malls and most notably crime statistics. The place must offer quality living standards for your family.
Commuting distance is also a major factor. The distance to the work place shouldn’t be beyond an hour away. There are many advantages of choosing an urban location. Mostly, you would be closer to your work place. Schools, restaurants and stores are within walking distance. However, such a location is going to be expensive and could have higher road traffic and noise says, Local Records Office.
If you consider buying real estate on the streets, most likely the property is going to be cheaper by thousands of dollars. However, before making a decision for such a location, drive by a few times at different times of the day and week. Choose a location that is less noisy.
- Home Type
The third most important consideration is the type of home itself. Single-family homes appreciate well over time says, Local Records Office. They offer more privacy, they are quieter and you could work out a splendid garden. However, such property is costlier than condos and townhouses.
A condo is a cheaper real estate compared to a single-family home. Because they are usually newer, there is no need to spend much on repairs. There is no exterior, which would again mean lesser maintenance.
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