Deciding If It's The Right Time To Buy A Home
All The Pieces Have To Fit
1. BUDGET – First you MUST create a budget including all recurring bills, bills that come with a new home, savings, entertainment, clothing, gas, hair and beauty, holiday fund. If you buy a home you cannot afford and loose it within a year – you will loose your chances at another home for the next 5 years, the money you spent is gone – a total loss with nothing returned – many apartments & lease homes will look at you as a bad risk. Before over purchasing – be sure the home fits within your budget and does not stretch it to the max.
2. LOCATION – Location can change your pricing dramatically. You can find median, low and expensive areas within a 1 mile square. A good area is a good area – schools, close to interstate, shopping, crime statistics. You can live on the fringe of a GREAT area for a much lower cost than right in the center of the GREAT area at a fraction of the cost.
3. WANTS – NEEDS – DEAL BREAKERS – We all would love to live in a multi-million dollar home – we all just don’t want the bills. Here is where reality meets the road. Each amenity has a cost, each cost adds to the price of the home. You can purchase a much less expensive home and “add value” as you live there by doing little tweaks weekly, monthly or annually. The cost of a light fixture or ceiling fan with light kit can be $80 on sale, door knob and hardware as little as $25 – so whatever the budget you can turn your home into a castle in small steps and be on a budget as well.
4. TAXES – Coppervillage –vs-Towne Lake-vs-Bridgeland taxes. The same square footage can be as little as $3,300 a year or as much as $9,600 a year. This can increase your payment from $275 to $800 a month. All of these locations are within 5 min all running along Tuckerton Road.
5. INSURANCE – All risk is the only insurance I would suggest – however the area can also increase you rate. Properties with a great deal of hills or water – lakes /golf courses can have flooding issues, age of the home, square footage, amenities such as a pool or trampoline, age of the roof all play a roll.
6. NEW – PRE-OWNED – RE-MODELED - New homes have all the bells and whistles – pre-owned under 10 years have great qualities however, remodeled homes over 10 – 15 years old have the best value. If they have been remodeled you have nothing to replace, you can get a home warranty and the energy efficiency you loose with the windows can be regained by the large shaded trees and solar screens.