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House_Considerations

8 Things to Consider Before Purchasing a Home

Specifics to consider before purchasing a home like resale value, neighborhoods, school districts, and fees.

1. Potential Resale Value

When purchasing any home future resale value may seem irrelevant at the time of purchase but consider this, building equity and great resale value can make you money in the long run. Ask your Real Estate Agent to pull home sales in the neighborhood you’re buying. If you figure that a standard loan is based off a 20-30 year fixed rate mortgage and the average first-time home buyer plans on staying in their home for more than 11 years you can calculate the year-over-year growth for potential equity. To learn more call me for information.

2. School Districts

If you are starting a new family or looking to upgrade to a larger space for a growing family then school districts are definitely a consideration. In Orange County, you can check the ratings of specific public schools, consider the location of your new home and the importance of a great education for your children. Though you may not need to consider schools in the first few years. you’ll be thankful that you considered them when your child is ready to start.

3. Structure, Plumbing and Other Potential Maintenance Issues

With new homes there can be a lot to consider regarding structural, electrical or plumbing. If you’re purchasing a brand new home, home builders generally offer buyers a customer care program for a period of time. With older homes, it’s a different story. Depending on when your home was built, building codes and construction standards could be out of date and under par, meaning when you purchase you may be required to bring the structure up to code, which translates to more money. Save yourself the hassle and request an inspector to do a thorough run through of the property before closing so that you can negotiate purchase terms accordingly or even back out.

walkability

4. Local Resources and Walkability

Restaurants, parks, and local activities are all things to consider when purchasing a new neighborhood. If you are more inclined to walk than drive consider walkability high on your list. Also, access to great parks, trails and local activities can make an average neighborhood a lot better. This site provides a walkability score by address and don’t forget to check out the city’s website, where many times they’ll have events they promote and host throughout the year.

5. The Renter to Owner Ratio (especially in condo/townhouse complexes)

Purchasing a home in a predominantly rented area can be a concern. First, resale values tend to be lower and second, renters don’t seem to invest as much in their neighborhoods and homes. This is especially true of condo complexes. Find out from the Homeowners Association what the renter to owner living ratio is, to make an educated purchasing decision.

6. Noise

Barking dogs, loud neighbors who like to party into the wee hours of the night, and screaming children may completely deter you from purchasing. So, before you do, ask around, talk to the neighbors to find out what if noise is a problem. On the flip side, if you’re looking for a family friendly community with a lot of children and other families ask your realtor if they know what age demographic in the neighborhood is like — empty nesters, singles, or seniors?

7. Association Fees and Melo-roos

Tack on extra monthly fees to your mortgage including Association fees and Melo-roos and you could be paying more than you bargained for, depending on which city, district and neighborhood you purchase in these are fees to consider before getting emotionally attached to a new home.

crime

8. Crime

A safe neighborhood is a huge consideration for so many reasons. Although you can’t prevent random acts of crime it’s always better to be aware of your surroundings and the number of robberies, assaults, and thefts that have averaged in the area over a year. Checking out the city crime rates is the first step in self-education. In addition, in the state of California you can view a map of registered sexual offenders in the area on Megan’s Law Map.

If you’re in the market or interested in answers to your questions before buying, give me a call to discuss.