The Often Overlooked Aspects of Buying a Home
There are so many things to consider when purchasing a home. Everything from architecture styles, location and of course…the budget! And don’t forget the impact the interest rates can have long-term.
Mortgage Terms
Many prospective homeowners know the importance of the mortgage rate as it determines how much you pay for the property. However, there is more to a mortgage than the interest rate. You should never overlook the other terms in your mortgage agreement.
Many homeowners often do not scrutinize their mortgage contracts and pay for their assumptions later. When determining how to get a mortgage, one of the foremost aspects of buying a home should be understanding the mortgage terms.
Homeowners Association
When buying a home, it is essential to consider the type of neighborhood you will be moving into. Is a neighborhood with a homeowners association (HOA) for you?. The benefits of living in a neighborhood with amenities like a pool, tennis courts and clubhouse can be enticing and are typically managed by a homeowners association. The upside to an HOA is the care that is given to the neighborhood and amenities. Review the HOA dues and note what those fees cover.
The School District
If you have children in the public school system this is something to consider when searching for properties. Don’t get your heart set on a property in the wrong school district. A neighborhood may be attractive to you, just make sure to consider the school district when buying a new home.
Mobile Network and Connectivity
We live in a digital age, and some previously unimportant things are now necessities, like mobile network and internet connectivity. Many prospective home buyers take for granted that coverage will be available. If you work from home or use streaming services like Netflix, Hulu or Prime, download speed is important. Not to mention we’re living in a smart age. Ovens, thermostats and even our washers and dryers are connected to Wi-Fi. Some older neighborhoods with those beautiful turn of the century homes, may or may not yet have Fios or even 5G.
Zoning Issues
When most people buy a property, they think they will be able to use the property as they please (again if you’re in an HOA neighborhood, check the rules first.) You may want to do something unique with your property, like put in an inground pool add a stables for your horses, in which case, you should do the research to find out if it is permitted.
Also, running a business from one’s home may or may not be allowed in certain neighborhoods, so do your due diligence.
Enjoy the search for your new home!
Feature Photo by R ARCHITECTURE on Unsplash
