Five Things to Consider When Buying a Home
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Posted On :
Dec-02-2009
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Article Word Count :
494
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Purchasing a home is an exciting time in anyone’s life. As one of the biggest investments you can make, buying a new home can also provide security, a sense of success and a place for your children to grow and create memories.
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Purchasing a home is an exciting time in anyone’s life. As one of the biggest investments you can make, buying a new home can also provide security, a sense of success and a place for your children to grow and create memories. However, since there is such a huge financial risk involved with buying a home, there are several things you should take into consideration before taking the huge leap into homeownership.
Here is a short list of things you may want to think about before you sign on the dotted line:
Location, Location, Location - Any realtor will tell you that the price of your home is tied to its location. How far away are the schools? Is there transportation nearby? Is the home on the “wrong” side of the tracks, or is it in a preserved historic neighborhood? Depending on your family or work situation, some locations will definitely work better than others.
Condition of Housing Market - In a slow economy, it may make sense to buy. When prices are low and home sales are sluggish, many homeowners and homebuilders are offering outstanding incentives for homebuyers. When the market is hot and at the top of its game, it could be a big gamble to purchase. It’s a personal decision, but be sure to ask your realtor what his or her prediction is for the area’s housing market.
Interest Rates and Financing - If you are considering a home purchase, it’s important to keep an eye on the financial markets. Interest rates are tied to prime rates, which can fluctuate greatly. Your realtor should have a fairly good idea on whether the trend is for the rates to go up or down, and it’s a good idea to buy when you can get the most home for your money. Less interest over the life of your loan means your money will go further. Also be aware of any special financing programs you might qualify for, such as low or no down payments options.
Your Personal Relationships - This is a tough subject that your realtor is not likely to bring up with you. However, there are many couples who go into the venture of buying a home together without taking a good look at their relationship. A rocky relationship will not be saved through reaching a dream of being a homeowner. Too many couples (married or not) are buying homes, only to separate or divorce shortly thereafter. If anything, the stress of buying a home or living together can rip apart the most fragile of relationships.
While buying a home is an extremely personal decision, it makes sense to thoroughly think through all the pros and cons involved. Buying a home will perhaps be the biggest investment you will make in your lifetime, and deserves as much consideration as who you will marry and where you will spend the rest of your life.
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Article Source :
http://www.articleseen.com/Article_Five Things to Consider When Buying a Home_6246.aspx
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Author Resource :
Joe Cline writes articles for Westlake Hills real estate. Other articles written by the author related to Austin Texas real estate and Lakeway real estate can be found on the net.
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Keywords :
Westlake Hills real estate, Austin Texas real estate, Lakeway real estate,
Category :
Finance
:
Real Estate
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