Things To Consider Before Closing on a House
Everyone knows you should have an independent home inspector and/or property appraiser check out a home before you buy. Everyone knows you should shop around for the best value on property and home loans. But there are some things that are not quite stressed as often, yet are equally important to the home search.
Property taxes — What will you be paying annually? Is it outrageous in comparison to surrounding areas? Why is it so high, and is it worth it? You may have heard of cities with low or no property taxes. This may sound like a dream come true, but closely examine what you might be trading for that. For instance, one fairly good-sized town in my area has no property taxes, but also has no fire service. By relying on the distant county fire service to arrive in a timely fashion, homeowners and their properties are at much greater risk.
Homeowner’s association dues — Again, are these outrageously high or are they reasonable? What do the homeowner’s association dues cover and is it worth the price? This is something to consider whether buying rental property, bare acreage or a home.
Surrounding income level and building restrictions — What will your neighborhood look like in 20 years? A good predictor of that is the income and education levels of the surrounding area. There are plenty of online resources to help you determine these facts. Furthermore, ask about building restrictions in the area. Are mobile homes allowed, or are houses restricted to a minimum square footage? These can all change the landscape, and the likelihood of rental property creeping in.
Zoning issues — Nobody wants a zoning mess on their hands. It’s just a disaster, so research this very carefully. Don’t take the seller’s word on it, but do your own independent research. You’ll be glad you did!
April 1st, 2008 at 1:12 am
[…] Swamies Blog wrote an interesting post today onHere’s a quick excerptThings To Consider Before Closing By Hayli Morrison | April 1st, 2008 Everyone knows you should have an independent home inspector and/or property appraiser check out a home before you buy. Everyone knows you should shop around for the best value on property and home loans. But there are some things that are not quite stressed as often, yet are equally important to the home search. Property taxes — What will you be paying annually? Is it outrageous in comparison to surrounding areas? Why is […]