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Thinking About Buying Another Home?

November 22, 2010

Even if you aren’t planning to buy a home in the near future, you may be considering doing so somewhere down the road. While real estate is a good investment in the long-term, right now the big payoff is the historically low interest rates, which can save you a pretty penny!

When thinking about making the move, you also have to ask yourself…

• A home is not just an investment; it’s a place to live. Does the location fit your lifestyle?

• Buying a home is a “social statement”. When you buy a big home, you are making a statement to family, friends, and neighbors. Ask yourself how big of a “social statement” can you afford?

• If you have a steady job, matching your income with your mortgage payment and expenses is a good thing. But if you are an entrepreneur or work on commission, it may pay to be more conservative.

• Do you see yourself living there? Sit in the dining and living room.  Imagine yourself and your family gathering in the kitchen. Picture your furniture in the rooms.

• Is there room for all of your belongings? Assess the closets, storage space, garages, basement or sheds to make sure there is enough room or to prepare you for a yard sale!

• How big is the yard? While it looks good on paper that the yard is huge, ask yourself if you really want to maintain it on a regular basis? Energy Audit

• Will someone else like it? While this is going to be your home, you might live there forever, or at some point in time, you may sell it.

There are some of the things you can you don’t have to take into major consideration, such as paint and carpeting, kitchen appliances, their furniture and their belongings. Unless you see major problems with the electrical, plumbing, heating or structure, rely on the home inspection to find the major issues.

From Mortgage Banker Patty Seagrave

Source: LO Magazine

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