Summer has finally kicked in and with it the peak of the housing market. Often times potential homeowners are so excited about the prospect of owning the home itself that they fail to consider all of the post-purchase factors that should weigh into their assessment of buying a particular home.
Homeownership is a worthwhile investment and the benefits that come with owning a home outweigh the associated challenges by a large margin. That being said, here are some of the most important yet often overlooked factors that should be considered when deciding on a home to purchase:
▸ Maintaining and grooming your lawn: Do you have the proper equipment (lawn mower, weed eater, garden hose, etc.) to adequately maintain the lawn of the property? Do you have the time needed to maintain it or the money to pay a lawn care professional do it for you?
▸ Window coverings: Do window coverings (such as blinds, drapes, etc.) come furnished with the home or will you have to purchase them later? Often times window coverings are not included with the home. Having to furnish them yourself may not seem like a big expense at first but it can add up quickly when you’re talking about covering every single window of a home.
▸ Homeowner’s Association (HOA) Dues: If the home to be purchased is part of a HOA then the annual HOA dues are definitely something you should plan for and consider. Depending on the scope of the HOA’s activities and the particular subdivision the home is located in annual fees can be as low as $25 to as much as several thousand dollars.
▸ Taxes and Insurance: typically every year these items go up, that’s the down side. The upside is when these do go up it can imply that your property valuation is on the rise, which is a good thing.
▸ Maintenance and repairs: What condition are the utilities of the home in? If the air conditioner ends up needing a new coil in the near future will you have the funds to cover such an expense? What if the kitchen faucet breaks and a plumber is needed to repair it? Often times a home warranty can be purchased with the home that can protect you in a limited capacity should these sorts of issues arise in the near future. If you can get a reasonably-priced home warranty thrown in with the purchase this is is almost always going to be in your best interest.
This list is not exhaustive as there are numerous other factors to consider when deciding whether to purchase a home (i.e. the school district the home is in, commuting distance to work, crime rates, etc.). The items listed above are just a few examples of things that are important to think about but often unaccounted for when deciding on a particular home to buy.
Thanks for reading!