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5 Tips for the First Time Home Buyer
Want to buy a home? Consider the following before taking the big plunge!
1. Are You Ready to buy a home?
You need to get your financial house in order. The first thing to determine is how much you can afford with the added expenses you may...
A Secret To Real Estate Profits – Follow The Builder
As the real estate market cools, the profit potential of home ownership has cooled as well. Here’s a strategy called “follow the builder.”
It is relatively easy to make a profit when you sell your home if the market is rising sharply like it has...
Do You Work From Home? Plan Your Next Home Purchase Accordingly
The flexibility afforded by a “zero-commute” combined with the skyrocketing price of gasoline has strengthened the case for full time teleworking and telecommuting. According to an Environmental Protection Agency (2004) study:
“Americans spend...
Hardwood Flooring 101
Nothing adds warmth and value to a home like wood floors. Over
90 percent of real estate agents in a national survey said that
homes with wood floors sell more quickly and for higher prices
than other homes without wood flooring.
Some...
Prepare for Winter Before It Arrives
Even though we are still enjoying warm weather and winter seems far away, now is a great time to begin preparing. If you do a bit at a time before winter hits the tasks are not at all overwhelming.
So often, people wait until the last minute...
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How Come No One Told Us About This When We Were Buying A Home?
Development, it’s bound to happen.
Simply because there is a large open field, or the property you’re looking at borders woods, doesn’t mean it will or can stay that way in the future.
I could rattle off instance after instance where home buyers who may have just closed on a property are being notified as an abutter that some proposed development, they hadn’t heard about previously, was taking place right next door to them.
On that note, here are a few questions that, as a home buyer, you need to raise as you look around the property and neighborhood:
Are there any subdivisions, large or small, or plans that are expected to be coming before the planning board that would affect your prospective neighborhood?
Are there any ongoing or existing subdivisions or plans that would adversely affect your purchase decision?
Is it likely that the neighborhood could be redeveloped for another use?
Most municipalities have a Master Plan that gives a plan of action for how the community is or could be developed in the future. Often, discussion is by area, neighborhood or grouped by use.
One of the things you should check out is if there are any changes planned in the short term or long term for the particular area of the city or neighborhood in which you are looking to live.
Neighborhoods go through transitions that include development, stability, and decline/redevelopment. Some areas are in transition from one use to another.
Other areas are slated for actual zoning changes perhaps to a much higher density because of the dwindling supply of land that can be developed.
Getting caught in the middle of such a transition may make resale much more difficult and life at the old homestead less desirable if development occurs all around you that you weren't anticipating or told about.
Zoning ordinances
dictate what you can or can’t do in a certain area of the city, including what uses are allowed to exist.
Review a zoning map of the area to answer the following questions:
Is the residence you’re looking at in a residential zone?
Does the property border a different zoning district?
Does it border a commercial or industrial zone?
Does it border another residential zone that preserves a lower density?
Does it border another residential zone that allows for a significantly higher density?
Does it border a mixed-use zone?
Does it border an historic zone or district?
Does the property straddle more than one zoning district?
What is the effect on minimum lot size requirements?
I have experienced each of these scenarios being at issue with a property I was involved with at one time or another, either as a sales agent, real estate appraiser, as a member of the Zoning Board, or as a property owner.
The advice here is plain and simple.
When buying a home, be sure to do your homework. Don't be like many home buyers who fail to understand as much as they can about the home they want to buy and end up disenchanted with their financial investment.
Copyright 2005 Don Berthiaume
About the Author: Don Berthiaume makes home buying easier for you by giving you the right questions to ask when buying a home. Buying a home soon and looking for some money-saving tips? Discover exactly what these questions are and who you should be asking to get the answers you need by visiting http://www.homebuyerdefenseguide.com/go/go.php/hbs5
Source: www.isnare.com
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