If you decide not to add-on or fix up your existing home, you may think about moving. If so, here are some pointers to remember about new home purchasing.
Location (Things to think about)
- Is the layout of the home conducive to any future additions or
re-configurations? - Is the house located on a busy street?
- What is the distance to local schools? How are these schools rated?
- What is the vicinity of shopping, hospitals, work, etc.?
- Distance to freeways, train tracks, industrial plants, main power lines, etc.
- Check with neighbors or the local police department for any crime history or undesirable activity in the area. (I.e. Neighbors you just don't need!)
- Additional property taxes (This can be a deciding factor)
If you're purchasing a home to fix up and sell within 5 years, many of the previous topics discussed should be applied. Obviously the return on your investment is a determining factor in buying a particular home or not. Factor in any and all costs incurred when purchasing the home such as property taxes, mortgage payments, materials, labor fees and possible hidden expenses. Always estimate higher costs or worst-case scenarios which should pad your investment should it become a reality.
Floor Plan
Is the existing floor plan conducive to your living style? Will your furniture fit in the rooms and is there more then one arrangement possible in each room? Do the rooms flow well for easy access to each part of the house? Is there adequate storage? (Where will you put all those holiday decorations?) Is the garage large enough? (Need to have immediate access to those golf clubs!)
Past History
The best investment you can make before closing escrow is to have a professional home inspection service inspect the entire premises and submit a detailed written report. This will give you a better idea if there may be hidden problems in the home. Pest infiltration (termite) reports are a must. Beware of previous homeowner repairs or add-ons. If there are no building permits on file for suspected work, you could be paddling up some troubled waters in the future!
Notes:
Given the history of the local real estate market, just about any form of home remodel can net an equity dividend within a short amount of time.
If you live in (or moving to) the area, give us a call and get answers to your questions before you buy your new home. (We are not a broker or realtor)
Call (650) 368-5021 or Email Us.
All Phase Builders
1111 Arguello Street #101, Redwood City, CA 94063
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