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Buying a Home
When considering the purchase of a home, there are many considerations. This is a big investment and one that needs to be thought about in detail. Whether buying a brand new home or an older home, you need to consider three main aspects - location, style, and cost.

For most people, owning a home is something that has been thought about for a long time. Although owning a home means mortgage payments, insurance, taxes, and upkeep, having your own brings a special sense of pride. In most cases, as the years pass, equity is increased in the value of the home, meaning that if you purchased a home for $100,000, five years later, that same home may be worth $130,000. If you conduct upgrades or large enhancements such as putting in new kitchen cabinets, a fence for the backyard, or new carpeting and tile, the equity could go even higher.

The most important of the three aspects of home buying is without a doubt location. The location where you buy will have a huge impact on the resell value of your home. Additionally, location is important to you to ensure you are close to work, friends, family, and things that match your lifestyle. If you are looking for an urban home, you will discover a large selection of choices, located near restaurants, museums, theaters, and more. Suburban living typically offers larger sized lots and larger homes for the money. Many people prefer living out away from the hustle and bustle of the city but in exchange, you do need to travel a little further to get to the grocery store, see a movie, and so on.

When thinking about location, work with a reputable real estate agent and look at a number of neighborhoods. Check the property values and how they are rising or falling, the crime rate in the community, proposed zoning of any major developments, property taxes, and so on. These are all important to know what type of investment you are making as well as what the future holds for your investment.

You will also need to consider the various home styles that include:
  1. Single Family Detached This is a free-standing home that is occupied by one family

  2. Semi-detached This too is a single family home that is attached to another home by a common wall similar to a duplex

  3. Duplex A true duplex is when there are two units, one sitting on top of the other

  4. Townhouse This is comprised of several single family homes that are all joined by a common wall

  5. Carriage or Link These are houses or condominiums that are joined by garages and provide private access in the front and backyards

  6. High Rise Condominium This is a multi-story building that consists of separate condominium units

  7. Manufactured This type of home is factory built and a single family design. Once the lot is purchased, the home is moved to the lot and set on the foundation.
Another consideration when buying a home is whether to choose a new home or a resell home. Both of these options have advantages and disadvantages.

With the new home, you have the option in most cases of choosing your carpet, tile, faucets, lighting, siding, paint color, and more whereas in a resell home, you would have to take what is there and make any changes on your own.

A big advantage of a new home is that they are required to meet strict building codes. This means that the electricity, plumbing, and so on all have to meet standards and these standards are under warranty. Another advantage is that depending on the builder you choose, you may receive some incentives. With a resell home, you usually have the advantage of choosing an established community with mature trees and landscaping. Other items you may want such as a fence, siding, swimming pool, or screened in porch may already be done.

As you start your search for a home, keep location at the forefront of your choices while also thinking about style and cost.

 
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