Thinking about purchasing a home of your own? Keep these critical considerations in mind:
How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.
The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true as we have experienced over the past 18 months or so. Housing had inlated values from 2001 -2005 which are being corrected as I write this post.
How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come. You can find additional buyer and seller tips on my website.
After you have become familiar with an area, feel free to start searching the 6000+ real estate listings available in the Lansing area, including Okemos, Dewitt, Grand Ledge, & Holt, Delta Township, Delhi Township and other suburban areas. The selection is great, the interest rates are low, and prices are much more reasonable than last year at this time. "Now's the Time to Make Your Move"
"Expect the Best" Mike
Coldwell Banker Hubbell Briarwood
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