Ready To Buy Your Dream Home? Think Again!

Buying a new home can be a lot of fun, especially if it is your first one. There are an amazing array of first time home buyer programs out there just waiting for eager applicants. Whether it is your first home, a second home, or a vacation cottage, there are some important considerations to address before signing on the dotted line. Financing is an issue, of course, unless you are going to pay cash. Here are some after purchase items to explore.
Can you afford to keep your home after the initial purchase?

This is probably one of the most overlooked considerations, especially in the case of young people.Often, in the excitement of the moment, things like property taxes, maintenance and upkeep costs, assessments, insurances and other possible hidden requirements get overlooked in the planning stages.

New home buyers would be well advised to closely examine the property tax history for the property under consideration. Has the property tax stayed the same for a number of years? How often does the tax assessor value the property? In our locale, it takes about four years for the tax assessor to make the rounds of our county and return to our property, so our property tax increases roughly every four years. Have there been any recent improvements to the potential purchase that have not been figured in the current tax assessment e.g. a new garage, a new storage shed or carport, new sidewalk or landscaping? Maybe the local property tax rate has been on a steady state of increase for the last few years.

Watch the local news about the schools in the area where you are thinking of buying. As populations increase, many school districts are applying pressure for bigger and better schools and more, higher paid teachers and staff. This all translates into bond and levy increases that will show up as increased property taxes. The same applies for emergency services. If you are thinking of buying in an area of economic growth, police, fire and medical aid demands are going to skyrocket and guess where they are going to come for the increased funding?