Getting Past The Indecision
Is NOW the time to make the home purchase you’ve been wanting to make? In the past weeks housing and real estate has brought the stock market to fall pretty low. The stock market people were really crying the blues, some even bemoaning, “the sky is falling-the sky is falling.” Have you been having “the housing market” discussion?
The market trend has been predicted by lots of market watchers since 2004 or before. They say (the market experts) the USA is in some kind of “housing bubble,” which will burst and leave us all tumbling into real estate hell to crash and burn.
Certainly, that could happen. Certainly, it might happen. Should such economic hard times cause people to hold off buying homes and encourage savings instead? I doubt that option will be what most choose because most folks aren’t really believing times could ever get so bad as during WWII. It could go either way, really!
Buyer/Seller Planning Stages
Regardless of what the market does or does not do, the home buyer/seller is responsible for their own personal life goals. Getting past the indecision, as in most decisions, is the difficult part. Home buying is a personal business decision. Home purchases are planned events changing the direction of one’s life. No one can know what the future holds. But, planning sets goals, builds good life skills, and can often prepare for and direct the future.
Location, Location, Location
Once I was a silent partner in buying a home in a subdivision next to a country club. The home was not at the top of the cost chain nor was it at the bottom. It’s cost was $270,000. We lived there 13 years and sold it for about double our money. Location, location, location is a standard rule for home buying because of the resale potential. The thought is people will always want to be where nice (meaning rich) people live. One might want to check with the city’s expansion plans before buying houses or real estate. Usually cities will project city planning expansions for many years in advance. State highways can also predict expected population growth. Before buying ask lots of questions like found in the previously referenced home buying checklist. It could bring big dividends down the road.
Country club living seems to be the “in crowd” trend these days. Don’t worry if you can’t afford furniture. Buy and stick it out for a few years. If the “housing bubble” doesn’t burst, you’ll make a profit. I once bought a 7,600 sq. ft home and had nothing but beds, a sofa, and a chair to put into it. Our family played run and slide through the rooms and had fun waiting for it to sell. There was only a $10,000 profit in that instance.
That’s a small return on most properties. But, we didn’t put much into the property and homes weren’t moving in the area. The incentive there was historical preservation. Identifying the incentive in any decision helps clarify and direct later choices. For a better value and return, look for the big cost basics being intact. Such basics as a sound foundation, good roof, good wiring, adequate plumbing, upper scale neighborhood, and invested community mindedness among residents insure a better resale.
Research, Research, and More Research
Each state government website will have a real estate assessment guide available to check real estate taxes before you invest. State governments have real estate commissions established as consumer resources for fact checking everything about real estate law, schools, and etc. Concerned about the neighborhood? Many states even have government sites listing all drug quarantined properties in the state. Also, communities can be checked through referring to the local Chamber of Commerce page.