As a first-time homeowner, you go through a lot of different emotions. You are intimidated by the idea of being a property owner, but you are excited at what the future holds. When it comes to the property itself, there are some questions you need to answer before you sign any purchase agreement. Your first step is to hire a good real estate attorney, and from there you two can discuss your concerns and make sure that you buy the property that is right for you.
You want a residential property, but what types of properties are you willing to share your neighborhood with? Some people like the idea of being in an area zoned for residential and commercial properties, but others just want to live near residential homes. One of the advantages of living in an area zoned for commercial property is the potential for your property values to go up if the right kind of commercial clients move into the area.
You should check to make sure that the commercial zoning in your area does not allow for any kind of business that could be detrimental to your family and your property value. For example, you might find out that the retail property at the corner is also zoned to allow for special commercial processes that utilize dangerous chemicals. Do not take commercial zoning at face value. You should always do research to know what you are getting into.
History of Property Values
Property values for residential homes can fluctuate constantly, and it can be a guessing game as to where your first home’s value will go. But if you do the right research, you can find neighborhoods that have a history of increasing property values at rates that are higher than the norm. A smart first-time home buyer is looking for a property that is not only a good deal now, but will show rapid equity growth over time.
Dealing with a Homeowner’s Association
As a first-time home buyer, you want to keep your stress levels as low as possible. At the same time, you want to get involved in a situation that has the best chance for showing you appreciation in your investment. Homeowner’s associations are notorious for their long list of rules that dictate exactly what you can do to and with your home, but they also have a history of significantly increasing value for homeowners. Take some time to talk to different homeowner’s associations and seriously consider the possibility of getting involved in one of their communities.
It is important to be practical about your first home buying experience and make sure you cover all of your bases. You will be spending a lot of money on one of the most significant investments of your life, so it is in your best interests to ask a lot of questions and feel confident about the process.