Not So Obvious Considerations When Purchasing a Home
The obvious things homebuyers think about include home price, mortgage amount, floor plan, and room sizes. These are certainly important factors. There are many other considerations that may not cross the mind of home buyers—especially first-time home buyers.
Covenants, Restrictions, Conditions or Easements
One important consideration is whether or not the home is in a community with covenants, restrictions, conditions or easements. Some developers set limits on homeowners within the community. For instance, paint color, type and height of fence and other decisions may require approval by an association board or other controlling organization.
You may be limited in the number of vehicles you can park on a street, how many and what type of outbuildings or garages they may have and even the type and size of porch or deck that can be built by homeowners. Also, easements for utilities could run across your property.
Zoning Changes or Future Development Plans
Another factor to investigate is whether or not the area is subject to a zoning change or future development and how your property value or neighborhood ambiance may be impacted.
Area Amenities
What amenities are convenient to your home? Will you be near shopping and community activities?
Neighborhood Demographics
Neighborhood demographics are another not-so-obvious consideration. What is the percentage of homes that are owner-occupied? Are there families that are like yours, e.g., families with young children or predominantly retired couples, etc?
Comparable Home Prices
Finally, how does the price of your future home compare to those of other homes in the neighborhood?
Taking the extra step of asking questions and researching these and other “what if” scenarios can prevent disappointment after the fact.
