What better way to go about buying and owning a home than to take your time and do it right when you decide the right time is right for your family’s biggest financial asset? Despite the importance of this goal in the American Dream, few people pursue it in the most prudent manner possible. Indeed, if done correctly, home buying relies on the ARTS of doing so, which are professionally, designed, and recommended. Using the mnemonic approach in order to avoid seeing your desired dream turn into an unwanted nightmare, this article will attempt to briefly examine what this means and requires, and why it’s wise to learn and use this technique.
The first step is to conduct a thorough evaluation of the asset in question. Don’t just wing it; instead, pay close attention and thoroughly weigh all the pros and cons. Know your personal needs, goals, and priorities, carefully be introspective and objective, about these, and fully appraise all aspects, of what’s involved, with purchasing this specific property. Preserve this priceless resource and proceed with caution!
- Region: What factors about the specific region, area, neighborhood, etc, might have an effect on the value of a certain piece of real estate? What do you need, from the place you live, in terms of conveniences, safety, shopping, transportation, education, etc? Does the property benefit from these additions, or does it detract from it?
Taxes: What are the property taxes like in the area you’re considering? Consider the impact on your monthly fees and expenses if you decide on this option. Specifically, how much of an impact does the 2017 legislation, which capped state and local taxes at $10,000, have on your federal income taxes?
The following is a list of systems and solutions: Have a professional home inspector, and/or, engineer, thoroughly and comprehensively inspect your major systems and components! Don’t buy a Money Pit, because you may find yourself in this unfortunate situation if you have to deal with an unexpectedly large repair bill. Consider obstacles, rather than problems, as challenges and focus on finding the key solutions that will make your life more enjoyable.
Buying and owning a home necessitates an understanding of both the scientific and artistic aspects of the process! How much of your time and effort are you willing to devote to alleviating the burdens of others?