Ask Questions About the Location of the Home
In real estate, one routinely hears it’s all about location, location, location. Homes in desirable areas are worth more than similar homes in locations not so desirable.
- What types of other properties are located nearby? A home in Madison, WI, for example, may have a cement wall over the fence. Behind it a towing company and plumbing company. Apartment buildings, commercial and industrial lower the value of residential around them. Source: Homeguides.com Remember, if the home is “cheap” now, it will probably be the cheapest home when it comes time to resell.
- What are the neighborhood demographics? Some title companies can supply this information, but your best bet is to talk to the neighbors, followed by asking the agent about the area and doing research at the library.
- Where are the schools? Schools are a huge concern to parents with small children. In Wisconsin, even if you buy a home within the boundaries of certain school districts, there is no guarantee your children will get into that school. Source: dpi.wi.gov
- Are there nuisance factors? Traffic from nearby restaurants or stores may be an irritant. With freeways in the distance, you might not hear the noise during the day, but as night falls, the clatter and constant hum may get louder. Even barking dogs can drive a person nuts.
Remember, real estate markets are subject to swings. It can be a seller’s market, a buyer’s market or a neutral market. If your market is on fire and smokin’ hot, you might not have enough time to ask any questions before that home is sold to somebody else. Ask your agent to give you professional insights into the type of market.
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Barb Miller NMLS#929071 – PrimeLending | 608-206-2988 | firstname.lastname@example.org | Apply For a Loan