FLORIDA HOMEBUYING - GET YOUR PRIORITIES IN ORDER! Buying a Home in Central, Orlando or Lake Mary Florida
With so many great home deals today in Florida – it is easy to get lost trying to hunt down the one that is right for you.
“Location Location Location” has always been the real estate adage – but when it comes to residential real estate it should be first “Prioritize Prioritize Prioritize” .
The first “Prioritize” is to put needs over wants. Make a formal list when quietly discussing and thinking this through. It will serve as a reminder as to priorities when objective thought was the driving force rather than the caught-up-in-the-moment emotion of the buying cycle.
Generally the most immediate need is the price point. Convention has stated heretofore that one should buy as much house as one can afford with the idea that salaries increase over time with establishing a successful career path. However, at New Southern Properties, we believe you should only purchase what you need – the balance can be saved or used for other purposes. Being strapped to a house payment can seriously limit your options in a variety of ways such as job opportunities and career changes, deferred maintenance problems, personal expenditures such as vacations as well as emergency expenditures that may arise due to long term illness or layoffs.
Other priority considerations should involve location, amenities and valuation (which does differ from price point). Location priorities must consider both macro-location and micro-locations. Macro refers to the overall neighborhood location within the area. These would include proximity to food, goods and services shopping, schools, workplace and entertainment. The other location consideration is that which is within the neighborhood. These include being waterfront, on a corner lot, or backing to conservation areas.
Amenities can involve a wide variety of things. Community pools, golf courses, tennis courts, bike and jogging trails, clubs and clubhouses as well as parks, fields and basketball or volleyball courts are some of the considerations. Remember that these amenities have to be maintained in some fashion. If they are within the neighborhood it may be Association fees that pay for it. If not, it may be the county taxes. Also keep in mind that amenities can be a great selling feature later on – more often than not – buyers want some type of amenities.
Finally, last but in no way least, is valuation. Valuation differs from price in that it involves considering the “bang for the buck” rather than just the price point at which you need to be under. For example: Is the waterfront lot worth the $50,000 lot premium versus the home across the street? Or is backing to the lighted tennis courts worth the $10,000 price reduction versus the one that isn’t next to the courts. In terms of general practice, you should avoid being the largest house in the neighborhood – the smaller homes will tend to limit your valuation nearer to those immediately around it.
Good Luck and Good Hunting !
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