What Buyers Often Overlook in Home Purchases
May 4, 2012
While many buyers may be swayed by the home’s appearance, financing, and location when choosing a home, housing experts say they often overlook other important factors that may keep them happy for years to come with their home purchase.
A recent article at U.S. News & World Report lists tips for those often-forgotten aspects of home ownership. Here are some of those overlooked aspects:
- Zoning of nearby areas: What you see today may not be what you see a few years from now. Communities’ and neighborhoods’ landscapes can drastically change in a few years. And while some of these changes may be good — such as the addition of a nearby recreation park or school — some may be viewed as a negative, like a new highway overpass behind the property, the article notes. By reviewing upcoming plans and existing zoning at the city’s urban development department, home buyers can get a better idea of what the future may hold for the surrounding area of the neighborhood they choose.
- Remodeling rules: Some community associations may set limitations on what you can do to property, particularly if the buyer ever wants to make exterior changes like adding a garage or guest house. Purchasers who are looking to have a house grow with their family’s needs through the years may want to investigate any such rules beforehand to make sure that they’ll be able to add onto their home as needed.
- Impact of crime rate: Home purchasers may be concerned about making sure their new home falls in a low-crime-rate area but they may fail to realize how it can also impact their monthly budget. For example, “living in a high-risk neighborhood can send monthly bills upwards, like inflated auto insurance premiums,” the U.S. News & World Report article notes.
Source: “4 Not-So-Obvious Things to Research Before Buying a Home,” U.S. News & World Report (May 2, 2012)
Updated: October 15, 2019