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Lexington Park Homes for Sale / How to Shop for a HomeLexington Park Dream HomeAs you can see, the lot you choose for your Lexington Park Dream Home could have either a negative or a positive effect on your overall building costs. A large, square lot in the middle of a graded subdivision in Lexington Park is the easiest type of building site to work with. The further your lot deviates from the ideal, the higher your building costs will be. Building on a hillside or on a lot with varying topography and irregular shape is expensive. Lexington Park HOME BUYING MORTGAGE PITFALLS TO AVOIDALL MORTGAGES ARE NOT ALIKE. There are far too many variables—type of mortgage, term, lender and amount of points to mention a few—not to investigate all of your options in Lexington Park. Don’t simply accept the first plan presented to you, whether it is from a mortgage broker, an agent or on the recommendation of a friend. Spend time comparing to get the best plan for you. HOME INSPECTION – A MUST. If you should ever think about skipping the Lexington Park home inspection in order to save money, stop and give yourself a good shaking. In the scheme of things, the Home Inspection fee is small potatoes but it is a very important step for any buyer to take. Going without a Home Inspection or choosing an unqualified inspector puts you at risk for not knowing about potentially expensive or even hazardous defects in the property. Guidelines for Buying Lexington ParkWhether you are a seasoned veteran of real estate transactions or a first time buyer, my advice is the same: Know the Market, Know Yourself and Rely on Experts to give you the whole picture of what you are buying. Know the Lexington Park Market. Another way of stating this is Research, Research, Research. Of course the Internet is a great way to give an overview of Lexington Park homes or homes in any given area but may not be enough, especially if you are looking to buy a home some distance from where you currently live. If you are looking to buy locally you can drive the neighborhoods that you are focusing on to get an idea if there are any problems you need to be aware of. Does part of the development back up to a busy highway? If so and if you want to avoid looking at homes in that area, know what streets are involved so you can recognize listings that may be involved. Building Lexington Park Home EquityA popular question from prospective Lexington Park homebuyers relates to building home equity. Buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00, especially in Lexington Park. With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build Lexington Park home equity faster by choosing a 15-year loan instead of a 30-year loan. Buying a Lexington Park Fixer-UpperFinding the right Lexington Park fixer upper often involves finding a seller who is in financial difficulty and wants to sell in order to protect their credit or to avoid foreclosure. Various government agencies such as VA, HUD, IRS and others offer homes in foreclosure for sale and these homes can make excellent fixer-uppers. Bank owned properties known as REOs, real estate owned, offer good opportunities since financial institutions want to eliminate their real estate holdings by selling foreclosures quickly. Join my network of Lexington Park buyers looking for specific types of properties. Call or Email me today. Buying Lexington Park Real Estate...Will it Pay?A frequent question from prospective homebuyers relates to building home equity. Lexington Park buyers like to estimate how much a home may increase in value based upon past appreciation. One of the many advantages of home ownership is that appreciation is based on the home’s market value rather than on the actual dollar amount invested or the down payment so that a $100,000.00 home that appreciates 5% is now worth $105,000.00. This is one way of building your Lexington Park home equity but there is more you can do. |
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