Purchasing a home is the best investment you’ll ever make.
When you purchase a home you are truly making an investment – gaining equity and saving your down payment until you choose to sell at a higher price. Make sure you’re making the right investment for you!
School District Makes a Difference
You may be scratching your head, looking at this headline and thinking, “I don’t have kids; why do I care what school district my new home is in?” You may be right that kids aren’t on your radar, but 60% of Americans between the ages of 18 and 40 have children that live at home with them. This age group is also the most likely to buy upsizing their home, so when you go to value your home for resale you’ll need to take into consideration the perks that are critically important to these folks. If you don’t live in a state that offers School of Choice options, your buyer will be stuck with whatever public school is assigned to the district that your home is situated in if they don’t want to go private.
School districts also tell a buyer a lot about the affluence of the people in your area, so make sure you’re putting the right foot forward by choosing a school district with high standardized test scores, above average funding, and award-winning extra-curricular programs, even if they’re not important to you right now.
A Down Payment is Your Best Investment
The most important investment you’ll make in your new home is your down payment. You’re basically guaranteed that you’ll see that money again when you sell, so you may as well save up the largest down payment possible. This will keep your payments manageable, let the seller know that you’re a serious buyer, and let lenders know that you are a financially savvy investor.
Obtain Financing Before Falling in Love
We can not stress this enough: DO NOT go look at houses before you obtain mortgage pre-approval and DO NOT fall in love with a house before you obtain official financing approval. Making sure you have your financial ducks in a row will save you from excruciating heartbreak later when you find out that you cannot afford the dream house you thought you could.