Financial Literacy for Everyone

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The Right Home

When you are pondering which property to purchase, not only do you have to think about now, you must think about your future. Will your family be growing? Are you going to need a study room? Are you going to be able to keep up with the maintenance? You do not want to buy a home and then find out three years later that you have outgrown it.

Home Size Does Matter
The drawbacks to a small home are obvious – not enough space. But there are drawbacks to a large home as well. The management fees of your residence are usually linked to its area. Consider how much space you need, how many rooms you need and how much furniture you want to have. Limit your home size to meet these requirements unless you are willing to pay higher management fees and put in a lot of time on maintenance.

Urban, rural, busy, quiet. You have many different options when it comes to choosing a neighborhood – too many to cover here. But here are some neighborhood variables to think about.

  • How long are you willing to commute?
    This will give you a geographical boundary to look within.
  • Do you have children?
    If so, carefully investigate the school system that your children will be attending. See what learning opportunities are available to them. Even if you do not have kids, the quality of the schools in your community will have an impact on the resale value of your home.
  • Do you like high-energy environments or peace and quiet?
    When some people go home, they want to leave the world behind and relax in the peace and quiet of their personal retreat. Others would be bored to death by that environment and need more interaction and energy.
  • What aspects of a community are important to you?
    Envision the perfect neighborhood. Ask yourself what makes it perfect? Then seek out that neighborhood.

When you are looking at homes, try to get a feel for the neighborhood to see if it is right for you. Talk to the residents and ask them what it is like. Be nosy. After all, you might live there for quite some time.