So, you've decided to invest in real estate of your own. Good for you! It's a great time to purchase a property. What should Tucson home buyers focus on? Price is one (very important) aspect of a home purchase. But, there are other factors that are equally important to keep in mind.
What Should Tucson Home Buyers Focus On?
The primary focus for many Tuscon home buyers tends to be money. Why? Because this may be the most significant financial investment you make in your life. New to the city? You might want to rent for six months to a year to give yourself the time to look around at the area you want to live. Thinking about moving out of the area in a couple of years? Buying a home right now may not be the best decision. Having all your money tied up in a house when you need to move could make it a little more difficult to pick up and leave when the time comes. However, if you decide to make Tucson your home base for a while, buying a home makes total sense. And the tax incentives you receive as a homeowner can sometimes make ownership a more feasible option than renting.
Keep Budget and Lifestyle in Mind
That being said, don't invest your entire income into your Tucson home. If you love to travel or have hobbies you enjoy, you don't want to be "house poor". So, your lender approved you for a high dollar home. That doesn't mean that you have to spend that much, especially if it impedes your lifestyle at all. To be happy, Tucson home buyers need to focus on how much they can afford to spend and still continue to do the things they enjoy. After all, it's the experiences in life that make it worth living...not the "stuff". Also, consider keeping a separate emergency fund to cover unexpected expenses that may occur. Even with a home warranty and insurance, you still may incur expenses. It's better to have the peace of mind knowing you're covered no matter what life throws at you.
There's a reason why you hear "location, location, location" when it comes to buying a property. It's pretty much the only thing you absolutely cannot change when it comes to real estate...unless, of course, you decide to pick it up and move it. But that's much more expensive and time-consuming than it's worth if it has no historic value. If this is where you plan on retiring, find out where the property is located in proximity to hospitals, pharmacies, grocery stores, and activities you enjoy. For temporary digs, think resale. What is the school district like? Are there family-friendly amenities nearby? Even if you don't currently have school-age children living with you, a Tucson home in a great school district appeals to future home buyers with families.
What Might the Future Bring?
We tend to focus on the "here" and "now". But, if you plan on staying in your Tucson home for a while, you need to check out your surroundings. While you may have plenty of space to roam around in at the moment, that could change. Find out if the City has plans for developing the area around your house anytime soon. Getting in on the ground floor of a residential boom could be profitable. On the other hand, if you crave the quiet, this may not be the neighborhood for you. Also, if future development ends up being industrial rather than residential, that could prove less than desirable as well. The decision is ultimately yours to make.
Rebecca Schulte, Schulte Real Estate Group, Your Source for Tucson Real Estate