Buying Smart

Locating and negotiating a purchase of the ideal home should be a pleasant experience. Here are some tips that may help you make your very best buying decisions:

• There are plenty of homes on the market in any given price range, but there is a limited supply of “cream puffs”

• In any given area, the “cream puffs” usually sell quickly and for top dollar

• It is usually smarter to buy a home in the lower price range in any given area as opposed to buying at the top of the price range. An old saying is “never buy the biggest house on the block”.

• New construction will usually sell for a higher price per square foot than resale homes.

• After purchasing a new home, the owner will usually incur the costs of landscaping, sprinklers, window coverings and other amenities not in included in the new models.

• Resale homes generally offer more house/space for the money. The trade-off is that older homes may not have as many “bells & whistles” as the new homes.

• Residential building lots are getting smaller as new neighborhoods are developed.

• A pitched roof will last an average of 20 years. A flat roof will last about 15 years. The pitched roof will cost more to replace or repair than a flat roof. The flat roof will require replacement sooner.

• Generally, there is not much flexibility in price on homes owned and/or offered for sale through a corporate relocation company.

• LOCATION is a primary consideration when buying. A great home in a less desirable neighborhood may be a risky investment. A less expensive home in a great area can be a good investment.

• Property taxes in outlying areas are generally lower than the taxes in Bernalillo county. The trade-off may be in higher insurance rates due to proximity/distance of fire protection services.

• Investors are usually competing with owner-occupants for affordable homes. Owner-occupants will usually pay a much higher price for a home than the investor will.

• It is very likely that there will be several buyers in the market who are looking for the same type home as you are. When you see a home you would really like to own, making a rapid decision will be to your advantage, even in a contingency situation.

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