Common Mistakes Parents Make When Buying a Home

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When purchasing a new home, parents tend to make a few mistakes that show up later in life. It is important to look at the past, present, and future when considering a new home. What can we learn from others’ past mistakes, what do we need for the present, and what does the future hold that we can prepare for now? When we consider these during a new home purchase, we can get a home that will meet our needs.

The Past

Learning from others’ mistakes is important when shopping for a home. Many parents purchase a home without checking out the local schooling options. Then when the children are old enough to go to school, they don’t like what is available. Decide if the schooling system near you will meet your child’s needs in the future.

Safety Issues

Learn from parents of the past concerning safety issues. Do the stairs have a handrail? Does the pool have a safety fence around it? Is the deck in good order or do boards need to be replaced?

The Present

Will the home meet the grandparents’ present needs? Is there a fenced yard for a dog? Is there plenty of storage for ball equipment or musical instruments? Is there plenty of space for doing laundry, and for folding?

Driving to Activities

Is the church nearby? Is there plenty of shopping close? What about the doctor’s office? Make sure the family can get where they need to go within a reasonable amount of time.

The Future

Look into the future for the family. Having more children means needing more bedrooms. It also means the family may need more bathrooms, especially if they are girls. We can’t know everything the future will bring, but we can anticipate some things and prepare for them.

Anticipation of Expectations

Think about what the family already loves to do, or is interested in doing in the future. Consider these options:

  • homesteading
  • home-based business
  • homeschooling
  • fishing and hunting
  • husbandry
  • horseback riding

Looking at the past, present, and future needs of the family, will help parents make a wise choice on such a big ticket item. They can know that they have thought through all the reasonable possibilities that this new home needs to provide. In doing so, the home will the refuge throughout the years.

Housing Markets Set To Explode!

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According to a recent article, there are a number of states throughout the country that have a very high chance of experiencing continued rises in housing prices over the next year.

While some housing markets have cooled off due to a combination of state policies, slow or negative job growth and stagnant local economies, a few states are reaping the lion’s share of the increasing demand for national housing. In fact, the last few years have marked the first time since 2006 that the average housing prices across the country as a whole have set records. But these gains have been distributed unequally, and that trend is likely to continue. Here are three states where housing prices are likely to continue experiencing strong gains.

Nevada

Nevada isn’t just the gambling capital of the world; It’s also one of the states with the lowest overall tax rates and the most favorable laws towards business. These facts have continued to attract new residents in droves, driving the housing prices of the state up by a factor of nearly 3 since 2012. While buying a home or piece of commercial real estate is always a bit of a gamble, doing so in Nevada has been a bet that has paid off handsomely.

Texas

The Lone Star State has one of the fastest-growing economies not just in the United States but in the world. Cities like Houston and Austin have experienced growth in their respective populations that place them among the fastest-growing cities in the country. And the characteristic intrastate migrants that Texas has been receiving tend to be high-earning and highly educated. With some of the lowest taxes and one of the most pro-business environments of any U.S. state, Texas has seen a massive influx of tax refugees from states like Illinois, Connecticut and California.

Florida

At one time, Florida may have had the reputation of being the poor man’s California. Today, Florida is one of the most popular destinations for those fleeing the Golden State. With zero personal income tax, idyllic year-round weather and, perhaps, the easiest access to beachfront and water-based recreation of any state in the country, Florida continues to be a prime destination for retirees, business owners and just about anyone else who seeks fun and sun without the stifling taxes, regulation and congestion of California.

Are Millennials Buying Real Estate?

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According to Spencer Rascoff, the CEO of Zillow Group, millennials buy real estate far more than people think that they do. In fact, millennials spent $500 billion in real estate in the last 12 months. However, millennials do approach buying real estate in different ways than previous generations.
Millennials often go straight to the Internet for information, and real estate information is no exception. More than any other generation, and more than ever before, millennials are finding both properties and agents online. The internet has made the process of buying a home or investing in real estate easier and more accessible than ever. Instead of investing loads of time in calling agency after agency and inspecting property after property, millennials do much of the home buying process from their computer or smartphone.
Millennials, more than any other generation, are borrowing money to spend on real estate. They often borrow money for down payments from friends and families. While this may not always be a reliable solution, it is oftentimes necessary in order for millennials to get their foot in the door. This is because millennials often have a hard time finding homes that they can afford on their own. This is the result of a variety of factors. Many millennials face student debt higher than in previous generations and find themselves working low paying jobs. Oftentimes, these jobs are not even in the fields that they dedicated time studying to work in. However, by borrowing money from those around them, they have a springboard from which they can jump into the housing market.
Millennials now make up a large part of the real estate market. Although they often face financial hardships greater than those of previous generations as a result of inflation and wage stagnation, they end up having similar views towards home ownership to those of the generations that came before them. While renting is a very popular method that opens up a gateway to home ownership for them, millennials also often take out loans to pay for their properties. While this can backfire (and often results in a lot of debt), the end result is more millennials buying up real estate.
Millennials may not always be putting themselves in positive situations by buying homes, but they often do anyway and now make up a large section of the real estate market.