Buying an Affordable home in Michigan

Buying an Affordable home in Michigan.
Most lenders will over approve you for a mortgage. You want to figure out yourself how much you can afford to pay each month and then consult a mortgage and Realtor. There is no sense in over extending yourself when buying a home. We all want more, bigger, and better. But you do not want to be house poor or get yourself in a mortgage that will only get you into trouble ( negative amortization loans, pick a payment loans) Even an adjustable rate mortgage may be risky for some people. So choose your mortgage carefully. You have to be the final judge on what you can afford. Please think hard on this. Many people are losing their homes in 2006 and 2007 because they took risky loans, over extended themselves, or took the largest loan the lenders would give them. You want to enjoy your home for many years to come.
Please note that we handle Wayne county homes, Washtenaw county homes, and Livingston county homes. We just used Oakland county homes as an example in this article. Search Michigan Homes

There are many factors to consider when looking for a home

Types of Oakland County homes - There are many different types of homes: single family, condominium, townhouse, and duplex. Additionally, the type of home you select may impact your buying power.

New or existing home - Consider whether you want to move into a new home, nearly new, or older home. In general, new Oakland County homes are more costly than existing homes. Especially when you figure in the items that are not in the house yet. Such as window treatments, landscaping, decks, and patios. However, the condition of an existing home can significantly increase your maintenance requirements. There may be items that need replacing or upgrading.

Quality of home - Examine the condition of the home. Carefully inspect the structure, interior and exterior of the house for defects. The additional renovation costs may add up over time and exceed your maintenance estimates. Will the house need a lot of repairs? How old are the appliances? The purchase of the home is one step, but the renovations and repairs are added costs that need to be considered. Would you prefer to purchase a newer, costlier home or would you prefer to invest additional time and money into renovations and repairs for an older, less expensive home?

Features - Consider the features of the home. Does it have gas or electric heating? Does it have air conditioning? How many bedrooms does it have? How many bedrooms do you need? All of these characteristics will influence the price of the home and your monthly housing expenses.
Location - Would you rather live in the city, the country, or the suburbs? Do you want to be close to work? Gas prices have made this more important in the last few years. Do you want to be near parks or the library? What about a shopping center? Is it important for you to be near major highways or public transportation? Get a feel for the surrounding area by exploring the Oakland County neighborhood and talking to residents.

Crime rate - Look into the safety of the Oakland County neighborhood. Does the Oakland County neighborhood have a high crime rate? Has there been an increase in crimes committed in the area? If so, how will this influence the future property value of your home?

Michigan School system - The quality of the school system in a particular area is not only important to families with children but can influence the property value of your home.
Economic stability of area - The economic growth and stability of the area surrounding a Oakland County home can influence its future property value.

Oakland County Home tax - Examine the annual amount of local Oakland County real estate taxes (millage rates) and other assessments levied on Oakland County homes in the neighborhood you are considering. Sometimes the amount of taxes are so much greater in one city that you may be able to buy more expensive home in another city with lower tax rates.

I as a person want you to be able to live in the home you buy for many years. I don't want to just "make a sale". I definitely don't want you to over buy and lose your home in foreclosure or bankruptcy. Many of my customers become friends and feel free to call me many years later. I want you to feel good about your home purchase and the effort I make for you. We want you to enjoy your home and enjoy the memories you get from it.
Russ Ravary