Today it is important to understand what you to know about Buying or Selling a Home and Why? Because buying or selling a home your home could be your most valuable asset as well as your largest single monthly expense.  This article is a guideline that will provide you valuable resources to help you manage the process easy.

When buying, keep in mind:
 Estimate your mortgage principal and interest payments
 Consider other housing expenses, such as taxes and homeowners insurance
 The budget secondary costs
  • Commuting costs can add up, especially longer trips.
  • Any home needs maintenance. Painting, roofing and masonry work may only be required every few years, but when necessary, these jobs may cost thousands of dollars. Appliances and heating and cooling systems likewise require both periodic repairs and occasional replacements.
  • A renovation is a much bigger effort than maintenance. If you think you’ll really an updated kitchen or a new bathroom, budget immediately it or increase your enough to cover it.
  • Some properties may have fees optional recreational resources such as courses, health clubs or skiing. If you intend to use any optional resources, you should budget them.

When selling, keep in mind:

Know all of the elements of your bottom line

  • Determine payoff amounts all loans tied to your property:
  • Primary mortgage
  • Secondary mortgages
  • Home equity lines of credit (HELOCs)
  • Identify any liens items such as unpaid taxes, mechanic’s liens, and unsatisfied judgments.
  • Estimate transaction-related costs such as sales commissions and fees, legal and advisory fees and the costs of preparing the property sale.
 Evaluate market conditions in your area
  • Determine you might be in a seller’s market or a buyer’s market. Indicators include a rising (or falling) number of listings in your area, how quickly an average home stays on the market before it is sold and the average house is at a significant discount from its listing price.
  • Evaluate the impact of nearby development activity. Among the projects that could have an impact are new industrial parks, shopping malls, schools, and hospital or medical facilities. Keep in mind that new facilities could attract some potential buyers deterring others.
  • Consider the potential effects of nearby mass transit and highway construction projects.
 Research your home’s current value
  • See what nearby homes have sold in recent months. You should focus on those most similar in size and quality to yours.
  • Look homes that have similar amounts of interior space and yard space, with a similar number of bedrooms, bathrooms, and fireplaces.
  • Consider factors that could affect a home’s market potential, such as a historic property designation, central air conditioning, lawn sprinklers, swimming pools, connections to public water supply and sewer service, outbuildings such as sheds and barns, and proximity to parks, schools, recreational facilities and conservation land. Also potentially adding value are energy-saving heating and cooling systems, water conservation systems and solar panels.
  • Comparison shop to see the homes that might be competing with yours potential buyers’ attention.