Choosing Which Home To Purchase:
What Are The Pros & Cons Of Adding On Or Buying A Different House?
Adding On To The Existing House:
Finding a replacement house:
How Do You Choose Between Buying and Renting?
"For some people, owning a home is a great feeling," writes Mitchell A. Levy in his book, "Home Ownership: The American Myth," Myth Breakers Press, Cupertino, Calif.; 1993.
As for evaluating the risk associated with home ownership, David T.
Schumacher and Erik Page Bucy write in their book "The Buy & Hold Real
Estate Strategy," John Wiley & Sons, New York; 1992, that "good property
located in growth areas should be regarded as an investment as opposed to a
speculation or gamble." The authors recommend that prospective buyers spend a
few months investigating a community. Many people make the mistake of buying in
the wrong area. "Just because certain properties are high-priced doesn't
necessarily mean they have some inherent advantage," the authors write. "One
property may cost more than another today, but will it still be worth more down
How Do I Know What I Do Not Know?
Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.
Also look for, or ask about, settling, sliding or soil problems, flooding or
drainage problems and any major damage resulting from earthquakes, floods or
People buying a condominium must be told about covenants, codes and restrictions (CC&R's) or other deed restrictions. It's important to note that the simple idea of disclosing defects has broadened significantly in recent years.
Purchasing a Home Warranty is prudent.