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Residential financing can help buyers find homes in ideal neighborhoods

Posted on Wednesday, December 4, 2013 at 1:35:09 PM

According to a recent survey by the National Association of Realtors, homebuyers are just as interested in the neighborhood as they are in each home's specific qualities. Out of all the respondents, 60 percent noted that they would prefer a community with a mix of property types within walking distance.

These elements can drastically alter the price of a home. With affordable residential financing, homebuyers could shop based on preference instead of monetary constraints. Recently, Patrick Deady, vice president of Home Loan Investment Bank, explained several solutions that people could use in order to save money - and still end up with their dream homes.

"Prospective homebuyers can use a few strategies to ensure they can afford a home that meets all their criteria," he said. "Real estate taxes have a large impact on how much a prospective homebuyer can afford - the lower the taxes the more the buyer can afford. Communities and neighborhoods that provide expensive services like sewerage, garbage collection, and school systems with high demand tend to send real estate taxes higher. A borrower will afford less of a home in those cases."

Because of this, homebuyers should prioritize which features are worth buying. Some may not be worth the added costs, once the final numbers are tallied.

"It is important to know what services are important to you so you can maximize your return with regard to your housing and the services your real estate taxes provide," Deady added.

Different homebuyers will have separate needs when it comes to real estate. Each person might see unique virtues in certain properties, and that can change how much a person is willing to spend.

"It is all a matter of personal preference when it comes to home characteristics and prioritizing them," he noted. "For example, if you have only one car and two working folks than you want to be in a neighborhood with easy access to public transit. Prospective buyers should make a list of what their needs are so they can make sure that those needs are kept in mind when identifying their new home."

Picking a community is one of the most important steps in the homebuying process - although not everyone agrees on which features matter. Affordable residential financing can help manage the costs of the entire process, and allow people to choose the right home for them.