Mortgage, Loans, Insurance, Real Estate, Investment, Tax and Financial Services

How Come No One Told Us About This When We Were Buying a Home?

Development, it's bound to happen.

Simply because there is a large open field, or the property you're looking at borders woods, doesn't mean it will or can stay that way in the future.

I could rattle off instance after instance where home buyers who may have just closed on a property, are being notified as an abutter that some type of proposed development, they hadn't heard about previously, was taking place right next door to them.

On that note, here are a few questions that, as a home buyer, you need to raise as you look around the property and neighborhood:

• Are there any subdivisions, large or small, or plans that are expected to be coming before the planning board that would affect your prospective neighborhood?
• Are there any ongoing or existing subdivisions or plans that would adversely affect your purchase decision?
• Is it likely that the neighborhood could be redeveloped for another use?

Most municipalities have a Master Plan that gives a plan of action for how the community is or could be developed in the future. Often, discussion is by area, neighborhood or grouped by use.

One of the things you should check out is if there are any changes planned in the short term or long term for the particular area of the city or neighborhood in which you are looking to live.

Neighborhoods go through transitions that include development, stability, and decline/redevelopment. Some areas are in transition from one use to another.

Other areas are slated for actual zoning changes perhaps to a much higher density because of the dwindling supply of land that can be developed.

Getting caught in the middle of such a transition may make resale much more difficult and life at the old homestead less desirable if development occurs all around you that you weren't anticipating or told about.

Zoning ordinances dictate what you can or can't do in a certain area of the city, including what uses are allowed to exist.

Review a zoning map of the area to answer the following questions:

• Is the residence you're looking at in a residential zone?
• Does the property border a different zoning district?
  • Does it border a commercial or industrial zone?
  • Does it border another residential zone that preserves a lower density?
  • Does it border another residential zone that allows for a significantly higher density?
  • Does it border a mixed-use zone?
  • Does it border an historic zone or district?
• Does the property straddle more than one zoning district?
• What is the effect on minimum lot size requirements?

I have experienced each of these scenarios being at issue with a property I was involved with at one time or another, either as a sales agent, real estate appraiser, as a member of the Zoning Board, or as a property owner.

The advice here is plain and simple.

When buying a home, be sure to do your homework. Don't be like many home buyers who fail to understand as much as they can about the home they want to buy and end up disenchanted with their financial investment.

Copyright 2005 Don Berthiaume

ABOUT THE AUTHOR

Don Berthiaume gives you the questions you need to ask when buying a home. For more details, and for a free 4-part mini-course in home buying, visit this site now: Buying a Home

Student loan consolidation with federal debt program
If you are a college student (parents please take note), this Federal Government program can help you cut monthly payments on your student loans. You can consolidate now and lock in a low fixed rate. When you consolidate student loans with a Federal Consolidation Loan, you not only can take advantage of these low rates, you can lock in that rate for the life of your loan. One easy process, one low fixed rate, one low monthly payment, one lender. This is a free U.S. Government program (no fees or other charges). Really Great Rate is an authorized agency for this program - you can check your eligibility in a minute or two, with no obligation

Home Equity Loans: Expert Tips and Advice
Get expert advice, tips, and timely information. Manage your own Real Estate and Investment Portfolio to generate an income so you can take control of your financial life and do the things you want to do.

MORE ARTICLES:

Low Credit Score Mortgage Refinance - Lock In A Low Rate With Bad Credit
Even with a low credit score, you can refinance your mortgage for a locked in low rate. Bad credit doesn't have to prevent you from saving money on your loan costs. The best way to find a cheap rate is to research loan offers online. But you can also improve your loan application with the following tips.

Home Mortgage Lenders - How to Find A Good Mortgage Broker Online
Mortgage lenders have set up shop online, but they aren't all reputable mortgage brokers. To find a good mortgage lender you need to compare rates and research to find reputable companies.

Adjustable Rate (ARM) Mortgage Holders Should Refinance to Fixed Rates, Recommends the Katz Mortgage Team
Katz Mortgage Team, www.KatzMortgageTeam.net, of Amtrust Mortgage Corporation, has announced that Fixed Mortgage Rates are now at their lowest point in over a year. They are officially changing their recommendation from "HOLD" to "REFI" for many of their clients who took advantage of the extremely low adjustable rate mortgages of 2002 and 2003.

Cash Out Refinance Mortgage Loans – Home Equity, 2nd Mortgage or Cash Out Refinance Loan
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan.

Low Rate Home Equity Loans - Refinancing For A Shorter Term And Better Rate
Looking for a better rate is a common reason people choose to refinance their home equity loan. But did you know that shortening your loan term can save you more money than reducing rates? Combine the two and you will save yourself thousands in interest costs and trim years off your payment schedule.

Loan Application Mortgage Rate Calculator for your Mortgage Loan
Are you thinking of purchasing land, a piece of property, or your dream house? Then maybe you have considered applying for a mortgage loan. If you have already decided that you are getting a mortgage loan, then let a loan application mortgage rate calculator help you.

Refinancing Your Home Equity Loan Or Refinancing Your Home Equity Line Of Credit
Ask yourself these questions before you refinance your home equity loan or line of credit:

A secured bad credit home mortgage loan comes with reduced interest rates
A secured bad credit home mortgage loan comes with reduced interest rates

Interest Only Home Equity Loans Featuring a Fixed Second Mortgage Rate from BD Nationwide
BD Nationwide Mortgage introduces an affordable only home equity loan that features an interest only payment option with a fixed rate. This second mortgage allows borrowers to get a fixed mortgage rate while also benefitting from a reduced payment and increased cash flow. Homeowners have the luxury of converting their home equity line of credit into a fixed rate second mortgage while keeping the interest only option. BD Nationwide has released several new second mortgage products in 2006 that have offered additional "cash out" opportunities for homeowners without requiring them to refinance their existing first mortgage.

Bad Credit Mortgage Company - Recognizing Mortgage Lender Scams
Mortgage lenders recognize the value of owning a home. Because some people will not easily qualify for a home loan, several lenders have begun offering home loans to tailor a variety of needs. For this matter, bad credit mortgage lenders have gained widespread popularity. The majority of bad credit lenders are sincere in their efforts to help you finance a home. However, some lenders are only concerned about their profit, and will not offer the best rate and terms.

Affordable Bad Credit Mortgage Loans - 3 Tips to Reasonable Bad Credit Mortgage Loans
Finding a mortgage loan with a bad credit rating can be an absolute nightmare: Driving from broker to broker, bank to bank, getting turned down every time, all the while your credit keeps dropping with every credit check. Fortunately, this painful process can be avoided with just a few simple tips.

Bad Credit Home Loans - Dealing With Bad Credit Mortgage Companies Online
Dealing with mortgage companies online can enable you to get a home loan even with bad credit. Bank associates' skepticism and talk around are avoided when you apply online with a mortgage broker.

Home Equity Loan Broker Awarded Preferred Mortgage Broker Status for Second Consecutive Year from IHE
For the second consecutive year, BD Nationwide Mortgage Company was awarded "Preferred Broker" Status from Irwin Home Equity for home equity loans and 125% second mortgages. IHE announced last week that BD Nationwide was extended this award for their exceptional level of expertise for home equity loan origination. The preferred status gives BD Nationwide a significant edge because they are one of the few mortgage brokers in the country who can offer large home equity loans to a 125% loan to value. Most lenders and brokers are restricted to $50,000 or $75,000 loan amounts but BD Nationwide is able to offer these high LTV second mortgages for loan amounts ranging from $100,000 to $200,000 to qualifying borrowers across the country...

Mortgage Lenders Finally Slash Mortgage Rates | Mortgage Expert
In the wake of last weeks shock announcement by Bank of England of a 1ý% interest rate drop from 45% down to 3%