Buying a home is one of the most important decisions a person can make. After years of living with parents, with college classmates in dorms, or alone in an apartment, the time may come that buying a house or condominium will improve one’s financial stability and sense of personal security.
“There are advantages and disadvantages to both purchasing a home for a primary residence and renting temporary living quarters,“ says Peter Palko, adjunct instructor at Brown Mackie College -- Findlay. “I recommend that buyers take a broader, more flexible approach to buying property by maintaining alignment with their short and long term personal and financial goals. Spend as much time and effort shopping for a mortgage as you do shopping for a house.â€
While renting does have its benefits -- for example, fixed costs for the lease term, generally less work in property maintenance, and smaller upfront investment -- Palko believes that the advantages for buying outweigh the disadvantages.
“The bottom line is, a person will own something with equity growth potential, tax advantages and opportunity to build a respectable credit history,†says Palko. For the first-time buyer, Palko advises the following: “Educate yourself on the types of homes, market conditions and tax implications. Is it a ‘buyers’ or ‘sellers’ market? And finally, secure the help of a professional real estate agent -- a realtor who is a buyer’s agent who represents the interest of you, the buyer.â€
Once you decide it is indeed time to buy a home, the next step is to decide where to live, and start saving. “Before deciding to buy a home, you need to take time to reflect and plan,†says Dan McClish, Director of the Business and Accounting Technology programs at Brown Mackie College -- Akron. “Make a list of the things in a house that are important to you.†These items can include the quality of school districts, proximity to stores, hospitals and access to public transportation.
Taking a detailed look at the overall market in the area is important. “If the market area is developing and showing signs of becoming a major commerce area in the near future, then it may be the best time to invest in a home,†says McClish. “However, if the real estate market has remained stable over time, or has decreased, then you may want to consider renting for now.â€
Regarding finance, a first-time home buyer should start saving today by setting aside at least 10 percent of his or her income towards the down payment on a future home, according to McClish. “This will give you a purpose and a goal toward home ownership. Even if you are currently renting, chances are, you will eventually want to buy a home. As you aim toward saving for the down payment, start looking at areas in which you would like to live.â€
One final piece of advice: “Do not make purchasing a home a last-minute decision,†says McClish. “Do some investigation, and it will pay off in the future.â€
Courtesy of ARA content
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Lanesborough Town Meeting to Vote Budget, Bylaws & Vehicle Purchases
By Breanna SteeleiBerkshires Staff
LANESBOROUGH, Mass. — Tuesday's annual town meeting includes a $14 million operating budget, new short-term rentals, accessory dwelling units and sign bylaws, and free cash article appropriations.
Voters will gather at Lanesborough Elementary School on June 9 at 6 p.m. to decide on 20 warrant articles.
The fiscal 2027 budget is up a little over 10 percent. Some of the main increases are the Mount Greylock Regional School District and McCann Technical School: the McCann assessment is up more than 30 percent based on factors including enrollment and the school renovation project, and Mount Greylock's is up 11 percent.
Article 11 is for the town to vote to approve from free cash the sum of $16,298.48 for the McCann Technical School roof and window replacement project so as not to impact the budget. Article 3 is appropriate $7,586,284 for Mount Greylock Regional School assessment.
Another notable increase was in life and health insurance, showing an increase of about 26 percent.
Ambulance Director Jen Weber is planning 24-hour coverage, which means more staff and a hike in her budget. One of the articles asks the town to appropriate $234,100 to operate the Ambulance Enterprise Fund for salaries and expenses.
Many town departments are looking for new vehicles. The Fire Department is looking to replace its outdated 1996 fire engine. There are two articles related to the truck at a total of $813,366. Article 12 would transfer $225,000 from free cash into the Fire Truck Stabilization Fund; Article 13 would transfer $605,000 from the fund and authorize the borrowing of $208,366.08.
The total includes a $100,000 contingency cost to cover any additional costs if a 2026 model-year chassis cannot be secured before new emissions standards go into effect in 2027.
The board at its last meeting moved the $225,000 transfer to come before the borrowing article, changing the stabilization number. If the $225,000 is not voted on, then they will amend the next article's number on the floor, subtracting the $225,000. This shows the borrowing number significantly lower.
Article 17 asks for the transfer of $80,000 from free cash to replace a police cruiser.
Police Chief Rob Derksen's aim is to replace one vehicle every other year, meaning the oldest vehicle gets replaced about every 10 years.
He stressed that if delayed this year, the town may have to double up in a future year to get back on schedule, and that paying later usually costs more. The article will ask for $80,000 from free cash, the vehicles used to be funded by the BHRD.
Lastly, the Highway Department is looking to replace a 2014 International dump truck that will be a total of $330,000 and will take two to three years to receive.
Money will be used from last year's approval of $250,000 from free cash for the replacement of a 2012 highway front-end loader that was underspent $49,261. Town meeting is being asked to approve a transfer of $53,274.85 from free cash and the use of $227,464 from funds from the Sale of Town Real Estate to fund the balance.
Other free cash proposals include $1,200 to purchase software to support tracking and ongoing maintenance schedules of town-owned vehicles; $42,000 for the replacement of the Highway Department's storage shed roof, $200,000 to reduce the tax levy.
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