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The Financial Side of Choosing the Right Home

A new home is one of the largest investments most of us will ever make. That's why it's smart to balance the emotional side of the purchase with some savvy financial decisions.

Type of Home

Your choice of single-family, condominium, townhome or duplex can affect your buying power in a number of different ways. For example, to secure a mortgage for purchasing a duplex, you may need a larger down payment and a higher credit score than you might for a single-family home. The overall loan approval process may be more lenient or stringent, based on the property type you choose. Talk your options over with your ANB Mortgage Specialist if you have any questions.

New vs. Existing Home

When considering whether to purchase a new or existing home, financial considerations should come into play. For example, you may be able to afford a larger home if you purchase an existing home. Newer homes are more likely to be farther from the city center and most employers, which could drive up your commute costs. Maintenance costs are another consideration. Older homes may have structural defects that might require repairs before you can even move in, and older appliances will need replacing sooner. If you do opt for an older home, it's smart to carefully inspect the interior and exterior for defects. The additional renovation costs may add up over time and exceed your maintenance estimates.


Gas vs. electric heating, number of bedrooms and baths — these are more than just a lifestyle decision, as all of these characteristics will influence the price of the home and your monthly housing expenses.

Neighborhood Considerations

Location: Would you rather live in the city, the country or the suburbs? Do you want to be near parks or the library? What about shopping centers? Is it important for you to be near major highways or public transportation? Get a feel for the surrounding area by exploring the neighborhood and talking to residents.

Other neighborhood or location factors that can affect your property value include:

  • Crime rates
  • School system quality
  • Economic growth and stability of the area

Property Tax

Real estate taxes and other assessments can be a huge factor in your decision about whether you can or cannot afford a particular home or area. You can search for the most recent tax information and appraisal values for Amarillo-area addresses here.

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