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3 Rules to Live by When Choosing Your Next Home

By Emilio DiSpirito www.DiSpiritoTeam.com

Realtor | Team Leader of DiSpirito Team with HomeSmart Professionals 

Real estate is like a marriage. You better love it because if you don’t, there is hell to pay when you split. Especially too soon…

Here are 3 rules you need to live by when selecting your next home. Don’t drop the ball here!!

Rule #1: Do Not Buy the Biggest Home in the Neighborhood! 

Unless you plan on staying in this home for generations to come (I highly doubt it as the average homeowner sells every 10 years according to National Association of Realtors) or unless you have no need to stress money!

Here is why: Your neighborhood homes do not support your home’s value and negatively impact your bottom line, while your home pulls their value up!! Talk about getting the short end of the stick!

Rule #2: Don’t Bite Off More Than You Can Chew! Keep your lifestyle in Mind!
Do you enjoy shopping, dining, sports, live music, vacation? Outside of your car payment, credit cards and other bills, how much of your income goes towards leisure? Keep this in mind when looking at your overall monthly payment for your home!! What about the actual and some hidden costs of owning a home?

Fixed Costs:

  • Principle & Interest on Mortgage
  • Real Estate Taxes (fire tax in addition, may apply)
  • Home Owners Insurance
  • Home Owners Association Fee?
  • Flood Insurance?

Hidden Costs:

  • Maintenance
  • Utilities
  • Sewer and Water (or Septic and Well)

Find out what the current sellers are paying now for the utilities, etc. Make sure it meshes with your lifestyle!

Rule #3: Thoroughly Inspect All Elements of the Property to Ensure a Safe Investment!

Unless you’re looking to flip the home, or you have a keen eye and experience with electrical, HVAC, plumbing, structure, pest, septic, well, radon and lead to name a few, you should rely on a vetted local home inspector to rip your future home apart! Keep your inspections contingency in place to walk risk free and to collect your deposit if needed! There is nothing more powerful in a sale than walking away!

Here is why: The median home sale in RI is roughly $300,000 according RI Association of Realtors. Home Inspections, depending on what you do could vary from $350 to $1500 or more. Sounds like a lot right? Its half of 1% at the very worst-case scenario. when you put it into that respect, it’s the best insurance policy you’ll ever buy… after all your deposit and life are on the line here!

If you would have asked me what I wanted to be growing up, little Emilio would have told you “an archeologist” or “an architect” despite the fact that at age 8 I had my first lemonade stand, landscaping business and was recording my first “news show” on my boombox!  Well, I never was much good at trigonometry and did could not see myself traveling for months and possibly years at a time, so becoming an architect or archaeologist clearly did not happen!

Fast forward 26 years later and I’m running a team of the finest residential real estate professionals, own a media company and host my very own radio news show about real estate!

In September of 2017, I married my best friend, Jaclynn, and we have two wonderful children, Destinee and Emilio, V.  We have 3 dogs, one of which is a rescue and live in lovely Rhode Island. Jaclynn owns a high-end hair salon in addition to an on-location hair and makeup business!

For 7 years straight it seemed that I had put in more hours than the day had to give on my real estate business. 7 days a week, 14 to 16 hour days, without a break! Why? My friends and family did not understand the sheer magnitude of moving parts and services we offer to our clients during a transaction! One slip up or one missed call could mean make or break for someone’s dream home or even a lost deposit!

Running a team of like-minded, highly qualified and capable professionals has allowed me to offer a very streamlined, simplified and efficient approach to the sales process for our clients and allowed me to earn personal time again with my family while not missing a beat for my clients!

When I’m not working, I’m with my family, riding my mountain bike, eating at a number of local restaurants, enjoying live entertainment, hiking, skiing or reading!