Indianapolis And L.A. In US Home Affordability Study

The National Association of Home Builders (NAHB) survey for the three months ended June 30, 2007 showed Midwest cities to have the most affordable housing.

Indianapolis was the most affordable of the major housing markets, where $122,000 was needed to purchase the median home. Indianapolis scored a rating of 86.8 in the survey meaning that approximately 14 percent of homes purchased were unobtainable by an average family.

By contrast, only 3 percent of the Los Angeles homes that sold were considered affordable for a typical family. In Los Angeles $530,000 was needed to buy the medium home.

The survey considered housing affordable when the housing expenses were no more than 28 percent of income. These expenses would have included insurance, property taxes and mortgage payments.

3 Problem Areas When Buying A Home

Buying a residential property is usually the biggest investment most people make, so it is important to be on the lookout for potential problems. These could cost you big money or make the property difficult to resell.

If you are selling your home, then look out for problems that could become a potential deal killer. An astute home buyer may walk away from a deal, or demand a lower price, if the property has structural or maintenance issues.

3 areas that can be picked up on a home inspection report are:

1. GUTTER AND DOWNSPOUT'S INSPECTION

• Make sure the gutters slope down toward downspout's.
• Check for any rust or peeling paint.
• Are there apparent leaks or loose/sagging sections?
• Are the downspout's extended away from the foundations?
• What type of water supply, piping and drains does the property have?
• Are there any visible signs of rust and corrosion?

2. LOT AREA INSPECTION

• Does the grade slope away from the house?
• Are there any settled/low areas next to the foundation?
• Are there cracks in the walkways or driveway?
• Is the property lower than the street or neighboring properties?

3. BASEMENT INSPECTION

• Is there any evidence of water penetration (stains, mildew/odors, efflorescence, loose tiles etc.)
• Are the foundations of good stable quality?

These are just some of the points to look for when buying or selling a home.

Here is a link to a helpful article about home inspections