Barrington homes have a average sold price at the time of writing of $480,000. If I break that down it’s $203,000 for attached Barrington homes and $537,000 for detached Barrington homes.(I rounded up or down to nearest thousand). This is based on the last 6 month sales. Of course the highest sale in the last six months was $7,500,000 so we know the Barrington area is a high priced market and with 300 sales we know plenty of them are above average.
Barrington Homes – Assess Affordability Three Ways
For buyers considering a higher priced home it’s more than just the price you are willing to pay, it’s also about the affordability of the home while you live in it. It does not matter whether you pay for your new home with cash or finance, the cost does not stop at closing. Home ownership comes with many other expenses, such as annual real estate taxes, utility bills, landscaping service or anything else you choose to hire out. Perhaps the most overlooked cost is maintenance.
When you bought the home I am certain you’ll have had a home inspection so you should know if any of the home’s mechanicals are nearing the end of their lifespan. Yet time slips by and before you know many things are on borrowed time. Furnaces, water heaters, roofs, even the efficiency of doors, windows or other exterior products, may now be far less efficient than when the property was built or when you bought it. Add to that outdated kitchens and bathrooms, cracked pavements, degenerating driveways – don’t you just love our weather for it’s destructive powers – and all those little items that need repairing or replacing, and suddenly your maintenance fund is dry.
When assessing a home for it’s affordability you must consider three aspects.
- Are you approved to buy a home at that price.
- Mortgage approval or are you able to tie up liquid funds.
- Are you comfortable with the monthly cost of paying for the home
- Mortgage, insurance, taxes, utilities, mortgage insurance (if applicable)
- Will you be able to maintain the home.
- You must have funds available for repairs, replacements and as time passes upgrades.
Barrington Homes – Your Maintenance Fund
It’s difficult to know how much money to put aside for maintenance but if you won’t have any spare funds after all your monthly living expenses, suffice to say one day your home will throw you a curve ball. Maintenance is an ongoing requirement of home ownership, there is always something that needs doing. Please consider affordability and maintenance when considering which Barrington homes to buy.