Are you looking to learn more about Arizona real estate? If so, you’ve come to the right place. Read on for more information.
Buying a home is one of the most important investments you’ll ever make.
Home buying in Arizona is a little different than buying a home in some other states. There are different sights to consider, more paperwork in some cases, and some different financing options. Take some time to explore all that the Arizona real estate market in the state has to offer and you’ll be ready to buy your dream home.
1. What Happens When There Is No Will?
If someone dies without a will in Arizona, their assets will be distributed according to the state’s laws of intestate succession. This means that the asset distribution will occur according to specific regulations which are determined by the state.
Generally, the marital partner of the deceased and any children will be the primary beneficiaries. The surviving spouse will generally receive the entire estate if there are no children or other close relatives of the deceased.
2. What Are the Property Values?
Property values in Arizona have been on the rise in recent years. The housing market in Arizona is competitive and home values are increasing faster than the national average.
Arizona’s property values have risen steadily since 2014 and are currently up an average of 4.2 percent from last year. The average home price in Arizona is currently around $338,639, and those looking to buy in Mesa, Phoenix, or Tucson can expect to pay around $200,000 for a three-bedroom, two-bath home.
3. How to Get Land Surveyor
One important factor to consider in these transactions is to obtain a land surveyor. When planning to buy land in Arizona, it is important to hire a certified land surveyor to check the legal boundaries of the land being purchased.
This is to ensure the land title is free of liens and other legal issues. Land surveyors for ALTA Surveys can help identify any potential property issues, such as incorrect boundaries or encroachments from neighboring properties.
4. How is the Property Tax?
Arizona’s property taxes are complex. Typically, each Arizona county assesses the value of a property and levies a tax rate based on the assessed value. Phoenix and Tucson have additional taxes levied within their cities.
Generally, Arizona has some of the lower property taxes in the country. Property tax bills are sent to property owners in the fall of each year. The amount of the tax bill depends on the assessed value of the property, as well as any special taxes that may be in effect in the county or city.
5. What Are the Downside?
Arizona real estate can be a great investment, but there are some things to be aware of. First, Arizona has been experiencing a real estate bubble for the last few years, so the prices of homes are inflated.
Next, some areas of Arizona are prone to wildfires, natural disasters, and other unpredictable weather patterns, which can damage property and increase insurance rates. Additionally, Arizona does not offer a homestead exemption, which could be a downside for those that are looking for more financial security.
Invest in Arizona Real Estate Today
Arizona real estate is a sound investment. With its diverse cultures, appealing landscapes, and the new tax legislation, it is increasingly uncomplicated, more desirable, and simpler to purchase. Research Arizona real estate before jumping into the market and reach out to an experienced real estate agent for help. Investing in real estate offers the potential for long-term financial growth and stability
Time can help you make the best decisions, so consider your options for the best return on investments. Contact an expert today and discover why Arizona real estate could be the right investment for you!
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