Here are some tips to help
determine which house is best for you.
Once you've settled on a
couple of preferred neighborhoods for your home
search, it's time to pick out a few homes to
view. Having a house features “wish list” keeps
you focused on which features are most important
to you.
When narrowing down your
home search, consider the following:
-
know what types of home
you want to buy
-
determine what age and
condition of the house you want to buy
-
consider resale
potential
-
use a features wish list
to keep focused
-
use a home search
comparison chart to keep organized
-
act decisively when you
find the right home
Determine What Type of
Home You Want to Buy
There are several forms of home ownership:
single-family homes, multiple-family homes,
condominiums and co-ops.
Single-family homes:
One home per lot.
Multiple-family homes:
Some buyers, particularly first-timers, start
with multiple-family dwellings, so they'll have
rental income to help with their costs. Many
mortgage plans, including VA and FHA loans, can
be used for buildings with up to four units, if
the buyer intends to occupy one of them.
Condominiums: With
a condo, you own "from the plaster in." You also
own a certain percentage of the "common
elements" - staircases, sidewalks, roofs, etc.
Monthly charges pay your share of taxes and
insurance on those elements, as well as repairs
and maintenance. A homeowner’s association
administers the development.
Co-ops: In some
cities, cooperative apartments are common. With
co-ops, you purchase shares in a corporation
that owns the whole building, and you receive a
lease to your own unit. A board of directors,
comprised of owners and elected by owners,
supervises the building management. Monthly
charges include your share of an overall
mortgage on the building.
Consider Resale
Potential
As you look at homes, you may want to keep
in mind these resale considerations.
-
One-bedroom condos are
more difficult to resell than two-bedroom
condos.
-
Two-bedroom/one-bath
single houses generally have less appeal than
houses with three or more bedrooms, and
therefore have less appreciation potential.
-
Homes with "curb
appeal," i.e., well-maintained, attractive and
with a charming appearance from the street,
are the easiest to resell.
-
The most expensive
houses on the street, or ones with anything
unusual or unique are not suited for resale.
The best investment potential is traditionally
found in a less expensive, more moderately
sized home.
-
Use a Features Wish List
to Keep Your Search Focused
-
Make a features wish
list to clarify which features are most and
least important to you when looking for a
home. Using this features wish list will keep
your house hunt focused and effective.
Use a Home Comparison
Chart to Keep Your Observations Organized
While house hunting, it's a good idea to
make notes about what you see because viewing
several houses at a time can be confusing. Use a
home comparison chart to help you keep track of
your search, organize your thoughts and record
your impressions.
Act Decisively When You
Find the Right Home
Before you begin the home buying process,
resolve to act promptly when you do find the
right house. Every REALTOR® has stories to tell
about a couple who looked far and wide for their
dream home, finally found it, and then said, "We
always promised my Dad we'd sleep on it, so
we'll make an offer tomorrow." Many times the
story had a sad ending - someone else came in
that evening with an offer that was accepted.
Resolve that you will act
decisively when you find the house that’s
clearly right for you. This is particularly
important after a long search or if the house is
newly listed and/or under priced.
