House Hunting - An Art
So you are all set to look for that dream house
, huh? You have your down payment and your approval letter for the mortgage loan. Now all you need is that house. But there are just a few more things to consider that will make your search easier and shorter. Be realistic, be patient and do a bit of research and you are all set.
1. How much can you spend?
By this time you should be already decided on the neighborhood you want to live in. And the amount you want to spend on your house. Just because you are approved for a loan doesn't mean that you can afford it. Take into account all your expenses like your savings, vacations, home maintenance, homeowners insurance, property taxes etc. And then decide on how much you can pay monthly.
2. Location
Location is very important. There are several things to be checked when it comes to location. How far can you commute from your office? Are there shopping centers, public transportation and public amenities that you need? What all is in your neighborhood? These are things to be inquired. A picture perfect home but in the wrong location is not what you want.
3. Make a list
Make a list of what you need and what you want. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. You may need just 2 bathrooms but an extra bathroom would be great for guests. You need only 3 bedrooms. However having an extra one would be nice to use as play room. You need a 2-car garage for your cars but a bigger garage can facilitate storage. So on goes the list. So its important you know what you need and what you want. For eg. If you wanna find a
home in the hamptons here's a link with an array of features you can select from .
4. Do your homework
Study the various aspects related to buying a home like recent home sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process. Today with internet in every home these are readily available. There are books and also people that can help you.
5. Rate the houses you see
You can rate the houses based on exterior and interior characteristics. Make notes about the homes you see. Exterior features may include yard size, fence quality, roof condition, garage, backyard etc. Give a score to each house. The square footage, condition of walls, size, quality and functionality of the rooms all come in interior features. Other factors depend on you. Whatever is important to you can be included like the number of schools in the area, gym, safety of the area etc.
Some more tips..
Take your time to select your house. Don't rush through it. This an important decision.
Capture pictures of the houses you liked. It will remind you of how it looks & will aid you in your decision.
Bringing another person along will help. Because they may be able to see things that you may not see.
Review your checklist & notes & compare it with your needs, wants and budget.
Get a good agent. An agent will know new listings and he knows the market better than you.
Once you find a house you are interested in, offer a good bid because most likely there are other people also interested in it. So keep that in mind when you offer your bid.
by: Judy Shenoy
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