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Once
you've settled on a couple of neighborhoods for your search,
it's time to pick out a few homes to view.
Click
Here! to view my Home Finder.
Your wish list can
remind you which features are absolute requirements and which
amenities you'd like to have if possible. When narrowing down
your home search, consider:
- Types of
homes
- Home
purchase considerations
- Home
comparison chart
- What to do
when you’ve found the right home for you
Types of homes
In addition to
single family homes (one home per lot), there are other forms
of home ownership:
Multifamily
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" just as
you would a single house. You also own a certain percentage of
the "common elements" -- staircases, sidewalks,
roofs and the like. Monthly charges pay your share of taxes
and insurance on those elements, as well as repairs and
maintenance. A homeowners association administers the
development.
Co-ops: In a
few cities, cooperative apartments are common. With those, you
purchase shares in a corporation that owns the whole building,
and you receive a lease to your own apartment. A board of
directors supervises management. Monthly charges include your
share of an overall mortgage on the building.
Home purchase
considerations
Most buyers'
first consideration, after neighborhoods are chosen, is the
number of bedrooms. As you begin to view homes, keep the
following purchase and resale considerations in mind:
- Weigh your
needs, budget and personal tastes in deciding whether you
want a home that’s a newly constructed home, an older
home or a home that requires some work -- a
"fixer-upper."
- One-bedroom
condos are more difficult to resell than two-bedroom ones.
- Two-bedroom/one-bath
single houses generally have less appeal than houses with
three or more bedrooms, and therefore less appreciation
potential.
- Homes with
"curb appeal" (a well-maintained, attractive,
and charming view-from-the-street appearance) are the
easiest to resell.
- When resale
is a possibility, don't buy the most expensive house on
the street, or anything that is unusual or unique. The
best investment potential is traditionally found in a less
expensive, more moderately sized home on the street.
Home comparison
chart
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 our home comparison chart to help you keep track of your
search, organize your thoughts and record your impressions.
When you’ve
found the right home
Before you
begin the home buying process, resolve to act promptly when
you 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 revealed that "we always
promised my Dad we'd sleep on it, so we'll make an offer
tomorrow." Many times the story has a sad ending --
someone else came in that evening with an offer that was
accepted.
Resolve at this
point 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. |
