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Health & Fitness

Now the House Hunting Begins!!

3 Quick Hunting Tips for Home Buyers


1. Start with a Budget

Before you begin your house search you should have a preapproval letter in hand from a lender and an idea of your comfort level with a prospective house payment. You and your Realtor can begin to search for homes for sale that fit your budget, but keep in mind that you don’t necessarily want to spend up to the maximum amount you can borrow. On the other hand, you can consider going slightly above your preferred price range as long as the monthly payment is still affordable or if you have extra cash to make a bigger down payment.

2. Find the Right Neighborhood

After you’ve established your price range you’ll need to narrow your search by neighborhood. You should be looking at neighborhoods that allow an acceptable commute to work. Think about the type of setting in which you want to live — urban, suburban or rural. Do you want a community with lots of outdoor recreational amenities; one with shops, restaurants and nightlife; or one with plenty of activities for children and good schools?

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Many homes, whether they are single-family residences, townhomes or villas, are part of a homeowner association (HOA). Part of your search process should be to consider whether you want to live in an HOA or not. On the positive side, HOA rules help protect home values and the dues often include community amenities and maintenance. On the other hand, the rules also limit what you can do with the exterior of your home. You’ll also need to include HOA dues as part of your housing budget.

Condominiums and cooperative homes also have association dues and offer a different type of ownership, with the association owning the exterior of the property while you own the interior. These dues will be part of your housing budget, but they typically include some of your homeowner’s insurance and other costs, as well as pay for amenities such as a swimming pool or a fitness center.

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It’s a good idea to visit communities at various times of day and night, and on weekends and weekdays, to get a feel for who lives there and what the activity level is like.

Two important elements of a neighborhood influence how well the homes in that community will hold onto their value: crime and schools. While Fair Housing laws prevent a Realtor from telling clients about crime statistics or talking about “good” or “bad” schools, a Realtor can direct you to websites that provide information about those topics. Even if you don’t have children and don’t plan to have them, buying a home in a well-regarded school district can help the property’s long-term value.

3. Start Searching!

Most buyers start searching for a home online on websites such as realtor.com, but you can also ask a Realtor to help you find homes for sale. You can request email alerts that notify you when a home that fits your list of priorities comes on the market.

You can evaluate a home first by looking at photos and a description online. In many cases, homes’ online listings have virtual tours or videos that offer the opportunity to see more.

The next step in your house hunt is narrowing down your priorities to find the home that meets your needs.

Look at both new homes and existing homes. New homes are sometimes more expensive than existing homes, but they require less maintenance and often have lower utility bills because of their energy-efficient features

How to Choose the Right Home?

For first-time buyers and repeat buyers alike, the decision to make an offer on a home is both exciting and a little scary. If your offer is accepted, the place you’ve chosen will be your home for the next several years. Not only should you feel emotionally satisfied by your choice, but you should also feel financially comfortable that you’re buying a home that you can afford and that you feel confident will hold onto its value or hopefully increase in value over the years.

While no one can know for sure what will happen to housing values, if you make the choice to buy a home that meets your needs and priorities you’ll be happy to live in it for years to come.

Neighborhood or Home Amenities

For some homebuyers, living in a particular neighborhood takes precedence over all other priorities, but for others, the home itself matters more. Ideally, you’ll find the perfect home in the neighborhood you love at a price that’s below your budget, but realistically, most people have to make some compromises.

You (and your spouse, partner or family) should make a list of what features you want in a home, such as the number of bedrooms, a fenced yard, granite counters in the kitchen, and then rank them in terms of priorities. Think about whether the house or the community matter more to you, and whether it’s worth it to you to make a longer commute in order to live in a home with a larger lot.

When to Compromise?

Once you’ve determined whether the location or the house itself matters most, you may have to compromise on some of your priorities. If the location is the most important factor for your home choice but you find that homes are priced above your budget, you can compromise in several ways:

  • Look for a different home type within the community, such as a smaller single family home, a town home or condominium. Decide if you can live with one less bedroom or other features on your list.
  • Consult with a lender or a financial planner to discuss your options for increasing your budget. While no one should overspend on a home, you should recognize that going $10,000 above your price range when you’re financing your purchase with a 30-year fixed-rate loan will actually add only about $30 to your monthly payment.
  • Lower your expectations about the condition of the home. While everyone prefers a move-in ready home, you can often get a better deal on a home that needs some cosmetic repairs. Be careful, though, to have a home inspection and to evaluate the structure of the home to see that it meets your needs. Moving walls and adding a bathroom are costly renovations, while painting and replacing appliances are more reasonable.

If you have your heart set on a specific home style or a home with a larger yard for your children or to garden, your compromise is more likely to be in the location. If you’re willing to commute farther or perhaps choose a home in a community next to the “hot” neighborhood, you can often find a more affordable home that fulfills your wish list.

An experienced Realtor can help you determine when and how to compromise and should take the time to show you a variety of alternatives so you can make an informed decision about when to make an offer!

Next Week we will discuss the mortgage options you have and the process for making an offer!







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