The process of purchasing a home is an exciting experience and can be one of the most important decisions that you will make in your life time.
However, it can also be very stressful.
With a little knowledge, finding a new home will be a pleasant experience and you can potentially save a lot of money.
There are certain nuances to home buying which you will not be told by any Realtor or seller.
Buy a home for your present needs...
not for requirements you may have or think you need 20 years from now...
90% of homeowners move within 7 years.
Shop with your eyes wide open, use your best judgment, and not your emotions.
If the prospective home has a poor look about it (peeling paint etc), a lousy looking front yard, or back yard you can almost bet there has been very little pride in ownership.
Therefore, the house is most likely ill-maintained in general.
If so, this will be costly in the future.
If it does not feel right to you...
don't do it.
If ' B ' applies...
it had better be priced at way less than assessed value...
so you can afford to throw 1000's of dollars at it.
Conversely, if the house and property show a little pride in ownership - e.
g.
: attractive facade, well looked after exterior, neat yard / landscaping, in general, the odds are it is a safe bet.
Also you will avoid costly discoveries in the future.
You can spend your time and money on cosmetics, gardening, etc.
and enjoy it on your weekends off rather than fix and repair daily.
Ask or inquire: how old is the house, roof, furnace, appliances etc, are the windows double pane? (if not run away) Interior: is it well cared for and clean? What condition are the walls, ceiling, floor coverings, basement walls, bathroom fixtures, etc.
If not to your satisfaction, consider the added cost of repairs.
Location, Location, Location.
Is the home appealing related to the neighborhood? Is the neighborhood appealing related to that particular home? Public transportation - shopping - services...
do they meet your requirements now and later.
Keep in mind ranchers are generally more livable, saleable, and maintainable than two level homes.
Also, their lot sizes are usually larger.
Keep an open mind in any case...
Look at a minimum of 10 properties both inside and out.
Are your requirements met? BR' s, Baths, Garage, carport, plumbing, heating, appliances? Do not max out your borrowing power...
you will find the necessity to add 33% to your P.
I.
monthly for: heat / light / phone / cable / taxes / Internet / not counting house and grounds maintenance.
Maybe add car payments to the mix also...
how about $5,500.
for that new roof or furnace? Take every comment made by your Realtor/seller with a grain of salt.
He/she is not your personal friend nor mentor, but a salesperson at heart.
Conversely, keep your thoughts/comments/opinions among yourselves.
It is not a good idea to show your enthusiasm in the presence of agent or seller.
You may benefit financially by keeping your cards close to the vest.
Do your homework in private and be sure you are both in total agreement before making an offer to purchase.
However, it can also be very stressful.
With a little knowledge, finding a new home will be a pleasant experience and you can potentially save a lot of money.
There are certain nuances to home buying which you will not be told by any Realtor or seller.
Buy a home for your present needs...
not for requirements you may have or think you need 20 years from now...
90% of homeowners move within 7 years.
Shop with your eyes wide open, use your best judgment, and not your emotions.
If the prospective home has a poor look about it (peeling paint etc), a lousy looking front yard, or back yard you can almost bet there has been very little pride in ownership.
Therefore, the house is most likely ill-maintained in general.
If so, this will be costly in the future.
If it does not feel right to you...
don't do it.
If ' B ' applies...
it had better be priced at way less than assessed value...
so you can afford to throw 1000's of dollars at it.
Conversely, if the house and property show a little pride in ownership - e.
g.
: attractive facade, well looked after exterior, neat yard / landscaping, in general, the odds are it is a safe bet.
Also you will avoid costly discoveries in the future.
You can spend your time and money on cosmetics, gardening, etc.
and enjoy it on your weekends off rather than fix and repair daily.
Ask or inquire: how old is the house, roof, furnace, appliances etc, are the windows double pane? (if not run away) Interior: is it well cared for and clean? What condition are the walls, ceiling, floor coverings, basement walls, bathroom fixtures, etc.
If not to your satisfaction, consider the added cost of repairs.
Location, Location, Location.
Is the home appealing related to the neighborhood? Is the neighborhood appealing related to that particular home? Public transportation - shopping - services...
do they meet your requirements now and later.
Keep in mind ranchers are generally more livable, saleable, and maintainable than two level homes.
Also, their lot sizes are usually larger.
Keep an open mind in any case...
Look at a minimum of 10 properties both inside and out.
Are your requirements met? BR' s, Baths, Garage, carport, plumbing, heating, appliances? Do not max out your borrowing power...
you will find the necessity to add 33% to your P.
I.
monthly for: heat / light / phone / cable / taxes / Internet / not counting house and grounds maintenance.
Maybe add car payments to the mix also...
how about $5,500.
for that new roof or furnace? Take every comment made by your Realtor/seller with a grain of salt.
He/she is not your personal friend nor mentor, but a salesperson at heart.
Conversely, keep your thoughts/comments/opinions among yourselves.
It is not a good idea to show your enthusiasm in the presence of agent or seller.
You may benefit financially by keeping your cards close to the vest.
Do your homework in private and be sure you are both in total agreement before making an offer to purchase.