First Time Home Buyers #2

Finding an Affordable Property!

 

As a First Time Home Buyer, once you've determined your price range, it's time to start looking at houses. But where should you look, what can you expect to find? While no property will have everything you want, the home you purchase should meet as many of your expectations as possible.

You've probably made a mental list of expectations for a new home. Get that list on paper. Consider the home's interior, amenities and size, as well as location and lifestyle, commuting distance and community, schools services. Whatever you jot down, the list should be a reflection of you.

After you make it, take the time to review and update your list throughout the entire home buying process. The more items on your list that your new home has, the happier you'll be when you're living in it.

What are my options?

Before you can find the right house, you need to decide what type of home you want. There are a number of housing types to choose from, including:

• Single-Family
• Condominium
• Multifamily
• Fixer-Upper

Consider discussing your options with a real estate professional.  Get the pros and cons of each option and consider what you are willing to live with.

Location, Location, Location

Here are some things to consider when choosing a location:

• How far are you willing to commute to work?
• How accessible is the home to highways or public transportation?
• How close are shopping, churches, day care facilities and recreation areas?
• What is the quality of the public schools?

Again, prioritize the attributes that are most important to you. Would you trade a larger yard for highway access, public transportation for shopping and restaurants, a shorter commute for better public schools? With your list in hand, you'll be better equipped to find towns that suit your desired lifestyle.

Finding the Right Home

Conducting the search yourself is certainly manageable, but a fair bit of organization is required. First identify towns that fit your needs, and then seek out homes in those towns. Arrange appointments to view homes for sale, or find open houses you can attend.

There are a number of resources that will help you find the right house for you:

• Getting on the internet and looking up each towns website will tell a bit more about what the town is like
• Driving around and looking at what the town has to offer such as waterfront, shopping, highway access
• Talk to your Real Estate Professional, they will be very knowledgeable about the local area and when given a list of your criteria can make suggestions as to which town would likely suit you best

Open House Advice

Attending open houses is serious business. Don't underestimate the exhaustion factor. It's not just a matter of being physically tired: after a while, the houses start to look the same. Therefore, keep in mind the following:

• Bring a notepad and map so you can mark each home's location and note its special features
• Pick up a listing sheet whenever one is available. After a day of open houses, you may find that a home has more appeal than you initially thought
• Pace yourself. Visit too many homes without a break and you'll start missing details
• If you are going to look at a lot of houses, take big breaks. See three homes in the morning, then stop and have lunch then see three more.
• Make a rough sketch of the floor plans of the homes you are considering
• Remember, there are no foolish questions. Ask away!

You want to know everything you can about each property. Often, one question about pipes, heating or cooling systems, taxes, or recent repairs will lead to other questions. You may find areas of concern about a specific property that looked trouble-free. It's far better to know about a home's problems before you buy than it is to discover them once you own the property.


Next week we will discuss how a First Time Home Buyer should go about making an offer on a house!