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House
Hunting Tips |
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1.
Location counts. You've probably heard the old real
estate joke about "location, location, location,"
but the point still bears repeating. Location is
crucial. How far are you really willing to commute
to your place of employment? How good are the local
schools, shopping centers, public transportation,
seniors services and other public amenities? Will
your new home be next to a vacant lot or a commercial
property? Even a picture-perfect dream home can
be a mistake if it's in an undesirable location,
and a poor-location home can be a particularly bad
choice if you anticipate reselling the home within
a few years.
2. Make a list. Do you (and your spouse, if you're
married) really know what you need and want in your
home? You'll save yourself many hours of shopping
(and potentially arguing) if you make a list ahead
of time. Zero in on the features you must have,
would like to have, definitely don't want and would
prefer not to have. Your goal is to find the right
home for your family without falling in love with
one that doesn't suit your needs. Tip: Start compiling
your wish list by thinking about what you like and
dislike about your current home.
3. Do your homework. Not long ago, consumers had
very little access to information about recent home
sales prices, market trends, homes on the market,
neighborhood statistics and the home-buying process.
Today, all this information and more is available
on the Web. Go surfing and get educated
4. Get pre-approved for a mortgage. Your top-dollar
home price is a function of your household income,
your creditworthiness, interest rates, the type
of loan you select and how much ready cash you have
for the down payment and closing costs, among other
factors. Rather than guessing or estimating how
much you can afford to spend, ask a lender or mortgage
broker to give you a full assessment and a letter
stating how much you're qualified to borrow. The
true amount may be much more or much less than you
think.
5. Use a checklist. Touring multiple homes is a
confusing experience for most people. Rather than
relying on memory, make notes about the homes you
visit. Turn your priorities into a personalized
home-shopping checklist and use it track the features
of each home.
6. Wear comfortable clothing and sturdy shoes. House-hunting
can be tiring, especially if you're relocating to
a distant community and want to see a dozen homes
in one day. There's no sense in torturing your feet
unnecessarily.
7. Be prepared to make an offer. House-hunting can
also be frustrating, especially if you know in your
heart you're not really emotionally or financially
ready to buy a home. If you're not ready, don't
put yourself through the exercise. If you are ready,
go through a blank purchase contract ahead of time
so you'll know what decisions you'll face when you
make an offer.
8. Relax. Granted, buying a home is a major life-altering
event. But it's not worth making yourself insanely
crazy or super-duper stressed. Save time at the
end of your house-hunting expedition to unwind,
calm your thoughts and emotions and keep the whole
experience in perspective. |
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