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Buying a home? These eight tips can help make your house-hunting
experience positive and rewarding:
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. Get
educated. Become empowered.
4. Get preapproved 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. |