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How to begin the home search process step by step: 

  1. Realtor:  Search for a real estate professional who has experience and knowledge with the location, area, development and property type you value. Don't just go with the first professional you bump into.
  2. Research:  Get to know the neighborhood you want to live in.  Once you know generally where you want to be, concentrate on looking at homes as they come up in your selected area.  You will get to know what you like and don't like and utimately be able to recognize the house that is special once you see it. 
  3. Inspect:  Seek out a knowledgeable, reliable home inspector who can address quality of construction and property devaluators.  Determine if the home is outdated and whether or not the items found are costly to fix.  Get estimates and then decide if you are up to the task of hiring someone to change out troublesome items.  Siding, the roof and wiring are some examples.   
  4. Be Financially Ready:  Get pre-qualified with a lender before you look.  Know what your costs will be for closing and what the costs of your loan will be.  You want to request a good faith estimate so you will not have any surprises later.  A good credit score may get you a lower interest rate. 

Will you recognize the right house when you see it?

  • Evaluate:  Know what you "need" and what you "want".  Prioritize the items on these two lists. Buying real estate is all about compromise. Take the time to know what you like.  No home is ever perfect. Select the features that mean the most to you and find the home that emphasizes those features. 
  • Decor distractions:  Notice how the current owner has decorated and furnished the property.  Pay close attention to what can easily be changed and what cannot.  Try to see beyond what is in the house and look at the structure and space.
  • Location:  Location remains the main value criteria as property cannot be moved away from the bad things around it or toward the good things in the area.  Some things will not change like power lines or a noisy road.
  • Liveable space:  A house can be made larger, but at the cost of considerable time, money and inconvenience.  Make sure you can envision your belongings in the home, how they will fit and where you will put them. 
  • Expensive problems: Consider the cost to fix or replace what you don't like. What can you solve yourself? With the help of your real estate professional and the home inspector, determine what items are necessary and cost them out.  Then weigh the benefits against expensive repairs at the price you are paying.

When you're well prepared you will be able to make a sensible decision that you can live with and with little effort.  You will know it when you see it. 

 


Posted by Carla Harden on March 12th, 2010 8:18 AMPost a Comment (0)

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