1. Architecture: Choose the type of home that is the most appealing yet practical for you. In addition to single family homes, there are multifamily homes, condominiums and co-ops. Multifamily homes are often a good fit for first time home buying because they can have rental income to help with their mortgage. Although not everyone is ready to buy a home and be a landlord, this is an option if you are looking at a high priced town. It is a good doorway into a town where you normally could not afford. Check with your mortgage broker for details.
2. Budget and investment considerations. Find a balance between your needs, wants and budget. Decide whether you should buy a newly constructed home, a bit older home or a “fixer-upper”. To make money in real estate buying a home in a good location with comfortable room sizes and a nice size yard is key. Cosmetics although they are important are the easiest thing to fix. When you start getting into adding extensions to a home or selling on a busy corner, life can get expensive. If you may sell your home in the future, the following are best for re-sell value:
- Homes with 3 or more bedrooms; condos with 2 or more
- Homes with “curb appeal” always sell best
- Homes that are NOT unusual or unique and not the most expensive on the block
3. While house-hunting you will probably look at many homes for sale, so keep careful and complete notes and compare. Determine your locations first, study the commute, school system, recreation facilities of a town , then get yourself on a local mls system and study all the under contract and sold homes in the town. Buyers often become realtors in their specific price range, you should know the market so well that you should be telling your realtor what the home is worth. The data is available, the primary role of a realtor is to educate you as the consumer. Once you are educated your comfort level increases and buying is the last stage of the process.
4. When you finally find your dream home, don’t hesitate! If you snooze, you may lose!
If you would like assistance with your home search, let’s talk.