BUYERS

You worked hard! You saved some money and now you are ready to make that big investment and buy the home of your dreams! But where do you start?

Finding the perfect home is one of the biggest decisions you will make when you are in the market to buy. A home is a long-term investment, and you will need to make sure the one you decide to buy meets your needs and standards as well as your family's. If you have not started saving yet, now is the time! Eliminate debt to build credit and get a better loan from your bank. This will increase your buying power on a house, and help you find the perfect home within your budget. 

HERE'S HOW TO APPROACH IT WITH SENSE AND CONFIDENCE

Once you’ve decided on a location that fits your lifestyle, it’s time to pick out a few homes to view. Make a list of the features you want for your home - some "must have" and some "nice to have". Your personal wish list will keep you focused on which house features are most important to you. 

To narrow down your home search, consider the following:

• What type of home do you want in what location
• Determine what age and condition of the house you want to buy
• Use a feature wish list to keep focused
• Work with your real estate search agent to find the newest listings
• Go to as many open houses to try and match your dream home vision
• Evaluate the benefits of a new construction versus a home that has been lived in 
• Consider resale potential
• Act decisively when you find the right home

DETERMINE WHAT TYPE OF HOME YOU WANT TO BUY

There are several forms of home ownership:

1. Single-family homes: A perfect home on a private lot.

2. Multiple-family homes: A multiple-family dwellings, to build rental income to help you with costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer lives in one of them.

3. Condominiums: With a condo, you own the condominium unit itself, and what’s called an “interest” (along with all the other owners) in the “common elements” (sometimes called “common areas”) of the condominium project – staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development.

DECIDE WHAT AGE AND CONDITION OF HOME YOU WANT TO PURCHASE

Evaluate your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a “fixer-upper” that requires some work.

CONSIDER RESALE POTENTIAL 

As you look at homes, you may want to keep in mind these resale considerations.

• One-bedroom condos are more difficult to resell than two-bedroom condos.
• Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
• Homes with “curb appeal,” i.e., well-maintained, attractive and with a charming appearance from the street, are the easiest to resell.
• The most expensive houses on the street, or ones with anything unusual or unique are not suited for resale. The best investment potential is traditionally found in a less expensive, more moderately sized home.