When buying your first home it is important to first define what
is important to you now and what is going to be important to you
in the short to medium term. Let's say you are a young couple
with no kids but 2 cars, a couple of computers and you entertain
a lot. You are going to be looking for a house with 3 bedrooms
(1 master, 1 for computers, and one guest) a big kitchen, and
a nice sized great room. But let's say you are planning kids in
the next few years. Well, you could add a bedroom for the kids
and a finished basement for the computers. Do you like Single
Family Homes or Townhomes or Condominiums? Do you want new or
resale? Okay so you've figured out what you want, now where do
you want to live? In the city or in the suburbs? Usually when
we pick what we want without knowing the prices we find that we
can't afford the optimum. To find out what you can afford click
on
Ginnie Mae Home Ownership. So what are you willing to give
on if necessary? Location or space? Or are you willing to foresake
future needs hoping to sell before the need arises? Or are you
willing to do some work on a property to get one that meets all
your needs. Or are you a smart shopper that picked a house that
will fit your price range?
Now that you know basically what you want it's time to go looking
at houses. I recommend that you find a buyer agent to represent
you if your state has that concept. Ask this agent (or do it yourself)
to find a number of houses that fit your criteria. You may preselect
some that you are interested in on www.mls.com.
Beware the trick of an agent taking you to two awful houses and
then one okay house and then asking you for an offer. Slimy!!!
If that happens find a new agent. For every house you see ask
the following questions:
- What is the asking price?
- What is the owner's reason for selling?
- How long has the seller owned the property?
- How soon does the seller wish (or need) to close?
- What repairs or upgrading have been carried out?
- What about electrical wiring condition? plumbing? roof? foundation?
heating/cooling systems? insulation?
- What problems or faults has the owner made you aware of? (in
the case of a seller agent)
- How long have the tenants been living here (if the home is
rented)?
Now that you've seen a bunch of properties (at least 10) sit
down and decide which ones have what you want and which ones don't.
You may be surprised to find that your wants and needs have changed
slightly. Talk your results over with your real estate agent and
formulate a going forward plan. Usually you will walk into a house
and just know that this is the one. Yahoo!!! You found it...now
to Negotiate for Real Estate
and then to Write the Offer.
Real-Estate-Haven
