Here are some tips to help determine which house is best for you. Once you've settled on a couple of preferred neighborhoods for your home search, it's time to pick out a few homes to view. Having a house features “wish list” keeps you focused on which features are most important to you. When narrowing down your home search, consider the following:
know what types of home you want to buy
determine what age and condition of the house you want to buy
consider resale potential
use a features wish list to keep focused
use a home search comparison chart to keep organized
act decisively when you find the right home
Determine What Type of Home You Want to Buy There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops. Single-family homes:One home per lot.
Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.
Condominiums: With a condo, you own "from the plaster in." You also own a certain percentage of the "common elements" - 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.
Co-ops:In some cities, cooperative apartments are common. With co-ops, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own unit. A board of directors, comprised of owners and elected by owners, supervises the building management. Monthly charges include your share of an overall mortgage on the building. Decide What Age and Condition of Home You Want to Purchase Weigh 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. Take Charge When Buying a Home If you approach the home buying process intelligently and with confidence, you are much more likely to buy a house you'll be proud to call home. Approaching the task of buying a home can be overwhelming; there's so much to consider:
How much house can I afford?
How can I find the best loan?
Where will I come up with a down payment, and how much will I need?
Should I buy a new or resale home, and which will go up in value?
Should I work with an agent or look at homes on my own?
And these questions are just the beginning. Buying a home is one of the largest financial transactions in your lifetime - do your research so you know what you’re doing. Here are the two most important things to remember no matter where you are on the road to home ownership: 1. You can and should understand everything that is happening in the home buying process. There is nothing that is so complex that it can't be easily explained to anyone with average intelligence. Just because you don't apply for a thirty year mortgage once a week doesn't mean you have to take the first one that comes along. You'll need to learn some new terms, apply some new concepts and take the time to understand what you're getting into. If, at any point, something happens that doesn't make sense to you, simply demand a full and complete explanation. If it still doesn't make sense, seek help from someone you trust like your CPA, your banker or maybe an online real estate columnist. 2. In the world of real estate sales, YOU are the most important person in the entire process. It's easy to think that everyone else carries more weight than you. The agent talks fast and has an answer for everything. The lender may decline your loan application, and on and on. But the truth is that you, the buyer, are the one person in the transaction that makes it all happen. If you decide to not buy, the entire process comes to a grinding halt. So flex your consumer muscle and take command of this process. Surround yourself with a team of professionals that you have confidence in and make them work for you. Approach home buying with intelligence and confidence, and by doing your homework, and you are more likely to buy a house you’re happy with and to know that you made the right decision.