Before Looking
Before you actively look at homes to buy, it's necessary to know how much
you can qualify for. Use mortgage calculators to determine how much you
can buy with your down payment and closing cost money and what your
monthly payments will be.
Know Your Credit Worthiness
Look at your credit report before you go to a lender. It is not uncommon
to find problems with reports, especially if you have a common last name. Town
homes and condos for sale.
Get
Pre-Approved
After you see your credit report and any problems are cleared up, get
pre-approved with a lender. Take the steps necessary to get a letter from
the lender stating you are "pre-approved" for a loan in a specific price
range. It's important to have this letter before you make a contract offer
to buy real estate. Once your pre-approved, you know what price range of
homes you should be looking at.
What Kind
of House is Right?
Determine the specifics you want or need in a home.
- What are your day to day and future needs?
- Do you enjoy swinging a hammer?
- Older houses have great charm, but may need updating.
- New homes offer the latest energy efficiency and design features.
- Larger lots can give room for additions and swimming pools.
- A fixer upper can dramatically increase in worth.
- A PUD may have private recreational facilities such as a pool and play
parks.
- A condo or town-house will relieve you of yard work and exterior
maintenance.
Sit down with your real estate agent and make up a wants and needs list.
Knowing your price range, your agent can determine in what neighborhoods
or towns to start looking. You may find that you are limited to where you
look based on your situation. There is no sense in wasting your or your
agent's time in areas out of your price range.
Town homes and condos for sale.
Wants and
Needs
- Price range
- Building style/design
- New construction
- Remodeled
- Fixer upper
- Minimum # bedrooms
- Bathrooms
- Family room
- Fire place
- Office/den
- Hardwood floors
- Swimming pool / Spa
- In-law quarters
- Workshop
- Central air conditioning
- Parking facilities
- Yard size
- School district
- Work locations
- Special zoning or location
With a list of
houses that you can afford to buy, drive-by them and check out the
surrounding neighborhood. Next make an appointment with your real estate
agent to view the interior of the ones you are interested in. After you
have narrowed your selection to few houses it is important to visit them
at different times of the day. Visit them during the morning commute time.
If you visit only during the middle of the day, you might not notice if
the street in front of the home is used as a minor thoroughfare or a
shortcut. This is also a good time to find out how you emerge from you
residential area into traffic on a thoroughfare or how long it takes for
freeway access. Go back after dark and walk around the block. You might
notice that headlights from approaching traffic shine into the home or
hear sounds from a nearby night club or park that you were not aware of.
Town homes and condos for sale.
After
previewing a number of homes, you will want to preview some a second time.
This is the time to make measurements, ask questions and make a closer
self-inspection. When you want to make an offer, ask your agent for sales
comps to arrive at an offering price. A "seller's market" or "buyer's
market" can have big effect on how much to offer. There is no sense in
making a low offer on a well priced home in a seller's market.
A properly
written contract will allow a buyer a number of outs if certain items are
not met or approved. Get a copy of a typical real estate contract prior to
making an offer and have your agent go over it with you.
