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Your Home Buying Strategy
Before shopping for a home, every buyer needs a solid strategy – a
game plan that reflects his or her own needs.
The
first step in building a strategy is to make a shopping list. This
means to write down what you want in a new home.
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How many bedrooms and bathrooms?
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Do you want a separate family room?
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What size of kitchen do you want?
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Do you need a home office?
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Is an attached garage important?
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How big of yard do you want to care for?
Does it need to be fenced?
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Do you want to live in a well-developed area
with large trees?
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Do you want to be close to shopping, a
library, recreational facilities, a bus stop, etc.?
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What school will your children attend?
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Do you require only one level or do you
prefer multi levels?
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Do you want a pool?
The
list can go on, limited only by your imagination and desires – and
how important you rate each item. By prioritizing your list, you
can determine if the house that contains five “wants” from your list
out of eight will be disappointing in the future. You may not want
to settle for less on certain features.
Next, you must examine your lifestyle and budget. Find out all the
hidden costs involved in moving and purchasing a new home versus a
“used” home or a condo. The closing costs for each vary and come
with expenses that you need to know about up front.
If
you already own a home you may wonder which you should do first –
buy or sell. If you choose to buy first, make sure the offer to
purchase is on condition that you sell your current house. Selling
first can give you peace of mind in knowing exactly how much money
you have for negotiating. Market conditions can make a difference
as well. In a seller’s market, you’ll probably do better selling
after you’ve purchased but in a buyer’s market, it makes more sense
to sell first.
When
you’ve decided what features you want in a home, sit down with your
realtor and give him or her as much information as you can. It’s a
waste of everyone’s time to view homes that don’t have the amenities
you require. A good agent will weed through the masses of homes on
the market and find a good fit for your needs. |
