Wants & Needs
What Do You Really Want and/or Need?
By asking you a series of questions and getting
your continual feedback, we'll focus on what you really want in a home. My
goal is to not waste time by looking at properties that are not in the
right price range or homes that don't meet your needs.
Before starting your search, make a
"wish list" to decide which features are absolutely essential, which are
nice "extras" if you happen to find them, and which are completely
undesirable. The more specific you can be about what you’re looking for
from the outset, the more effective your home search will be. Also keep in
mind, that in the end, there is no one perfect house and every home
purchase is a compromise.
Suggestions
Especially if you’re a first
time-buyer with limited financial resources, it's smart to buy in the best
neighborhood that fits your price range. The following strategies may be
helpful:
- Look for communities that are likely to become
"hot neighborhoods" in the coming years. They can often be discovered on
the periphery of today's hot areas.
- Look for a home in a good neighborhood that is
a bit farther out of the city. If commuting is a concern, purchase a
home that is close to public transportation.
- Look at the neighborhood demand by asking
whether the gap between the list price and sale price is decreasing and
whether there is active community involvement. You can also drive around
neighborhoods and see how many "sale pending" and "sold" signs there are
in a particular area.
- Consider a condominium, rather than a house, in
a desirable neighborhood. This way you still may be able to purchase in
a prime area that you otherwise could not afford.
- When evaluating a neighborhood, investigate
local conditions including schools, property values, traffic, crime
rates, future construction, proximity to schools, work, shopping,
recreation and cultural activities.
Considerations
Most buyers' first consideration, after
neighborhoods are chosen, is the number of bedrooms. As you begin to view
homes, keep the following purchase and resale considerations in mind:
-
Weigh your needs, purchase/maintenance budgets, and personal tastes in
deciding what type of home you wish to purchase: a new home, an older
home, or a home that requires some work (a "fixer-upper").
-
One-bedroom condos are more difficult
to resell than two-bedroom condos.
-
Two-bedroom/one-bath single houses
generally have less appeal to many buyers than a home with three or more
bedrooms, and therefore less appreciation potential.
-
Homes with great "curb appeal" (a
well-maintained, attractive, and charming view-from the street
appearance) are the easiest to resell - Don't buy the most expensive
house on the street, or anything that is unusual or unique.
-
The biggest, most expensive house on
the block is not usually considered to be the best investment. The best
investment potential is traditionally found in a lesser expensive, more
moderately-sized home on the street.
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