Finding a Property
Finding your dream home isn’t just about being lucky. As a first time or experienced home buyer, you will want to look at 20 properties before making your initial offer. Before you throw tomatoes at me and say “20 properties! That’s way too many!” let me qualify that by saying that you don’t have to do a detailed showing of each property. Some you may see from the outside and immediately know they aren’t for you. Others may only require a few minutes inside the home to cross off your list. By looking at a lot of properties and following the 5 steps below you can maximize your chances of finding a dream home.
1. Determine your price range in advance. Make this decision before talking with realtors. In fact, if your top price is $500,000, tell the realtors that it is $450,000. This may seem Machiavellian, but it will help to prevent you from being up-sold by an aggressive real estate agent. This doesn’t mean you have to restrict your search to homes that are $450,000 or less. In fact, you are encouraged to look at higher priced houses. This is especially true if the higher priced properties have been on the market for more than 30 days. These properties are ripe for your nice low-ball offer.
2. Make a list of features you want and prioritize your list. Put every item on the list in one of three categories – “must have”, “nice to have”, and “can live without.”
3. Location is key. Unless you are purchasing a mobile home, you can change nearly everything about the property except where it sits. Don’t sacrifice location – you will regret it and will pay in the long run.
4. Drive around to get a sense of the neighborhoods. If the neighbors are doing something you don’t like, don’t bother viewing any of the available properties. Move on to greener pastures.
5. Gather data on the area. Spend time researching the area’s statistics – crime, schooling, economic (cost of living, projected growth, median property value). This can be done online through a variety of web sites that offer these kinds of statistics for free. Check out our Useful Links section for a listing of these sites.