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Home | Home Buyers | Home Sellers | Useful Articles | Calculator | Property Search O Buying a Home O Choosing a Home O Common Questions for Buyers Choosing a Home 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 points, which are explained below:
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 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. 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. Determine the
Age and Condition of the 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. Consider Resale Potential As you look at homes, you may want
to keep in mind these resale considerations. ·
One-bedroom
condos may be more difficult to resell than two-bedroom condos ·
Two-bedroom/one-bath
single houses generally have less appeal than houses with three or more
bedrooms, and therefore have less appreciation potential ·
Homes
with "curb appeal," i.e., well-maintained, attractive and with a
charming appearance from the street, will attract more interest from buyers ·
The
best investment potential is traditionally found in a home comparable to the
homes in your neighbourhood Use a Features Wish List to Keep Your
Search Focused Make
a features wish list to clarify which features are most and least
important to you when looking for a home. Using this wish list will
keep your house hunt focused and effective. Use a Home Comparison Chart to Keep Your
Observations Organized While
house hunting, it's a good idea to make notes about what you see
because viewing several houses at a time can be confusing. Use a
home comparison chart to help you keep track of your search,
organize your thoughts and record your impressions.
Act Decisively When You Find the Right Home Before you begin the home
buying process, resolve to act promptly when you do find the right house. Every
REALTOR® has stories to tell about a couple who looked far and wide for their
dream home, finally found it, and then said, "We always promised my Dad
we'd sleep on it, so we'll make an offer tomorrow." Many times the story
had a sad ending - someone else came in that evening with an offer that was
accepted. Resolve that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or under priced. |
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