Once you've selected your community and evaluated neighborhoods, next comes the big decision - choosing a home. Our Buying Smart Checklist can help you find the right home for you and your family.
Keep these five points in mind as you prepare your analysis:
- Remember your requirements. Decide beforehand which features you absolutely require and which are flexible - and stick to that decision. Resist the charm of a three-bedroom house if you need four bedrooms.
- Factor in future expenses. Are substantial fix-ups going to be needed? Be sure to investigate the condition of the roof and the heating system. Look for cosmetic cover-ups of serious problems.
- Watch for "Problem Home" predictors. This partial list of potential problems could influence the advisability of your purchasing a particular house or make that house difficult for you to sell in the future:
- Busy streets
- Non-conforming systems or services
- Lack of curb appeal
- Excess acreage or a rural location
- Incomplete construction
- Non-functional floor plan
- Costly features that add little or no value
- Power easements on the property
- Commercial development adjacent or nearby
- Corner lot location
- Hazardous/toxic material site
- Swimming pool
- Roof condition
- New subdivision location
- Apartment buildings nearby
- Subdivision exterior appearance
- Flood plain
- High radon level
- Structural damage or defects
- Railroad tracks, major highway, or airport nearby
- Synthetic stucco exterior
- Get professional inspections. They can help you make a more informed purchase by pointing out needed repairs and serious flaws. Some of the inspections usually required by local laws and lenders are:
- General building
- Pool and spa
- Septic, in-ground oil tank(s), and well(s)
- Termite and pest
- Soil
- Radon
- Environmental
- Be a good negotiator. When preparing to make an offer on your selected home, keep the following points in mind:
- Ask how long the home has been on the market.
- Don't let emotions cloud your objectivity.
- Identify the seller's motivation to sell.
- Set a maximum price that you will pay.
- Make an initial offer that will give you some negotiating room.
- Submit terms that include any contingencies, such as inspections, financing approval, etc.
- When the seller responds, be sure the price and all contingency items are covered.
- If the seller counters your offer, stay flexible and continue to negotiate.
If it's possible that you'll move again in the next few years, it is not in your long-term financial interest to buy the "best" house in the neighborhood, a house in a declining community, or one in an isolated rural setting.
