Here’s how to stay focused while on the house hunt.
By Marilyn Kennedy Melia
CTW Features
It’s not easy to be sure-footed through every step, especially for first-time buyers. But experts can provide guidance on navigating the twisting path, ending at the right new home for you:
1. Meet Lenders
This is not the fun part. Most real estate agents insist buyers get “pre-qualified” – meaning lenders estimate the amount of mortgage a buyer is eligible for – before visiting properties.
“There is no sense in looking if you haven’t validated what price range you should be shopping in,” said Cara Ameer, a broker-associate with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Fla.
Even a preliminary discussion of how much your down payment will be, your credit and debt picture and other financing factors involves a host of decisions.
2. Prioritize Preferences
What do really want in a home? Probably lots, like being in a great school district, having a shorter commute to work, or huge closets.
Wish lists differ, with some putting a priority on items others don’t even rank, such as the quality of cell phone service in a condo, according to Jim D’Amico, owner of Century 21 North Shore in Boston.
Analyze your priorities carefully. If an item you’re ranking highly, for instance, is dependent on other future event, it could be a mistake to choose primarily on that priority. If you buy a home that’s smaller than you want, but choose it because of the school district, and then decide to send your son to a private school, you could regret your choice.
3. Go Under the Microscope
When browsing online, buyers typically view a shot of the front exterior first, according to Michael Seiler, a professor of real estate and finance at The College of William and Mary.
“Only if they like it will they read the property description,” Seiler said.
But the photos can be misleading, warns Seiler.
“Don’t fall in love with a home on the internet,” he said. There’s no substitution for a personal visit.”
When you’re interested, go back at different times of the day, and on a weekend and weekday, according Ameer. Then leave no door or drawer unturned, checking space in closets and cabinets. Then walk both the inside and outside, noting conditions down to any scuffs on moldings.
4. Find ‘The One’
It will be a mix of practical reasons and intangible, emotional factors that come together on a particular property, giving you the sense that a particular property is right for you, according to Lee.
Beware though, that sometimes the most “practical” choice is not the best in the long term.
Experts warn not to over-spend, however some consumers shy away from appealing features – anything from more square footage to a lavish landscaping – because they feel guilty about the indulgence.
Checking with a financial adviser on the expenditure might provide a clearer view of what’s practical and most appealing.
© CTW Features
