GET ALL YOUR QUESTIONS ANSWERED IN ORDER TO MAKE THE MOST INFORMED DECISION. BEFORE SEARCHING FOR A NEW HOME, IT IS IMPORTANT TO:
Get pre-approved for a mortgage if you are financing the home. In most cases this guarantees you the best rate over a 90 day period and it also puts you in a better negotiating position when you find the home you want.
Call your insurance company. This is something that is often overlooked. For most newer condos or subdivision homes, insurance is usually readily available and reasonably priced. Buyers of older homes or country properties need to be aware of such things as the type of wiring, type of heating and the home's distance to a fire hall.
Have an idea of the carrying costs of the home and factor these into your budget. Property taxes, insurance, mortgage payments and heating/cooling costs all add up. If you have a rough idea of what all these numbers are before making a purchase, it will give you a much greater sense of security when it comes time to make a final decision.
Price is always a factor, but it is important to focus on buying the right home instead of just focusing on the deal. Even if you are looking for investment properties, it is critical that your purchase meets all of your criteria, not just price.
FIGURE OUT WHICH AREAS YOU LIKE AND WHICH ONES YOU CAN RULE OUT. THERE ARE SEVERAL FACTORS TO CONSIDER, INCLUDING:
Distance to work, schools, shopping, restaurants, entertainment and parks
Access to highways, public transportation and bicycle paths
Crime rates, demographics and weather patterns
ONCE YOU HAVE NARROWED IT DOWN TO YOUR AREA OF CHOICE, YOU CAN START CONCEPTUALIZING WHAT YOUR IDEAL NEW HOME MIGHT FEEL LIKE. THINGS TO CONSIDER MAY INCLUDE:
Condo living versus a single family home
Age of the home and projected maintenance costs
How long you plan on living there
Your top three must-haves as well as your "nice to haves"
Determining if it is a good investment
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