Home Buying Guidelines

If you have to resell soon, don’t buy an unusual house.
Even if the quality of the school district doesn’t matter to you now, remember it might someday to another buyer.
Brand new homes may be lower in maintenance costs, but can be higher in out of pocket expenses.
There are no perfect homes. Be ready to make compromises and concessions. Know what’s most important to you and ‘give’ on those things that aren’t.
Location, location, location – some things don’t change.
Supply and demand is a critical issue. Be ready to move quickly when you find what you want.
Pay attention to floor plans. Changing layouts of rooms can be costly.
Get preapproved for your mortgage prior to making an offer.
Be an educated buyer. Learn as much as you can about the market before you buy.
Compare mortgages – an artificially low interest rate could have enormous hidden costs.
When interest rates are low – go for a fixed rate mortgage.
Redoing kitchens and baths can be very expensive – check these out carefully.
Imagine the home vacant. Do not be swayed by decorating – the furnishings will leave with the seller.
Vacant homes appear larger than they are. It may be a good idea to measure to make sure your furnishings are going to fit.
Buy the best home you can afford in the best neighborhood you can afford. You are almost always better off with the least expensive home in the area rather than the most expensive.
Pay attention to the original listing date of the properties you look at; sellers tend to be more flexible the longer the home is on the market.
Be honest and open with your Realtor. He or she works for you and can best help you if they have a good understanding of your needs.
You’ll know the right home for you when you see it and it will have very little to do with logic. Your Realtors job is to be an objective medium in the process to ensure your needs and interests are met and protected.

Evaluating A Neighborhood

Drive Around
Does it look like a place you’d like to live?
Is it near places you’d like to go?
Is it too near places you’d rather avoid?
What will it look like during commuting time?
What’s it like at night?

Quality of Schools

What is the school performance?
Average test scores?
Capacity of school in relation to # of students?
Parent involvement?
After school activities, teams?

Education/Income Profile

What is the household income?
The education level?
Occupation?
Family type?

Cultural Amenities
Proximity to museums, galleries, universities, seasonal entertainment, theaters, orchestras, etc. Even if you don’t frequent them, they help set the tone for the area.

Property Values
Steady or increasing values generally mean a sound investment. It is almost always best to buy the smallest, least expensive home in the best neighborhood you can afford.

Future growth
If you are not planning on staying in your new home for a number of years, an abundance of new construction being planned could affect your resale. Equally true, however, is the existence of higher end properties could increase the value of yours.