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1. Don´t be in a rush! If you´ve just made the decision to start to look and buy a home, be aware that you won´t be moved into your "dream home" by the end of next week. Preparing yourself for the purchase and finding the right home both take time. Be prepared to give them that.
2. Location counts. You've probably heard the old real estate joke about "location, location, location," but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years.
3. Make a list. Do you (and your spouse, if you're married) really know what you need and want in your home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. Your goal is to find the right home for your family without falling in love with one that doesn't suit your needs. Tip: Start compiling your wish list by thinking about what you like and dislike about your current home.
4. Do your homework. Not long ago, consumers had very little access to information about recent home sales prices, market trends, homes on the market, neighborhood statistics and the home-buying process. Today, all this information and more is available on the Web. Go surfing. Get educated. Become empowered.
5. Get preapproved for a mortgage. Your top-dollar home price is a function of your household income, your creditworthiness, interest rates, the type of loan you select and how much ready cash you have for the down payment and closing costs, among other factors. Rather than guessing or estimating how much you can afford to spend, ask a lender or mortgage broker to give you a full assessment and a letter stating how much you're qualified to borrow. The true amount may be much more or much less than you think.
6. Use a checklist. Touring multiple homes is a confusing experience for most people. Rather than relying on memory, make notes about the homes you visit. Turn your priorities into a personalized home-shopping checklist and use it track the features of each home.
Keep records. Invest in two three-ring binders or one large one with a divider in the middle. In the first binder, keep the listing sheets of all the homes you've seen. In the second binder, put the listing sheets, photos, notes, etc., of the homes you like the best.
7. Carry a notebook with you when you are house-hunting, and give each house its own page. At the top of the page, note the address and price. Write down the exterior construction, style and color, as well as the color of the living room carpet and walls and any other major feature that will jog your memory later. You can nickname the houses--"the wallpaper house" or "blue house"--anything to help you retain a mental picture of the property. This will enable you to recap the day and give your Realtor important feedback that can speed up your search for the perfect home
8. Bring a camera, flashligh, and measuring tape. A camera to take pictures of homes you like and want to remember
A flashlight to look at dark or dim areas. A measuring tape to figure out if your furniture would fit.
9. When in doubt, ask questions. Ask your lender when you´re applying for your mortgage. Ask the real estate agent while you´re shopping for your new home; or, if you can, ask the seller. Ask other home-buyers. Whatever you don´t know or understand, ask, Ask, ASK. This is not the time to be shy. After all, it´s your money, both now and in the future, that´s at stake.
10. Wear comfortable clothing and sturdy shoes. House-hunting can be tiring, especially if you're relocating to a distant community and want to see a dozen homes in one day. There's no sense in torturing your feet unnecessarily.
11. Understand the full costs. It is wise idea to identify all the costs involved in making a purchase, so that you can include them in your budget. The most important costs include: What are your closing costs? But more importantly yet is if there is a repair needed on the house call a contractor to get a price on what it would cost to fix. If one home has a remodeled kitchen and another doesn't you need to know what it would cost to remodel to get an apple to apple comparision. Call contractors to get prices. Now the cost before hand. Have a pre-purchase building inspection done. This is essential to ensure you are aware of any risks associated with a particular property. These may include roof or exterior leaks, general weather tightness, rot, use of non conforming external/internal materials, structural changes or movement and any non-compliant alterations or additions
12. Ask about utility and maintenance costs.
13. Think of commuting time and costs.
14. Compare what you'd like to have against what you really need.
15. Consider your monthly budget - can you afford the renovations and maintenance that you'll need to do?
16. Talk to neighbors and visit the house at different times to get different prepectives
17. Don't make a "spur-of-the-moment" decision but be prepared to make an offer. House-hunting can also be frustrating, especially if you know in your heart you're not really emotionally or financially ready to buy a home. If you're not ready, don't put yourself through the exercise. If you are ready, go through a blank purchase contract ahead of time so you'll know what decisions you'll face when you make an offer
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