With all the choices in today's market, how do you go about finding the right home? It seems the more research you do, the more confused you get.
It's important to understand your needs and plan for them. Know what you want in a home, what's important to you, and what you can live without. Many of us start out with a champagne taste and a beer pocketbook, so it's important to be realistic.
Where and what you buy will affect you for as long as you live in the house, If you make the wrong purchase that may seem like a very long time. Get your priorities in order before you start looking or even talk to a real estate broker or sales associate.
For first-time home buyers this is a new experience, so it's especially important to do your homework. Ask people who have previously purchase a home about their experience, but don't ask for advise. Only you can know what you really want and how much you are willing to pay for it. If you currently own a home, you know exactly what's lacking. You may need another bedroom or bathroom, or a good school nearby.
First, decide where you want to live. A big part of the answer hinges on where and how you earn a living. If your job requires a lot of reading or is quite stressful, public transportation may offer valuable time to sit quietly. Regardless, you should practice the commute at the time you would be traveling before you make a commitment. A 15 minute drive on a Sunday afternoon may be a 60 minute stop and go during rush hour.
People with children have other major considerations: school and safety. If you plan to send your children to private schools, you can live where you want assuming you can easily arrange transportation. Call the local Board of Education and arrange a tour of the school you children will attend, preferably during school hours.
Obviously, lifestyle is an important consideration. People who frequently dine out, go dancing and attend the theater probably belong in the city or a close-in suburb, make sure you're in close proximity to the things that matter most.
It used to be that homes came in a limited variety, but today, you have many choices. In addition to the traditional single-family home, you can buy a townhouse, condominium or apartment condominium or co-op.
In condos and other such communities, make sure the rules and regulations, as well as the by-laws, match your lifestyle. This type of housing is great for people who want to own their own space without being responsible for mowing the lawn or repairing the roof; a management company handles that.
On the other hand, you'll pay fees for these services. In addition to checking the documents and financial soundness of the homeowner's association, you must determine if the monthly fees are worth the services and additional amenities such as a swimming pool or exercise room. Another consideration, if you are using an FHA mortage is if the develpment is FHA approved. Not all complexes qualify for FHA funding.
Affordability can be a factor not only in the type of housing, but whether it's new or an existing home. Old houses often have fine woodwork or interesting nooks and crannies not normally found in new homes. They generally sit on landscaped lots with mature trees and grown bushes.
New homes may cost more, but you can make many more decisions on amenities, colors, carpeting and fixtures. Make sure you're dealing with a reputable builder, and have an attorney review all documents,
Selecting a real estate professional is an important first step in beginning your search. Ask for personal recommendations to find an individual who is knowledgeable about the neighborhood and has access to the local Multiple Listing Service. Make sure you feel confident about his or her knowledge and skills, and understand the business relationship that you have established between you.
If you are searching for a home in the Northern NJ area I would be happy to help.
Gail Vinnal Accredited Buyer Representative (ABR)
