Wednesday, 05 August 2009

  • Buying a Home? Key Things to Consider

    Once you have made your decision to buy a home and stop renting, you'll need a strategy to get started on your search. The secret in searching for the perfect home lies in your ability to identify exactly what you want out of a home.

    Many first time home buyers feel overwhelmed and frustrated by the homebuying process simply because there are too many decisions to make. How do you decide on the best location? What if the home isn't in the best move-in condition? Can you afford to be so far away from work? Making sure you've asked yourself the right questions and creating a 'wishlist' for your ideal home will make the home buying process much easier, and also help you get over many of the challenges involved in finding that perfect home. Start creating your wishlist with the following essential questions and considerations in mind:

    1. What are the essential amenities you're looking for? Think about fireplaces, swimming pools and kitchen appliances that you want to have in your new home. Prioritize these so you can simply say 'no' to a prospective home if it doesn't meet the basic amenities criteria. Be as specific as possible with this section so you can narrow down the hundreds of options available.

    2. Be very particular about your location. Ilyce Glink, author of '100 Questions Every First Time Homebuyers Should ask' explains that location is one of the most critical issues when buying a home. You need to decide where to live in relation to your work, your family and friends, your kid's school, commercial areas, and places of worship. Your location determines your travel time each day. Ask yourself if the travel time is worth your home and location.

    3. What is the ideal size? Do you need more than three bedrooms? Is your family growing? If you are going to need more space in the near future, you may need to buy a home with more space than you currently use. Project your home needs for at least the next three to five years so you select the right size.

    4. Are you willing to invest in renovating or refurbishing the home? If the house is not in move-in condition, how much are you willing to spend on modifications, renovations and other maintenance costs? Setting some guidelines in this area can help you eliminate certain homes from your radar as you search.

    5. Do you worry about security and safety? You might prioritize safety and security if you are living alone or with your children. Determine the things that you will need in order to feel secure in your home and neighborhood. Cross-out houses that do not meet your criteria.

    Being specific about your home buying criteria will help you save time in searching for your home. It will also make your stay in your new home more enjoyable because your new home would match your needs and wants.

    Author: Alexandria P. Anderson specializes helping people to find and purchase Eden Prairie MN real estate, as well as homes in Eden Prairie for her realty clients.

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