CHOOSING A HOME

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Consider the following:

• Know which type of home you'd like to purchase. 
• Determine what age and condition of a house you want to purchase and consider resale potential.
• Use a wish list to remain focused.
• Use charts to compare homes to stay organized.
• Act decisively when you find the right home. 

Ask yourself:

• How much house can I afford?
• How can I find the best loan?
• How much can I put into the down payment? 
• Should I buy a new or resale home? Which will increase in value the most?

There are several different kinds of homes and ownership :

• Single Family Homes: One home per lot. 
• Multi-Family Homes: First time buyers may choose to purchase a multi-family home (an apartment) so rental income will help with their costs. Some mortgage plans, such as VA and FHA loans can be used for buildings with up to four units, if the buyer intends to occupy one of them.
• Condominiums: With a condo, you own one "from the plaster in." You own some common elements, such as staircases, sidewalks, roofs, etc.  Monthly charges pay  your share of taxes, insurance, repairs, and maintenance on those elements. A homeowner's association administers the development.  
• Co-ops: Cooperative housing is common in some cities. With co-ops, you purchase shares in a corporation that owns a building and you receive a lease for your own unit. A board of directors supervise the building management. Your monthly charges are part of your share in the overall mortgage on the building. 

Weigh your needs, budget, and personal taste  in deciding whether to choose a newly constructed home, or an older home, or a "fixer-upper" that requires some work.

As you view homes, keep these resale considerations in mind:

• One bedroom condos are more difficult to resell than two bedroom condos. 
• Two bedroom and one bath homes generally have less appeal than those with three or more bedrooms.
• Homes with "curb-appeal," i.e. well maintained, attractive, and with a charming appearance from the street are the easiest to sell. 
• The most expensive homes or ones with anything unusual are not always suited for resale. The best investment potential is traditionally found in a less expensive, moderately sized home.

Creating a wish list to clarify which features are most and least important  to you when searching for a home. Using such a list will keep your search focused and effective.

It's a good idea to take notes on the homes you view because viewing many homes at once can become confusing. Using charts can help you keep track of your search, organize thoughts, and record impressions. 

Before you start your home search, resolve to act promptly when you do find the right home. Every realtor has stories of couples who finally find their dream home, decide to sleep on the decision, and make an offer the following day. The story rarely has a happy ending – someone sent it an offer the night before that was accepted.