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Once
you've settled on a couple of neighborhoods for your
search, it's time to pick out a few homes to view. Refer
back to your Wish List and see which features are absolute
requirements and those amenities you'd like to have
if possible. When narrowing down your home search, consider:
- Types
of homes
- Home
purchase considerations
- What
to do when you've found the right home for you.
Types
of Homes
In addition to single family homes (one home per lot),
there are other forms of homeownership:
- Multi-Family
Homes: Some buyers, particularly first-timers, start
with multiple family dwellings, so they'll have
rental income to help with their costs. Many mortgage
plans, including 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 "from the plaster in" just
as you would a single house. You also own a certain
percentage of the "common elements"--staircases,
sidewalks, roofs and the like. Monthly charges pay
your share of taxes and insurance on those elements,
as well as repairs and maintenance. A homeowners
association administers the development.
- Co-ops:
In a few cities, cooperative apartments are common.
With those, you purchase shares in a corporation
that owns the whole building, and you receive a
lease to your own apartment. A board of directors
supervises management. Monthly charges include your
share of an overall mortgage on the building.
Home
Purchase Considerations
Most buyers' first consideration, after neighborhoods
are chosen, is the number of bedrooms. As you begin
to view homes, keep the following purchase and resale
considerations in mind:
- Weigh
your needs, purchase/maintenance budgets, and personal
tastes in deciding what type of home you wish to
purchase: a newly constructed home, an older home,
or a home that requires some work (a "fixer-upper").
One-bedroom condos are more difficult to resell
than two-bedroom condos. Two-bedroom/one-bath single
houses generally have less appeal to many buyers
than a home with three or more bedrooms, and therefore
less appreciation potential. Homes with "curb appeal"
(a well-maintained, attractive, and charming view-from
the street appearance) are the easiest to resell
- when resale is a possibility, don't buy the most
expensive house on the street, or anything that
is unusual or unique. And, the biggest, most expensive
house on the block is not usually considered to
be the best investment. The best investment potential
is traditionally found in a lesser expensive, more
moderately sized home on the street.
What
to do When You've Found the Right Home
Before you begin the home buying process, resolve to
act promptly when you find the right house. Every REALTOR
has stories to tell about a couple who looked far and
wide for their dream home, finally found it, and then
revealed that "we always promised my Dad we'd sleep
on it, so we'll make an offer tomorrow." Many times
the story has a sad ending--someone else came in that
evening with an offer that was accepted. TIP:
Resolve at this point that you will act decisively
when you find the house that's clearly right for you.
This is particularly important, after a long search
or if the house is newly listed and/or under-priced.
Hopefully
you've gained some important info and tips from our
Buying Guide. If you think you're ready to find your
dream house today, call Judy McCutchin at (800) 788-7629
or (972) 931-9903, or E-mail her at
judy@dallashomes.com.
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