Choosing the Right Home

When narrowing down your home search, consider the following:

  • Know what types of home you want to buy
  • Determine what age and condition of the house you want to buy
  • Consider resale potential
  • Use a features wish list to keep focused
  • Use a home search comparison chart to keep organized
  • Act decisively when you find the right home

 

Determine What Type of Home You Want to Buy

  • Single-family homes: One home per lot.
  • Multiple-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." You also own a certain percentage of the "common elements" - staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development.

 

Decide What Age and Condition of Home You Want to Purchase

Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, or a "fixer-upper" that requires some work.

 

Consider Resale Potential

  • One-bedroom condos are more difficult to resell than two-bedroom condos.
  • Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
  • Homes with an attractive and charming appearance from the street are the easiest to resell.
  • The most expensive houses on the street, or ones with anything unusual or unique are not suited for resale.
  • The best investment potential is traditionally found in a less expensive, more moderately sized home.

Keep Your Search Focused

Make a features wish list to clarify which features are most and least important to you when looking for a home. Using this list will keep your house hunt focused and effective.

 

Use a Home Comparison Chart to Stay Organized

While house hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Use a home comparison chart to help you keep track of your search, organize your thoughts and record your impressions.

 

Act Decisively When You Find the Right Home

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 underpriced.