So. . . you have saved up enough for a down payment and you have done several internet searches of desirable homes in the neighborhood you are interested in. Where do you go from there? While there are many factors and details to consider when buying a home, there have been tried and true principles that have always guided shrewd shoppers in making the best home purchase. With a little time and attention, you too can reap the benefits of a wise home purchase that will pay off now and in the future when you get ready to sell your home.
1) Location, Location, Location. - This tried and true real estate mantra, that is as true today as when your great-grandparents were buying their first home means exactly what it says, buy in the best location you can afford. This general principle applies to the location in the neighborhood you are considering as much as it applies to buying a home that has the best location on the block.
1) Buy in the best school district you can afford. Even if you never plan on having children, buying in the best school district will improve the resale price of your home because your prospective buyers may have children and see that as the most important and desirable criteria in buying your house.
2) Avoid buying a home that requires extensive remodeling. You need to know the current value of the surrounding houses. Try not to buy a fixer upper that will require you to spend so much money remodeling it, that the expenses will price you above the comparative market value of the surrounding houses. Also, as a general rule, look for a home that has at least three bedrooms and is a little more modern in style. Buy an older home if it has a great design or an architectural style consistent with the surrounding neighborhood.
3) Buy the low to mid-level home on the block. Buying the best home on the block leaves less room for price appreciation of your house over time.
4) Try not to time the market. In spite of national media market predictions, due to divorce, job relocation, couples who are downsizing, and all of life’s various events, there will always be great deals that come on the market. If you are too anxiously waiting for the best market to buy in, you will miss out on the good deals that will become available in your local real estate market. To be sure you, might have to wait a little longer to find the right home that meets your criteria; but you’ll find it if you are diligent.
Of course there are exceptions to every rule, but abiding by these general principles to guide your home purchase, will make most home buyers satisfied they made those choices during their purchase, reduce their buyer’s remorse when they move in and proud of their foresight when it comes time to sell their home.
Nef Cortez has been a licensed real estate broker and has held various positions in the real estate and mortgage industry for over 25 years. If you would like to read more of Nef's timely advice (with the latest FREE info on local foreclosures), visit his website at Chino Hills CA Real Estate or read his blog at A Slice of So Cal Real Estate