With all the
choices in today's market, how do you go about
finding the right home? It seems the more research
you do, the more alternatives you discover.
It's important to
visualize your needs and plan ahead. "Know
what you want in a home, what's important to you,
and what you can live without," Rhonda
Schoolfield, Broker in Charge of WilmingtonForSale.com
says. "Many of us start out with a champagne
taste and a beer pocketbook, so it's important to
be realistic," she adds.
Where and what you
buy will affect you for as long as you live in the
house. "Get your priorities in order before
you start looking or even talk to a real estate
broker or sales associate," Schoolfield says.
For first-time
home buyers this is a new experience, so it's
especially important to do your homework. If you
currently own a home, you know exactly what's
lacking. You may need another bedroom or bathroom,
or a good school nearby.
First, decide
where you want to live. A big part of the answer
hinges on where and how you earn a living. If your
job requires a lot of reading or is quite
stressful, public transportation may offer
valuable time to sit quietly. "Regardless,
you should practice the commute in rush hour
before you make a commitment. A seemingly quiet
road can transform into gridlock during peak
hours," Schoolfield cautions.
People with
children have other major considerations: school
and safety. If you plan to send your children to
private schools, you can live where you want
assuming you can easily arrange transportation. On
the other hand, a lavish public school system may
indicate high local real estate taxes. Check them
out.
Obviously,
lifestyle is an important consideration. People
who frequently dine out, go dancing and attend the
theater probably belong in the city or a close-in
suburb. "In other words, make sure you're in
close proximity to the things that matter
most," Schoolfield says.
It used to be that
homes came in a limited variety, but today, you
have many choices. In addition to the traditional
single-family home, you can buy a townhouse,
condominium or apartment condominium or co-op.
In planned unit
developments (PUDs), you can find almost any
combination. In condos and other such communities,
make sure the rules and regulations, as well as
the by-laws, match your lifestyle. This type of
housing is great for people who want to own their
own space without being responsible for mowing the
lawn or repairing the roof; a management company
handles that.
On the other hand,
you'll pay fees for these services. "In
addition to checking the documents and financial
soundness of the homeowner's association, you must
determine if the monthly fees are worth the
services and additional amenities such as a
swimming pool or exercise room," Schoolfield
explains.
Affordability can
be a factor not only in the type of housing, but
whether it's new or an existing home. Old houses
often have fine woodwork or interesting nooks and
crannies not normally found in new homes. They
generally sit on landscaped lots with mature trees
and grown bushes.
New homes may cost
more, but you can make many more decisions on
amenities, colors, carpeting and fixtures.
"Make sure you're dealing with a reputable
builder, and have an attorney review all
documents, Schoolfield says.
Selecting a real
estate professional is an important first step in
beginning your search. "Ask for personal
recommendations to find an individual who is
knowledgeable about the neighborhood and has
access to the local Multiple Listing
Service," Schoolfield says. Make sure you
feel confident about his or her knowledge and
skills, and understand the business relationship
that you have established between you.
Rhonda Schoolfield
is one of more than 40,000 members of the Real
Estate BUYER'S AGENT Council (REBAC) of the
NATIONAL ASSOCIATION OF REALTORSŪ, who have
attained the ABRŪ, Accredited Buyer
Representative, designation. As the world's
largest association of real estate professionals
focusing specifically on representing the real
estate buyer, REBAC is "The Voice for Buyer
Representation," with more than 44,000 active
real estate professional members of the
organization throughout the world.
