Your Path to Homeownership is a process in it self, it takes time. You've been saving and budgeting your household income by cutting down expenses on dining out and spending sporadically on shopping sprees. You sat down with your family and wrote down your wants and needs. You have learned and heard endless information about the lending process, looked into down-payment assistance programs, and have your pre-approval letter ready.
It's time to go House Hunting! Finally! Hunting for your dream home is an exciting time, however, it can be an overwhelming experience. So, it's best to be as focused as you can be, keep your goal in mind. As your Mother and Daughter Realty Team we are dedicated to taking the time to get to know what is on your wish-list, walking through homes and visually inspect the ups-and-downs of the home. This process can take a week or several months to complete. Now, you may have a short or long list of items that you must have in a home, but it is important to keep in mind your budget.
If you are considering a home that is in foreclosure: Short Sale or Bank Owned (REOs) properties, be prepared. These homes may not be in good condition, so try to focus and see what repairs and/or inspections need to be done, if any at all. Also, be sure to factor in your budget any home improvements, repairs, maintenance, and/or renovations that may need to be done. Short Sales typically are in better condition than vacant bank owned homes, however, they tend to take longer to get an acceptance, if they get an acceptance at all. So, my main advice when searching for Short Sales is to practice patience.
Use your 5 senses when House Hunting. Here are some tips on things to inspect when House Hunting:
- Look around eaves and downspouts outside the house and around the windows and ceilings inside the house.
- Damp Smells and mildew stains. Look at the walls, ceilings, and floors.
- What is the age and condition of the roof?
- Are there any cracks/shifting? This could be an indication of foundation issues.
- Drafts. Is there any drafts that are coming in from the windows? Are they single or double pane windows?
- Landscaping and property issues. What condition is it in? Are there any soggy areas in the lawn? Is the drainage running away from the house?
- Quality of construction. Many homeowners like to do the work themselves, but do you see nails sticking out or is the counter level?
- Plumbing. How is the water pressure? When you turn the water, does it make any weird sounds?
- Go outside and inspect the neighborhoods. Are the yards well kept? Is the neighbor noisy or quite?
- Age of the home. If it is an older home look carefully at the foundation and electrical wiring. Also check for lead paint.
Although, your agent has done a thorough visual inspection...always get the opinion of a professional (licensed) home inspector.
5 great tips to a successful house hunting experience:
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Bring a friend, family member, or spouse.
- Take pictures in the house and on the outside.
- Even though you may have pre-approval letter, make sure you have set a budget (because the pre-approval letter only tells you what you are approved for...it does not factor in your household budget).
- Factor in the commute...to and from work, school, parks, etc...
- Have more than one neighborhood in mind to compare the differences in the homes.
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