HOMEBUYERS: Avoid Paying Too Much for Your Next Home ~ Part Two
In my Homebuyers Series: Part One, Know what you are looking for
before you start & Shop for a Mortgage were covered in depth.
Tip No. 3, Pick a Winning Team to Help You - From picking a mortgage to
finding the right home to inspections to negotiating 
the best deal, it can
be exhausting for even the hardiest
souls.
That's why most people have a
Realtor in their corner.
A good agent has the knowledge and
experience that come from
years of helping both buyers and sellers.
He or she also has a team of other professionals to put at your
disposal--- lenders, lawyers, home inspectors, movers, etc.
Most sellers you encounter are certainly going to have professionals
in their corner. Having a pro on your team is the best way to make
sure you get the best deal possible.
Tip No. 4 Make Sure Your Realtor knows what you are looking for.
Once you have a clear, detailed picture of the home you want, make
sure your agent has the same picture. This communication is critical.
Otherwise, you'll both waste your time looking at homes you're really
not interested in. Also, make sure your Realtor knows your priorities.
Your shared goal is to find a place that meets all of your needs; your
Realtor will then try to satisfy as many of your desires as possible.
A good Realtor will ask you several questions about what you're looking
for and what you can afford. And they'll listen carefully to your answers.
Tip No. 5 It's a cliche, but....location, location, location. The desirability
and resale value of your home-to-be depend on location more than any
other single factor. Again, don 't let emotion get in the way of a wise
investment. No home is an 
island, and the value of yours is affected by
the homes that surround it.
Assuming you've already considered
the elements that make up a
desirable community - character,
quality of schools, access to work
places and services, recreational facilities, etc. - there are several elements
that combine to create a good location.
Your first consideration is the neighborhood.
Every neighborhood has its own unique character; you need to make sure
you'd be comfortable in the one you're thinking of living in. Take a long walk
and observe carefully. Do people take care of their yards and homes? Are
the yards fenced? Do children play in the streets? Talk to the neighbors and
ask questions that give you a better feel for the area. But be careful to
not appear judgmental - you might be talking to a future neighbor.
If the neighborhood is to your
satisfaction, look at homes on
the market in the area.
Extremely large homes surrounded
by smaller ones tend to appreciate
less than a large home among other
large homes. Conversely, the smallest home in the neighborhood tends to be
"pulled up" by the other homes on the block. However, it might take longer to
sell a smaller home when the time comes because many people are unwilling
to pay extra for the neighborhood.
The outer edge of a neighborhood is usually not good for resale value. There
are noticeable dividing lines between unlike neighborhoods. It could be a
difference in architectural styles, home size, property use or something else.
Look for a home in the middle of a community of similar homes; it will hold
its value better.
An exception to this rule is a house on the edge of a neighborhood bounded
by woods, park land, a golf course or other open space. Natural boundaries
appeal to buyers, and these " edge" homes can actually command a better
price. Of course, the exception to this rule is when there's an unpleasant use
planned for the open space. An open field with a babbling brook is nice;
a new freeway, strip mall, or factory isn't.
Other things that can negatively affect property values are traffic, sounds,
smells, etc. Be sure to give the neighborhood a long, hard look. The home
you're interested in may be perfect, but if the neighborhood has problems,
your investment won't be worth as much when the times comes to sell.
Homebuyers: Avoid Overpaying for your Next Home ~ Part 3 coming soon....
Westbrook Realty
Copyright by Terry Westbrook 2008
Contact me at : 1-888-240-1968 x 0
Website url: Terry Westbrook.com
Email: terry@TerryWestbrook.com
photo of isolated house by klaus d francke ~ neighborhood courtesy of Flickr by orrin
Comments(2)