Before you begin your home search, there are a few questions you may want to ask yourself to help clarify what it is you are looking for in a home. For example, are you purchasing this as an investment property, or do you plan to live in it? Do you expect this to be a short term (1-5 years) investement, or something that you will hold on to for a while (5+ years). Figuring out what your goals are will help you when it comes to shopping for properties and deciding what financing options will save you the most money. Speaking with a lender, and finding your "comfort zone" is the first step in realizing your price range and begining your home search.
1. How long do you plan on living in the property?
2. What is the minimum number of bedrooms and bathrooms your home should have?
3. Rank the following in order of importance:
- Property Type (Townhouse/ Single Family/ Condo)
- Lot Size
- School District
- Distance to Commute to work
- Nearby Shopping and Entertainment
- Ease of Transportation (Freeways, Train, Bus, VTA)
Sometimes there will be a give and take to your home search. For example, a larger home in an average neighborhood versus not as large of a home in an excellent school district. It is up to you as the buyer to decide what are the most important factors for your next home.
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