Dominion Energy Credit Union Home Buying Guide
Issue link: http://www.e-digitaleditions.com/i/806784
Finding a home that meets your needs – at the right price and in the right location – can be like finding a needle in a haystack. Keep in mind that most home buyers end up having to compromise on something. Remember to consider not just how much you love a home, but the costs of owning and maintaining that home. Thinking logically – rather than emotionally – will help you make a well-informed decision. BEFORE YOU TOUR A HOME Remember the real estate mantra: location, location, location! Look for a home that’s within a reasonable distance of where you work, and do some research about the area’s crime rates and schools. Think about your future needs. Homeowners should generally plan to stay in their homes for at least four or five years to break even on closing costs and other fees. Consider how your family or lifestyle may change in the next few years, and strive to purchase a home that can accommodate your future needs. Know your lifestyle – and buy accordingly. Write out everything you want in a home, then choose your top five, or even top three, must-haves. Your home can greatly influence your lifestyle, so make sure it will positively – rather than negatively – affect your everyday life. Make a comparison chart. Create your own comparison chart or checklist to bring along to each home tour. Include bedrooms, bathrooms, landscaping, the condition of the roof and exterior, natural light in each room, storage space and cost per square foot. DURING A HOME TOUR Ask to take photos or video. This will help you remember each home and give you a full picture of what the house looks like. Walk through once and let yourself soak it all in... Wander around and mentally note your first impressions of the space. …Then go back and start again. Begin your tour again and take detailed notes on your checklist. Look at the house like an inspector this time, not just a buyer. Focus on function. Is there an entryway closet to stash shoes, coats and other gear? Is there enough garage space to house your vehicles? Does the home have laundry facilities that are easily accessible? Pay attention to how well the home fits your life. Take a closer look. Open the closets and cupboards. Lift up the rugs. Look high and look low. Check out the ceilings, walls, floors, trim, windows, roof and under the sinks. AFTER YOUR TOUR Consider long-term costs. The mortgage isn’t the only cost to owning a home. Association fees, remodeling costs and monthly expenses like heating and cooling can add up. Do the math and ensure you can afford the extra expenses that may come with the home before making an offer. Take resale value into the equation. Few people make their first home their forever home, so it’s a good idea to consider a home’s resale value when making your decision. Check out the property at different times of day. In the evening, notice not only the changes in light, but the atmosphere. Are people out sitting on porches? Are kids playing outside? Is it noisy?