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Once you know how much money you can borrow/spend,
you will know the price range you can afford. You might
already have your "dream home" in mind. Perhaps you
want to settle down in a particular neighborhood, or
maybe you just need more space for your growing family.
Even if you know exactly what you're looking for, the
house hunting process can be overwhelming. It takes
time.
Here are some good house hunting tips:
- Take pictures inside and outside the home.
- Bring a spouse, family member, or friend.
- Make sure the house fits into your budget.
- Think of commuting time and costs.
- Compare what you'd like to have against what you
really need.
- Consider your monthly budget - can you afford the
renovations and maintenance
that you'll need to do?
- Avoid making a "spur-of-the-moment" decision.
What else can you do to make the house hunting process
easier?
- List your needs.
- Know the difference between your wants and your
needs and keep track of the homes you see that come
closest to meeting your needs. Before you start
house hunting, decide on what you really need. Then
list the features that would be nice to have. Once
you have a clear idea of what you need as well as
what you would like in a house, finding that house
will be much easier.
- Be realistic. Looking for a home takes time, so
focus on what's important to you. After looking
at lots of homes, the line between "I need a garage"
and "I want a garage" can get very blurry.
- Many people focus more on what they'd like to
have instead of focusing on what they actually need
- that can mean they pass up a home that meets their
needs in hopes of finding one that meets their wants.
- Ultimately, you should be able to find a home
that is a blend of your needs and wants.
- To help keep your priorities in order, make a
wish list and a must-have list, and take them with
you whenever you look at a house.
- Here are a list of questions you should ask yourself:
- What are you looking for in a home?
- Must it be a bungalow, a condominium, an apartment
or a penthouse? The actual area and size will
depend on the size of your family as well as
your own personal requirements. Think long term.
Maybe you and your spouse require just a one-bedroom
apartment at this point in time but plan to
have two children later. In that case, a two-bedroom
or even a three-bedroom is a better option.
- Why do you need one?
- Are you purchasing it to reside in it? Or
do you view property as an investment and you
are looking at capital appreciation?
- Have you taken other factors into account?
- If it is an apartment, you will have to check
out the building too. Is parking available?
Is it open or covered? Is there any security
provided by the society? Is security provided
round the clock? Do you know anything about
your neighbours? Is the building well maintained?
Does it have a garden? Are you on the lookout
for a housing complex that also has a pool and
a gymnasium?
- Concentrate on a few neighborhoods.
- Decide what's most important to you about the
neighborhood you want. This can greatly narrow
down your search.
- When you can tell the difference between your
housing wants and needs, you'll probably have
an easier time deciding what you want and need
from a neighborhood. Where you live is as important
as the house you live in.
- You may already have a good idea about the neighborhood
you would like to live in. Don't let that keep
you from looking at other neighborhoods with similar
qualities. You might not be giving another area
a chance - and you might be passing up your dream
house.
- Ask yourself these questions about neighborhoods
- Personal Questions
- How long will it take to get to work? What
will it cost?
- How far will you be from family members?
- How far will you be from religious activities,
night school, or other regular activities?
- Are there any society restrictions?
- Can you afford the taxes?
- Neighborhood-Specific Questions
- What are the schools, hospitals, and other
public services like?
How close are they?
- Is it an older, established neighborhood
or a younger, still growing community?
- Are there signs of new construction in the
area?
- What will this neighborhood look like in
10 years?
- What are the values of other homes in the
neighborhood?
- If there are nearby restaurants and other
businesses, do they bring people out during
the day, or at night?
- What's the traffic like during the week?
In the evenings? On weekends?
- Is the empty space behind the complex going
to be developed?
- Are there plans for a mega-mall or sports
facility nearby?
- Are there mass-transit options within walking
distance?
- If you like a neighborhood, talk to people
who live there. They'll be the most knowledgeable
about the area and may be your future neighbors.
- Where should you look for additional neighborhood
and community information?
- Local newspapers and radio stations
- Local school districts, school boards and
websites for school information
- Neighborhood associations
- Real estate professionals
- Local organizations
- Local businesses
- The Internet
- Compare homes.
Make sure you know what you would get and what you
would miss in each house before you make a decision.
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