How to Purchase the Right Home For You and Your Family

When you decide to purchase a home for you and your family, you want it to be the right home. Whether you want a house, townhouse, duplex or condo, you will be making a major purchase. This is a huge decision, and fortunately, there are a few tips which can help you choose the right home for you and your family.

Difficulty: Moderately Challenging

Instructions

1. When purchasing a new home for you and your family, only look at homes within your price range. If you look at houses that are too expensive for you, you risk purchasing a house that is too expensive and getting in over your head.

2. Determine whether you have the time and resources to choose a fixer upper home, or if you want a home that is already in good shape. A fixer-upper will probably cost you less, but will require an investment of time and money in the future. Also, you'll probably have to live in a less than perfect home for a while until you can get everything done.

3. Consider location. Will your kids be going to public school? If so, make sure the town or city you choose to live in has good schools. Are there parks, restaurants, and shopping centers nearby? Is the neighborhood safe? These are all important factors to consider.

4. Think about resale value. Will your home resell well, when you're ready to move out? Some factors, like proximity to parks, restaurants, shopping and train stations can add value to a home. On the other side, being too close to train tracks or power lines may adversely affect the value of your home.

5. Determine whether the taxes in your prospective city or town make a new home cost prohibitive. An inexpensive home may not be as inexpensive as you think when you tack on thousands of dollars of taxes each year.

6. When you have almost chosen the new home for you and your family, meet the neighbors at the home. Your neighbors will be able to tell you a lot about the neighborhood and local activities. Allow your neighbors to be a resource and help you determine if the neighborhood is good for you.

7. Negotiate for a lower price on the home that you want, unless there is competition for the home. In that case, you may have to bid for full price or higher. However, you can probably put in a lower bid and hope for the best. Even if the seller says no to your first offer, it's worth a try.

8. Choose a mortgage company that offers a good interest rate and that you can trust. You may find a rate that seems too good to be true, and it may be, so be careful. Research the mortgage company before signing any papers, and ensure that the company is reputable. Or, if you use a broker, make sure both the broker and mortgage company that you choose are reputable.

9. Set a closing date that works for you. A perfect house is only perfect if you can get it when you want it. If you need to close a month before you are ready, it may be a deal breaker. A month is a long time when it comes to saving extra money for your home.

10. Get a home inspection from an independent home inspector. Make sure that the home is in good condition. Cosmetic needs are one thing, but a large crack in the foundation or an underground oil tank may be a deal breaker. Let your inspector tell you everything you need to know before you close on the home.

[EarthMother]

on 11/13/2009 How to Purchase the Right Home For You and Your Family is right on the money with the advice. Smile!

[rnmassage]

on 11/13/2009 So many good tips here to consider...very well written article, I give it 5*'s