Tips for Buying a House

Given that the home you are about to purchase will likely be one of the largest buys of your life; you want to arm yourself with the appropriate information. First time buyers often err on the side of either over-preparing or under-preparing their purchases. General real estate scholars' emphasize the importance of creating a sound financial program prior to looking at homes.

The average buyer goes to around five to fifteen homes over the course of one or two weekends and then selects three or four “favorites” for a second viewing.

Bring along a digital camera, a notepad, and a friend/partner/spouse when you home hunt so that you can get and retain feedback. If you visit more than six or seven houses in a single day, you are apt to forget details, even if you take good pictures and notes. Moreover, before you even step out the door, create a list of criteria that you need out of your home and another list of criteria that you'd enjoy out of your home. The more “homework” you do before scanning the listings and visiting houses in person, the less “after the fact” work you will have to do and the faster you'll likely close.

Listen to your intuitions. If a home looks good on paper but somehow doesn't “feel right,” your subconscious may be picking up small idiosyncrasies or bad features associated with it. Of course, don't judge a home by the seller. If you find a great deal on a perfect home in your target neighborhood, but you're put off because the seller has an attitude problem or has loaded up the front yard with unpleasant looking trees or bushes, remember that you can change around the exterior and redo the interior to come into concert with your idea of a perfect house.

Finally, come up with a rating system that makes sense for you, and organize your financial plan so that know exactly how much money you have to negotiate with. If there are time constraints on your buying decision, let your agent and potential sellers know. If you are conducting a complicated tax maneuver, such as a 1031 real estate transaction, make sure that your lawyer and/or accountant oversees your deal so that you don't make mistakes.