First Time Homebuyers Q&A Part 4

By Heather Faucher | Posted on July 21, 2009 | Filed Under Real Estate 

Check out Part 1, Part 2, and Part 3 of this semi-regular series.

14. WHAT’S A BETTER BUY:  AN OLDER HOME OR A NEW ONE?

There isn’t really a black or what answer to this question, since there are pros and cons to each.  Older homes are often located in more established neighborhoods which could translate to higher property value and a better school district.  They also typically offer more ambiance and lower property tax rates.  That extra atmosphere and charm can come with a price, however; those purchasing older homes should be ready for home repairs and maintenance costs that naturally come with the territory.  Newer homes, on the other hand, often have more modern architecture, amenities, and floorplans, require less maintenance and repairs, and can also be more energy efficient than older home.

15. WHAT SHOULD I KEEP IN MIND WHEN DOING A HOME WALK-THROUGH?

The U.S. Department of Housing and Urban Development (HUD) offers a Home Scorecard you can use in addition to any minimum requirement or wish lists you might have.  Questions to consider include:

-  Is there enough room for both the present and the future?

-  Are there enough bedrooms and bathrooms?

-  Is the house structurally sound?

-  Do the mechanical systems and appliances work?

-  Is the yard big enough?

-  Do you like the floor plan?

-  Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)

-  Does anything need to repaired or replaced? Will the seller repair or replace the items?

-  Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?

Make sure you think carefully about each house and refrain from making an immediate offer on the first home you see.  It’s also a good idea to ask your real estate agent to point out whatever pros or cons he or she sees from a professional viewpoint.

16. WHAT QUESTIONS SHOULD I COVER WHEN LOOKING AT HOUSES?

The majority of your questions should focus on potential problems and maintenance issues.  Is anything going to need to be replaced right away?  Does anything require ongoing maintenance right off the bat (e.g., paint, roof, HVAC, appliances, carpet)? Also ask questions concerning the house and neighborhood from a quality of life standpoint.  Make sure you get clear and complete answers from the seller or real estate agent.  It’s also critical to make sure you understand all of the information you’re given, which is where a qualified real estate agent working for you can come in handy.  Making a list of questions ahead of time can be a great way to organize your thoughts and make sure you don’t forget to ask any important questions you might have.

17. HOW CAN I KEEP TRACK OF ALL THE HOMES I SEE?

Taking photographs as you can be a great strategy, especially in this digital age.  You’ll want to get shots of the outside, the major rooms, the yard, and extra features that you like or any items you see as potential problems.  Also, do not hesitate to return for a second look.  Sometimes taking another peek helps you realize whether or not you love the house as much at second glance as you did upon first sight.

18. HOW MANY HOMES SHOULD I SEE BEFORE CHOOSING “THE ONE”?

Again, there’s no right or wrong answer to this question.  Look at as many homes as it takes for you to find the one you truly want.  The average homebuyer visits 15 houses before choosing “the one.”  Just make sure you keep in regular and open communication with your real estate to maximize the efficiency of your search.

Ready to buy that new home? Find your real estate contracts here.

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