THE HANDYMAN ZONE
"Hammer it Out in the Zone"

• HOME IMPROVEMENT ZONE • APPLIANCE ZONE • CAR ZONE •

HOME

 

HOMEHOW-TO PAGESBOOK STORELittle Giant LaddersFREE STUFF10% off purchase of off ALL major appliances $299 LINK TO US

HUNGRY? TRY PlusRecipes.com

Custom Search

 

Share |

             

 

 

  

 

  Win $1,500 Cash for your Opinions

 

  no one deals like we do!

 

  Free shipping on all Little Giant Ladders and Acce

 

  Get eFax. Fax by Email

Hey, you're in the real estate zone--YOUR HANDYMAN ZONE!

Buying a House Category

Real Estate :

Searching for a house to purchase, some things to consider.

Guide:

 

When you are in the market to search for your first or next house, there are many aspects of house searching to consider.  There are the obvious aspects that come to mind and then there may be equally important aspects that just don't come to mind right away concerning the search for your new home until the very last minute or when you are otherwise not in the position to make the choices you want without suffering some sort of cost, be it an opportunity cost or financial cost. With this in mind, the following are aspects of the housing market that you should keep in mind when you are about to look for or are otherwise already actively looking for a house to buy:

  • Market type.  The type of market in which you are seeking to buy a new house can make a world of difference in the amount of money you'll have to shell out for a new house.  There are basically two types of markets: 1) a buyer's market, and 2) a seller's market.  A buyer's market is a time in which the housing market becomes so "overloaded" with houses--inventory--that there are far too many houses on the market than usual compared to the noticeably fewer amount of potential buyers seeking to buy houses.  So, with this high supply (i.e., a robust amount of houses) and low demand (i.e., a relatively small amount of buyers) ratio, sellers are more inclined to make their houses more sellable than others by offering more enticements, such as significantly lower purchase prices, and are otherwise more willing to negotiate purchase terms than they otherwise would be during a seller's market.

So, as a buyer, it would be more favorable to buy a house in a buyer's market and not necessarily during a seller's market, a time in which the opposite occurs of a buyer's market:  The housing market is experiencing a significant reduction in the amount of houses available on the market--inventory--at a time when the pool of buyers seeking to buy has become a bit overcrowded.  In such a seller's market, with many more buyers and, thus, many more purchase offers a seller can choose from for every house on the market, a seller can usually afford to hold off on sealing a deal until the seller's demands are met.

  • Location.  As it is to many, the location of your new house and places relatively close to it is everything, and this may become an important deciding factor in your house search.  In this regard, you will want to consider the travel distance between your new house and your place of work; the travel distance between your new house and the school you prefer your children to attend; the travel distance between your new house and the local hospital; and the travel distance between your new house and other major points of interests, such as grocery stores, libraries, and entertainment outlets like movie theatres.  You should find a new house that meets your expectation of a reasonable commute time from such a new house to such places of interest.

  • Occupant needs.  Make sure your new house encompasses the necessary amount of rooms to meet the needs of your family and you.  On this note, also make sure that your pets will have enough space of their own.

  • Crime statistics.  Consider the crime rate of your new house.  Is the crime rate in the area of your new house too high for your comfort? You can ascertain such relevant crime information from the local police department, local newspaper crime reporter, and even the Federal Bureau of Investigation's annual Uniform Crime Reports.

  • House quality sacrifice for bargain deals.  The new house you may want to consider buying, if you are on a tight budget, is one that has been foreclosed or otherwise repossessed.  Such houses are usually not in tip-top condition, which is usually an inherent condition of foreclosed and repossessed properties, though they might be something you should consider as a prospective purchase merely because of their corresponding discounted purchase prices.  You can find information on such properties at local recorder offices and in local real estate advertisements.

  • Homeowners association or not.  Determine if your new house is considered a part of a homeowners association community and, if so, whether you would be willing to meet your obligations as a member of the homeowners association, including all applicable homeowners association assessments; if you cannot or are otherwise unwilling to meet such obligations, search for a new house that is not a part of a homeowners association.

  • Investment turnaround.  The new house you are considering to purchase is one that you may also want to determine if it is fit to ultimately be turned around into an investment property.  In this regard, check to see what zoning classification your new house has to see if you can add additional living space to the house in the future in an effort to rent out multiple housing units.  If you are not interested in rental investments, for investment selling purchases, check to see how quickly houses in the market of your new house appreciate so that you can come gauge exactly how much you can sell your new house in a few years from now.

The above are just some of the major aspects of searching for a new house; once you narrow down the houses of interest to a select few based upon the consideration of the above aspects, among others, zero in on the nitty-gritty features of the select-few houses from which to select the one house you will call your new home; this may involve the retaining of a private house inspector to inspect the new house, especially if you are not buying a foreclosed/repossessed house and are paying full-market value; also, it should come standard, but you should generally make sure that your real estate purchase contract/land purchase contract includes declarations that the title and property, itself, including all improvements, are free of defects and other encumbrances.  Be sure to evaluate whether you should purchase title insurance as an owner/buyer, which is usually optional relative to the virtually standard practice of the lender buying a lender's policy; for more information, see the title insurance section.

Ed the Handyman

            &

Your Handyman Zone Team

 

Start searching for your next home today with RealtyTrac and save money. Join now!

 

 0% Real Estate commission, what do you have to lose?

 

                                                         

Share |

 

 

 

 

HOMEHOW-TO PAGESBOOK STOREFREE ESTIMATES

 

ABOUT ED THE HANDYMANCONTESTSCONTACT USLINK TO USFREE STUFF

 

 

Use of/Visit to this site constitutes the User's Understanding of and Consent to Disclaimers, Terms & Ad Disclosures | Privacy Policy

All links found on this site should be considered as Ad links.  See Ad Disclosures for more details.

 Protected by Copyscape Online Plagiarism Checking Tool

Monitored for Copyright Compliance