Barbara Sondgerath

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by Nancy McCarthy, from Buying, Selling, and Owning Your Home.

Introduction
Prioritize
Money Matters
Saavy Shopping
What's Important
Decision Making

You've finally managed to put together enough for a down payment and you know that somewhere out there, the home of your dreams is calling to you.  But how do you go about finding it?

While we all know how to read consumer magazines and comparison shop to get the best buy on a stereo or car, houses or condos seem much harder to find, especially when you realize that buying a place to live is  probably going to be the biggest purchase you'll make in your lifetime.

But, panic doesn't have to be part of the process.  Getting the best value for your money in the housing market isn't all that difficult - it's just a matter of knowing how to go about it.

You've probably got a pretty good idea generally of how and where you want to live - house in town, house in the country, big yard, no yard, condo.  Now's the time, before you go out looking, to make a list of everything you want in a house.  Write it all down.

Let your imagination soar.  Have you always thought you'd like a kitchen with a bay window?  Have you dreamed about a fireplace in the bedroom?  Put it on the list.  Is space for a vegetable garden important?  Add that, too.

It helps to itemize everyting you plan to do in your new home, too.  This may seem simplistic, but it's a very effective tool.  If, for example, you plan to have children in the near future, you ought to think in terms of a home that's compatible with your plans.  If you like to entertain, you'll want to put more emphasis on cooking and eating areas.  If you enjoy the outdoors, a more rural setting might be appealing, while if your job routinely calls for 12-hour days, you might want a condo that's just minutes from the office.

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Prioritize
 A bit of organization and you'll be able to see what's really important on your list - two bedrooms or three, for example, or a two story versus a  bi-level - and what would be nice to have but isn't written in stone.  Put essentials on an "A" list, and then separate the rest into "B" and "C" lists.

For example, you may have young children, and you like the way an open contemporary floor plan lets you keep an eye on the kids in the family room while you're preparing dinner in the kitchen.   Or let's say the children are teenagers who like to blast the CD player.  Well, you may prefer the a home that features rooms that are generally closed off from one another or have finished attics or basements.

You should investigate the community, too.  If you have school-age children, find out about the school system.  If you have an older person, such as a grandparent, living with you, services for seniors will be a consideration.

Another factor to think about is transportation; make sure public service is available and efficient if you must rely on it to get to work or to go shopping.  In this case, transportation should go on your "A " list.  However, if you always have access to a car or if there is a shopping district within walking distance, bus service should go on your"C" list.

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Money Matters
You'll also need to get an objective evaluation of your buying power.  You need to find out how much of a down payment you can manage, along with what your mortgage limit might be. You might think you can afford to make a $900 a month payment, while a mortgage lender might feel $800 is more realistic.

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Saavy Shopping
Once you have a clear picture of what you want and what you can afford, a real estate agent will help you find a place that fulfills both qualifying factors.

It's a good idea to stay in touch with your agent even if you don't see anything you like right away.  The real estate market is continually changing and new homes are available everyday.  If the agent realizes you are serious about finding  a home, he/she will let you know when a listing that meets your needs comes on the market.

It is possible to find a house that suits you perfectly the first time out.  Do not hesitate for too long!  Today's active market could put you into a multiple offer situation.  Talk with your agent about the best way to proceed.

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What's Important
Try not to let the shag carpet and green wallpaper sway you.  In order to be a smart buyer, you need to put more attention on the location and layout of the home, then do a thorough physical inspection of the structure.

Test the plumbing.  Run all the faucets at the same time, if you can manage it.  Flush all the toilets, too.  If the water pressure seems lethargic, or you see stains on the sinks or bowls, or the water looks a little rusty, there may be problems.  Also, look under the sink to see if there are any leaks, and you should run the garbage disposal and the dishwasher to see if they function properly.

Ask the owner for a copy of a recent water bill, and then check with the water company to see if usage for that size house is normal.  Ask to see recent fuel bills, too.

Later, if you make an offer that is accepted, you'll probably want to hire a professional house inspector to go over the place, inside and out, with a fine tooth comb.  See Is This House Physically Fit

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Decision Making
Now's the time to bring out your lists and compare.  Ask yourself, honestly, how well does the property you are  considering match up against your needs?  Remember, you don't want to discover after you've moved into a house that the 30-minute drive adds headaches to your daily commute.

Sometimes, the way to close the gap between what you want and what you can afford is by investing a little sweat equity  in a fixer-upper.  But unless you're handy enough to do most of the work yourself, repairs and renovations can become  so expensive you actually wind up paying more than you might for a place in move-in condition.  One quick rule:  When  you estimate the cost of renovations or repairs, double your figure after you calculate all the costs.  That second figure will be closer to the truth.

When you find a house or condo that has most of your "A" list, a few on your "B" and maybe a sprinkling of "C" list  items, your're getting closer to becoming an owner.  It's time to make the offer.

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