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Practical Things to Remember When Home Shopping - 2006-05-26

Most folks are always looking for the ever-elusive "dream home." Not too long after settling into a new dwelling, many residents begin to pick apart the house they just rented or bought.

Someone who really likes the idea of a laundry chute (great, no more walking the dirty clothes to the laundry room), rethinks that idea when they now have to climb up two flights of steps to put away the clothes.

Here are some practical things to think about when you're looking through your pool of homes that you're hoping to buy.

Measure your furniture
I mentioned this recently about a couch that wouldn't fit into my basement once I finished the space. You might say the excitement about the two sleeper sofas dimmed to the degree that I was realizing I couldn't use them the way I had planned. Fortunate for me, I had hired the perfect decorator who pointed me back to the furniture manufacturer who directed me to a couple of fellas that dismantle, move and reassemble furniture. Thus -- when shopping for a home, don't forget the measurements of your large furniture: couches, big screen TVs, mattresses, pianos, etc. More than likely, they will convey with the house.

Why is that conveying?
Okay, so it sounds great that the pool table (or 2 sleeper sofas) conveys. Be sure to ask yourself -- Why? Why would the owner part with this piece of furniture, extra refrigerator, etc.? Play a quick game of pool, see if the refrigerator really freezes and cools, and why would they let go of these two perfectly good sleepers? Sometimes, it may be they just won't have room in the next house for them or no longer need them. Meanwhile, they may be handing over a white elephant to the next owners.

Sounds great. What if it breaks?
So the hot tub stays? Great. What if it breaks down? Again, is this really a benefit to the house or is it something that has cost the owners hundreds or thousands of dollars a year to maintain? Find out if a large piece of equipment, appliance, etc., has had any repair problems.

What about conveniences?
Sure, the house is located deep into the community on a cul-de-sac, but what does that mean when you need a bag of sugar or flower? Is the shopping just a few minutes down the road or does it mean a 15-minute jaunt down Hwy. 1? If it's a newer development, how long before they will be constructing the business section of the development?

What kind of wiring?
This analysis has become more important as homeowners look more toward broadband, high-speed Internet access for work and pleasure. When walking through an older home, be sure to really understand what all the coaxial connections really attach to: antenna, cable, digital cable, satellite. In addition, if you're accustom to other type connections, such as DSL or Fiber Optics, at least find out if these services are available if the house doesn't have them connected already.

Planes, trains and automobiles
If you're looking for a quiet neighborhood, don't forget to come by and check out the community during rush hour. It may be convenient to the main thoroughfares, but are those roadways so close that you can hear the traffic (or see it) before tuning to Traffic on the Nines? How about the sounds from above? I've talked with many owners who, aware that the community was near the airport, had no idea they would have to straighten up their pictures on the walls after each airplane flew over.

HOA Documents
Don't just thumb through the homeowners association documents. Be sure to really understand your limits under these binding documents. In a community near Washington, D.C., for instance, no residents can park a pickup truck on their property. Imagine the surprise to a new homeowner who just didn't happen to read about that limitation in the docs. When I've bought properties, this is one of the sections of the HOA docs I turn to immediately.

Related Article...

1443 - Fannie Mae and Freddie Mac are not going to be drawn into buying dangerous mortgages that could come back to haunt home buyers, a group of lenders from Washington, Oregon and Idaho were told earlier this month. While some measure of imagination is necessary to meet changing market conditions, representatives from the two government-sponsored enterprises said at the Pacific Northwest Mortgage Lenders Conference in Sun Valley, Ore., the GSEs intend to move slowly in developing products that go beyond the norm. Fannie Mae and Freddie Mac where chartered to bring liquidity to the mortgage market by purchasing loans from primary lenders and selling them to investors worldwide on the so-called secondary market. "We're here to work with lenders to develop markets, not exploit them," Connie Ferran, Freddie Mac's vice president of regional lending for the western states, told the conference. "That's why we won't buy loans that we know will end up in foreclosure or were originated with predatory lending practices. Read this Nemmar Real Estate Training article at Mortgage Loans, Finance, Economy, Appraisal

 

More detail is better than the big picture when it comes to selecting your next property. Research, drive by and really get to know your target property before making a final decision. Happy home shopping.

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