The following are guidelines for your home buying information and benefit: |
- Do your homework. Knowledge is power. Tremendous information is available on the Internet. Enter the market well prepared.
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- Make a wise, not shrewd, investment. Buyers need to buy based on what fits their family. Don't try to guess what will happen to the market.
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- Choose a good location. Even within a neighborhood, location matters. Is it on the busiest street? Is there anything unsightly which can be seen from the back window?
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- Choose a floor plan that makes sense to your wants and needs. A home may have gorgeous curb appeal, but you don't live on the lawn. No matter how attractive the exterior, you need a livable home.
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- Take note of how the house will function for your family. How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house only needs to fit one family -- yours.
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- Have the home properly inspected. This is not the time for surprises. Get an inspection from a qualified, respected professional.
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- Check out the builder's reputation on a new home. Talk to three or four people who live in the builder's homes and see what they have to say. If one builder did all the houses in a neighborhood, talk to the residents and get their input. This is a great way to see what your neighbors are like.
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- Be patient. This is a big decision. You need time. Impatient decisions can lead to mistakes.
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- Not waiting for a better market and interest rates. Warren Buffett says the rear view mirror is always clearer than the windshield.
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- Choose to buy. If you can afford a home and you don't make that purchase, you'll lose the benefit of tax deductions, building home equity and the home's appreciation in value.
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