Location, Location, Location

No matter what type of home you decide to buy, the old rule holds true:

The three most important things to consider when buying a home are location, location, location.  After all, you can change everything about a home except where it is. (Okay, I know that technically some homes can be moved but really, would you ever want to attempt that?  :-O )

First, some basic things to consider.  Is your prospective home convieniently located, or will you have a long commute to the places you need to go?  Do you prefer a home in the country, or would you rather live in the suburbs or the city?  Do you want a property with a lot of land, or would you prefer a smaller lot that's easier to handle? 

Single folks need to consider the location factor very carefully.  If you're living on your own, first and foremost you want to live in a safe area.  You won't enjoy living in even the nicest house or condo if you have to keep doors and windows locked at all times, or if you don't feel secure going to and from your car at night.  A high crime area also detracts from the value of the home.  It can be tempting for those paying the bills on one paycheck to look at that cheap nice house in an "iffy" area and think, "well, maybe I'd be okay here if I'm careful." Stop right there!  How many of us are careful of our safety all the time?  If you live in a bad neighborhood, letting your guard down even once can have tragic results.  Can't afford a safe neighborhood?  Then put off buying and save until you can.  From both a safety and financial perspective, it's far better to buy the worst house in a good neighborhood than the best house in a bad neighborhood.

Love to socialize?  Then look for an area with lots of social amenities.  Remember, though, that while you want to be in easy reach of you favorite hangouts, it's not always a good idea to live on the same block they're on.  Restaurants, clubs, and bars can bring lots of extra noise and traffic to your neighborhood.  And oops!  If there's a bar in your neighborhood, keep in mind that patrons can very boisterous when closing time comes around (and hopefully they don't use your house or garden as a restroom!).

How's the parking situation in the neighborhood you're looking in?  While this may not seem like such a big consideration at first, keep in mind that there have been situations where neighbor has shot neighbor over a space.  Parking is at a premium in congested areas- if you buy in such an area, you may end up parking blocks away from your home.  And snow compounds the issue; you might've shovelled out a space, but that doesn't mean your neighbor won't take it when you leave!

Be sure to check out the school district you'll be living in.  Why should a single/no kids person care about the school district?  Because the quality of the school district will have a huge impact on the value of the home. A good school district will also have lots of activities going (band, sports, etc.) that'll help keep neighborhood kids busy and out of trouble.  And who knows, maybe  you will have kids someday, and lucky you- you're already in a good district.


And finally, it's a good idea to consider the demographics of the area.  A young, single person may not be happy in a neighborhood full of senior citizens or families.  Or maybe not- maybe that's just what your looking for.  Just remember- the neighbors make or break the neighborhood.  Look for an area that has a mix of people you'll enjoy living side by side with.

It can be a challenge to find just the right area, but once you find the right neighborhood, you'll have increased your chances to find a home you'll be happy in.

First Steps Toward Buying

Okay, you've made up your mind. You're gonna go for it!  You're going to purchase a home.

So now what?

An excellent first step in the home-buying process to get pre-approved for a mortgage.  Pre-approval takes some of the anxiety out of the house-hunting process- you have a much better idea what you can afford to spend, and you know you have your financing ready.  Sellers are also more likely to accept offers from buyers who are pre-approved.  Just arrange an appointment with a mortgage loan officer at your bank or mortgage company, and you're on your way.  (Make sure you ask in advance what paperwork you should bring along with you to the appointment.)

Once you have your financing, you need to decide exactly what you want in a home, and what general location you want to live in.  Writing things down is a good idea!  Make a list of "must-haves" and "would like to haves" for your new home.  Even if you decide to compromise further down the line, you at least have some guidelines to help you make your choice.

Your next step should be to find a good realtor.  True, you can go out and find a property on your own, but sometimes the best homes are sold before they're even advertised.  A good realtor will be up to date on the local real estate market.  Also, a knowledgable realtor will save you lots of time in the house-hunting process- they can direct you to properties that will suit your needs in areas you're interested in.  This will cut down time spent looking at homes that simply don't fit the bill for you.  Not sure how to find a good realtor?  Ask your friends and family that have recently bought and sold property.  You can also find a realtor from the listings on Realtor .com.

And finally, you should find a reputable home inspector.  Having a property inspected before you buy it is a must- it can save you thousands of dollars in the years to come.  Even if you're looking for a fixer-upper and plan to put money into it, you should still know exactly what you're getting into before you buy.  A good home inspector can be found by word of mouth, but many realtors also work with home inspectors.  (Note: be sure to check the home inspector's reputation with the Better Business Bureau, to make sure they're not just "okaying" properties for the realtor!). The American Society of Home Inspectors  can also help you find a reputable inspector.

It's an awful lot to think about, isn't it?  It is- but once you work you way throught these steps, you'll have made your house-hunting process much  more streamlined.  Having your financing in order and working with the right professionals will help you into your new home before you know it.

Am I Ready To Buy A Home?

Buying a home is a BIG step in life.  How do you know if you're ready to be a homeowner?

There's no simple answer to this question; everybody's life situation is a little different.  But there are definately some things to keep in mind when you're asking yourself this question.

First and foremost, are your finances in order?  You'll need to have enough saved for a down payment, closing costs, and any moving expenses.  Having a bit extra put aside is a good idea, too- unexpected expenses can pop up when you purchase and move into a new home.  Is your income sufficient to pay a mortgage and utilities? Remember, as a single homeowner all those bills will your responsibility alone.  And of course a good credit rating is an asset when you apply for a mortgage.

Do you have the time required to take care of a home?  Homeownership is a big responsibilty.   Lawns need to be cared for, properties need to be painted and maintained.  Even some condo owners have some outdoor areas to take care of, such as a patio/deck.  Will you be able to "keep up" with your own home?

And of course, don't forget that home ownership is a commitment.  Buying a property means putting down some roots and becoming part of a community.  When you buy a home, you can't just pick up any time you want and move on like you can when you rent.  A home owner usually plans on staying put, at least for a while.

Lots to think over, isn't it?  Be sure to think things throught before you buy, so you can make the best choice for your life.