Making Home Shopping a Smooth Trip
Five years ago, a couple in their early 20s happened on a country cottage set on a large piece of secluded land, and it caught their fancy. So, in a carefree mood, they bought the property at once.
But the country cottage proved a mistake right away. Why? Because the wife was pregnant at the time. And soon the couple had two little children who yearned for neighborhood playmates but had none.
Recently, the couple went home-shopping again. This time they went armed with a priority list. Topping their list of desires was a home with plenty of youngsters nearby. “When they found just the right house on a suburban cul-de-sac--where lots of kids lived--they were ecstatic,” said John Herzstein, the broker-owner of three offices in the Realty Executives chain.
Granted, the couple gave up a sizable country estate, totaling more than five acres. But for $20,000 less, they not only satisfied their desire for a second full bathroom but also got the garage coveted by the husband, an auto mechanic.
“Buy based on your needs, not your emotions,” advises Herzstein, whose company represented the buyers in their second purchase.
You don’t have to grow older or suffer a round of buyers’ remorse to learn the art of methodical home shopping. All you basically need is a good buyer’s agent and a finely honed list of “must have” features ranked in order of priority.
Granted, emotion is always an element in a home purchase. Certainly, buyers shouldn’t purchase a home they find inherently unattractive. Yet, on the flip side, no one should buy solely on the basis of fleeting fancy, either.
House hunters who carry a priority list are less likely to make a costly mistake. For instance, they’ll remember that a backyard with a big play area for their children is more important than a backyard swimming pool--even on a sizzling day when a pool seems irresistible.
Here are five other pointers on making the most of a home-shopping tour:
No. 1: Don’t look at properties too far adrift from your core price range.
Looking at homes that cost 5% or more above the price range your mortgage lender has indicated you can afford is usually an exercise in futility or worse, says Scott T. Willson of Century 21, who has been selling homes for 16 years. It’s easy to torment yourself looking at luxurious properties that are genuinely above your reach, he says.
There’s one exception to the 5% rule, however. Sometimes it’s worth your while to visit homes that are 10% to 20% above your price range, assuming they’ve been on the market a protracted period.
Why? Because homes that languish unsold for an extensive time were typically overpriced in the early months of the listing. Then, after a long span with no offers, their owners may become desperate and let a residence go for a below-market price.
No. 2: Limit the number of homes you see in one day unless you’re hurried.
Corporate relocation buyers from out of town--who are often compelled to survey a new housing market in just three to six days--may look at as many as 12 homes per day.
But in-town buyers with more time should look at no more than five homes during one shopping session, says Willson.
“The buyer who looks at too many houses gets confused,” he says. Whether you’re an in-towner or out-of-towner, it’s smart to note your impressions while still on the tour. Write your thoughts about a particular property on the back of the listing sheet for that home. That way, they’ll be easy to review.
No. 3: Leave the kids home when you go looking.
Bringing children with you on a house tour “puts undue pressure on the buying process,” Herzstein says.
Young children tend to get interested in other kids’ toys or small objects around the house you’re viewing--with the potential that some may even pocket items unless you keep an eye on them. Teenagers, who may be vocal in expressing their boredom with the process, can be even more distracting.
Should your children have a say in the final selection of a home?
Perhaps, but only after you, their parents, have been afforded the time for a focused search that allows you to narrow your list of possible purchase candidates.
No. 4: See a home during daylight hours or return for a second viewing.
It’s nearly always unwise to make an offer on a property you’ve seen solely after the sun has set, Willson says. Why? Because darkness could disguise many of the property’s external flaws, such as problems with the roof or cracks in the home’s walkways. An increasing number of busy home buyers like to glimpse a property in the evening after work. But if they like the place, it’s crucial that they return for a second look during the daytime before they commit to a written offer on the place.
No. 5: Don’t reject seeing a home simply because it lacks appeal from the street.
It’s not unusual for buyers on a property tour to pull into the driveway of a home they planned to visit and then tell their agent they find it so unappealing they see no point in walking inside, Herzstein says. But he suggests the buyers visit the home anyway.
Why look at a place that lacks exterior appeal to you? Because once you’re in the driveway, it will take only a matter of minutes to get a sense of the interior. And every home you see in your price range expands your knowledge of the market, improving your chances of making the right choice in the end, Herzstein says.
“It doesn’t hurt to look,” he says.
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Distributed by Universal Press Syndicate.
