Home shopping. For
first-time homebuyers it's
an exciting, albeit
nerve-wracking, experience.
If you're like others in the
market for their first home,
you probably have in mind
exactly how your soon-to-be
home will look. But it's
important not to fall into
the bad decorating, dingy
walls, and dirt-bare back
yard equals bad-home trap.
If you don't see past the
hideous wallpaper, funky
light fixtures, and avocado
green carpeting, you may
miss out on a home with
great potential.
And, if you're looking
for a home in a seller's
market where homes are being
snatched up as soon as they
go on the market, you'll
come to realize you can't be
choosy if you want to make a
competitive offer.
One of the first
things to do is to get
pre-qualified for a loan and
determine the maximum you
can afford to offer for a
house. Don't look at homes
that are asking for more
than 5 percent above your
maximum, otherwise you'll be
setting yourself up for
disappointment if you find
the perfect - but outside
your budget - home.
So what to do?
The floor plan of the
home is extremely important.
If a floor plan isn't quite
to your liking, consider
rearranging it or adding on.
If you're looking at an
existing home and will need
to remodel or expand to suit
your needs, the estimated
cost of renovation should
play a role in how much you
offer.
Also, consider the
features of a home:
Walls. While walls are
one of the easiest things to
remedy, they also make a
huge first impression. If
the walls need to be
painted, are covered in
wallpaper, or are painted a
color you find distasteful,
picture them crisp and clean
in the color of your choice
- that's how they could look
after you paint them.
Floors. Like walls,
carpet or floor surfaces
that are old or outdated can
be easily replaced. You
could even ask for a carpet
allowance in your bid,
especially if you're in a
buyer's market.
View. Things like old,
ugly -even dirty - windows
and window treatments can
make a view appear less
desirable. Those things can
be improved, so unless the
only view you have is of
your neighbor's clunker on
the side of the house, don't
get hung up on what is
surely a fixable view.
Landscaping. Your best
bet is a moderately
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landscaped yard because you
can always improve
landscaping without spending
too much. Worst case, even
if you're looking at dirt,
landscaping is one of the
more feasible projects to
tackle. Plus you get to
design it however you'd like
if you're starting from
scratch.
Closets and garages. You
can never have too much
storage space, which is why
so many newer homes have
three-car garages. But if
you encounter a converted
garage that is now a bedroom
or storage room, don't give
up. Converted garages can
almost always go back to
their original purpose
without much cost or labor.
Kitchen. The most
popular room in the house,
many homeowners want their
kitchen to be large and have
modern appliances. Don't let
color schemes from the '70s
detract you, because there's
nothing like a fresh coat
(or two) of paint to make a
kitchen your own. Plus, if
you like the rest of the
house enough to make an
offer, you can give the
kitchen a minor spruce-up
with some new appliances, or
a major overhaul complete
with new countertops,
cabinets, and flooring.
The exterior. If the
home you're looking at
doesn't have good curb
appeal, try to picture it
with a fresh coat of paint
and spruced-up landscaping.
Pools. If you want a
pool, buy a home with a pool
already built in. The cost
of adding a pool starts
around $25,000, and paying
to add one later will never
yield a dollar-for-dollar
return on investment. The
cost of repairing a pool is
less than putting one in, so
if you're looking at a home
with an old pool that looks
like it's in bad shape, it's
still a better bet than
putting one in later.
When making an offer,
bear in mind the things that
you can't live without, as
well as your budget. Also,
be sure you hire a
professional home inspector
to inspect the house. If the
home's systems are in good
working order and the house
has everything you want
except a minor item or two,
make an offer accordingly.
Most importantly, keep
in mind that unless you're
building your dream home
from scratch, you'll
probably never find the
perfect home. But seeing
past a previous owner's bad
decorating choices to the
core of the home and its
potential for livability
will yield you the home
you've always wanted. It may
take some work, but hey -
it's yours!
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