OK, you've done your "home work," went to bank and got pre-qualified for a loan. You're shaking your head with the shock of the words "You have been pre-approved for..." still resonating in your ears, leaving you gaga with disbelief. You just can't believe they are willing to lend you legitimate American dollars to purchase a new home.
In any event, you better get moving before they realize their calculator needs new batteries and they change their mind. What do you do next? Where do you start? Where do you look?
You're ready to start looking at homes and contact a Realtor® when the gagas hit again: You don't have any idea how to respond to the query just posed by your home guide: "What neighborhood would you like to live in? What part of town?" Your brain locks, and the silence clearly demonstrates to the pro on the other end of the line that you don't have a clue.
Slowly the brain starts to re-establish synaptic connections and, as the energy begins to flow and the mental lights come back on, you're startled by the realization that up to this point all the homes you've driven by have been scattershot across the county. At no time have you ever given any deep consideration as to where you want to be. What neighborhood has the amenities that are important to you? Are schools, parks, shopping, entertainment, large or small yards high or low on the want-to-have, need-to-have, got-to-have list?
One way to get started is to drive around and explore areas both familiar and unfamiliar. Learn about and take notes on what you find appealing. Park the car, get out and take a walk. Ask residents about the area. Are its homes nicely kept and landscaped? Are there children around? What about schools, crime and appreciation? These are questions an experienced Realtor who's familiar with the area can easily help you resolve.
There are various sites on the Web (www.homestore.com, for one) that can help you with information on everything from school rankings to crime data, along with other information pertinent to your search, including city-to-city comparisons. Sites like www.mapquest.com allow you to visualize various locations, thus assisting you in determining how close or how far the neighborhoods you're considering are from work or from the cultural activities that are of interest to you.
Regardless of the medium or who's speaking, the refrain that's often repeated with monastic diligence is what a great investment a home is. Truer words were never spoken and are clearly documented by the economic record.
But if you have a family or are planning on one, a home is a lot more than four bedrooms and two and a half baths. Consider the schools -- do you want them within walking distance? Is a long drive to work an issue?
You'll also want to research the neighborhoods' historical property values in areas you like, which will help you determine a community's overall economic health. Compare what properties are selling now versus a decade ago, five years ago, three years ago. And find out how much property taxes have increased and at what rate over time.
This Week's Tip: Remodeling, Part 2
Once you've selected the contractor of your choice, you'll want to have a pre-construction conference. Among the issues to discuss during the session:
· Hours: When will the workers arrive and leave? Discuss any modifications to the schedule.
· Parking: Where can the workers park so they don't bother you or your neighbors?
· Telephone: Can the workers use your phone for local calls? Which phone can they use?
· Bathroom: Which bathroom(s) can they use?
· Smoking: Is it permitted and, if so, in what areas of the home?
· Radio: Do you mind if workers play a radio? Any restrictions on volume and hours?
· Language: Many contractors have a language policy. Make sure it suits you.
STEVEN J. LOWENSTEIN, a native of Cincinnati, is a Realtor with Coletta & Associates Realtors. He's a graduate of the University of Cincinnati and holds a Master's degree from North Texas State University.
