House hunting 101

Spring is in the air and folks really come out of hibernation and start looking at houses. I am not sure if it is because they are on spring break and looking for a new start, or it's just more pleasant to look at houses in nice weather. Either way, I have put together some house visiting tips.

1. You can eliminate a lot of houses during your internet search. If you absolutely require a 2-car garage, why look at houses without a garage or just a single car? Mapping can also be useful here. If the house is not in the right location, knock it out. It may be on the side of town that would add 20 minutes to you drive, or something like that. OR it could be near a (what one local real estate agent happily termed) waste management facility. Insert location 3 times here.

2.  Try to request the home owner not be there for the showing. You just end up awkwardly rushing through the house whispering your real thoughts. It is so hard to really get a feel for a house when you don't feel comfortable opening the master closet.

3. Take notes on each house. If you look at many, they really start to run together quickly. Then when you are discussing your options you will be asking things like "was that the one with the small second and third bedrooms?" Make notes and just rule out the ones you know you can't turn into a home. It might be helpful to take some pictures.

4. In North Carolina we don't really have much ice and snow, but you may want to consider how the house would fair in inclement weather. Is the driveway too steep for an ice event?

5. Does the floor plan work for your needs? Would a split plan be better? Is there room to grow? Is there enough storage? Most builders want to take advantage of every bit of space, so storage often goes away.

6. Consider what updates you will need (or want) to do. Would they be more/less expensive than another house on your list when all is said and done? Does it need new heating-cooling, paint, flooring, roof, or walls moved? Some of these things can really add up!!

7. Try not to be influenced too much by the way the current owners have it decorated. Their furniture and belongings will go with them. Imagine what you can do with the space. Paint colors can be changed. Usually one client will be able to see potential, and the other will only be able to see what is right in front of them.

The best way I have found to view multiple properties is to look at like a game of King of the Hill. Until you find a better house, this one is it. If you find one that offers more of what you like, it is the new king!! Happy house hunting!!

What size mortgage should I get?

Spring is almost here!! After months of being shut inside, people begin to come out of hibernation, and start looking at houses. You can often see their hopeful faces circling around the neighborhoods they desire. Where do you start? Most people start their search on-line these days.(Might I suggest carolinapropertysales.com.) Here is the thing--how do you know how much you can afford?
Unless you have bad credit or a bankruptcy lenders would like to keep it under 33% of your monthly pre-tax income. I always send people to get pre-qualified first. When we do identify a house to make an offer, the sellers are going to want to be sure they are dealing with qualified buyers.

I tell clients to think in terms of a payment they are comfortable with. Are you sure you want to change your lifestyle for a higher payment? For some reason many of them start talking about cutting out Starbucks. Venti, half-whole milk, one quarter 1%, one quarter non-fat, extra hot, split quad shots (1 1/2 shots decaf, 2 1/2 shots regular), no foam latte, with whip, 2 packets of splenda, 1 sugar in the raw, a touch of vanilla syrup and 3 short sprinkles of cinnamon OR a new house?!

Just because you can afford a mortgage, doesn't mean you should. Always try to keep money in reserve to cover a rainy day. What are your plans for children? Would your parents come live with you? Sometimes older kids boomerang. Has retirement savings entered the thought process yet?

In the end, the whole thing is a process. There are professionals to help you. Real estate agents can help in finding the right mortgage person and attorney. Your team will be very important in one of the biggest decisions you will ever make. No pressure!!