| Copyright © 2005 Reich Realty Website design provided by Laura Donmoyer |
HOUSE HUNTING
From experience we know once you've mapped out a good strategy, you and an agent are on firm ground to begin hunting for
the home that’s right for you. House hunting is a logical process the agent has experienced over and over again. As you turn
corners and discover new questions along the way, you can count on expert guidance to take you through the maze of
evaluating homes and neighborhoods, and to understand today’s mortgage market. You’re well on your way!
the home that’s right for you. House hunting is a logical process the agent has experienced over and over again. As you turn
corners and discover new questions along the way, you can count on expert guidance to take you through the maze of
evaluating homes and neighborhoods, and to understand today’s mortgage market. You’re well on your way!
 | What steps are involved in house hunting? | |
Your first step is to consult with a real estate agent and outline a sound home-search strategy (as discussed previously in "Getting Started,”).
Next (in approximate order) comes researching, with the agent’s help, areas, neighborhoods, homes, and financing.
Then you start moving: touring neighborhoods, inspecting homes. When you find what you like, you make an offer to purchase (possibly
contingent on a home inspection, financing, etc.). After you reach an agreement with the seller, who signs the offer to purchase (also
“binder,” or for new homes, it’s a “contract of sale”), you may want to have the home inspected to remove the contingency. Then you
consult with the agent about lenders and your mortgage application comes next.
About this time you may hire a lawyer to review your contract, mortgage, and perhaps other matters if you feel it’s necessary. Once your
mortgage is approved, you take out whatever insurance policies you’ll need.
As closing date approaches, you notify movers, utility and phone companies. At settlement, you sign a collection of documents, and pay
your down payment and closing costs. In return, you get copies of the papers and the keys to your new home.
Next (in approximate order) comes researching, with the agent’s help, areas, neighborhoods, homes, and financing.
Then you start moving: touring neighborhoods, inspecting homes. When you find what you like, you make an offer to purchase (possibly
contingent on a home inspection, financing, etc.). After you reach an agreement with the seller, who signs the offer to purchase (also
“binder,” or for new homes, it’s a “contract of sale”), you may want to have the home inspected to remove the contingency. Then you
consult with the agent about lenders and your mortgage application comes next.
About this time you may hire a lawyer to review your contract, mortgage, and perhaps other matters if you feel it’s necessary. Once your
mortgage is approved, you take out whatever insurance policies you’ll need.
As closing date approaches, you notify movers, utility and phone companies. At settlement, you sign a collection of documents, and pay
your down payment and closing costs. In return, you get copies of the papers and the keys to your new home.
| What’s the best way to know what kind of home is right for me? | |
By examining your lifestyle carefully. Ask yourself such questions as:
• How much time do I expect to be at home?” If you’re a real homebody, you might think about a single family home with an inviting yard
that will take hours of care; if you’re on the run a lot, a condominium - with no yard care - might suit you better.
• Do I really like swinging a hammer’?” If so, an older home’s a good bet.
• Do I like neighbors around but want a good-sized home, not an apartment’?” Perhaps a townhouse would suit you best.
• What style home attracts me?” Each has practical as well as aesthetic advantages. See the illustrations of specific home styles later on
this page.
• How much time do I expect to be at home?” If you’re a real homebody, you might think about a single family home with an inviting yard
that will take hours of care; if you’re on the run a lot, a condominium - with no yard care - might suit you better.
• Do I really like swinging a hammer’?” If so, an older home’s a good bet.
• Do I like neighbors around but want a good-sized home, not an apartment’?” Perhaps a townhouse would suit you best.
• What style home attracts me?” Each has practical as well as aesthetic advantages. See the illustrations of specific home styles later on
this page.
| What is the most efficient way to know what’s on the market? | |
The primary source of information about what’s happening today in the housing market is the local Multiple Listing Service (MLS). Brokers
throughout your area enter properties for sale into the MLS, and an agent can show you any home listed, or in some areas the agent calls
the listing agent first.
Before you actually hit the road you can search the system to find homes that meet your description: area, property size, kind of home,
style, number and size of rooms, appliances, water and heating/cooling systems; plus extra features such as fireplaces, saunas,
landscaping, pools, etc.
Financial information is also included: price, mortgage balance, monthly payments, cash needed to assume the seller’s mortgage (if it’s
assumable), whether or not the seller offers second-mortgaging, and annual taxes.
throughout your area enter properties for sale into the MLS, and an agent can show you any home listed, or in some areas the agent calls
the listing agent first.
Before you actually hit the road you can search the system to find homes that meet your description: area, property size, kind of home,
style, number and size of rooms, appliances, water and heating/cooling systems; plus extra features such as fireplaces, saunas,
landscaping, pools, etc.
Financial information is also included: price, mortgage balance, monthly payments, cash needed to assume the seller’s mortgage (if it’s
assumable), whether or not the seller offers second-mortgaging, and annual taxes.
| What should I look for in a neighborhood? | |
Some neighborhoods speak loud and clear at first glance: the quality of life is apparent in its streets, parks, buildings, homes and yards,
and the folks you see. You get a feel for it (either for or against) just by looking.
A real estate agent can, of course, fill you in on community details not so obvious at first glance:
• where schools, supermarkets, libraries, hospitals, places of worship, fire and police stations are located.
• what zoning regulations apply.
• what community services are available.
• what construction plans are in the offing.
• what shifts in transportation facilities are occurring.
• whether home values have appreciated or depreciated.
• what tax rates prevail.
For a more intimate impression, you should walk around a neighborhood that looks attractive to you. Visit the schools your children will
attend to confirm district boundaries and comparisons with other schools. Talk with people at bus stops (ask about commuting schedules
and costs), in shops (chat about where the best stores are), in parks (get folks talking about recreational programs), in front yards (ask what
they like and dislike about the neighborhood). You might take instant photos as you tour different locales. They’ll help you later when you
want to keep different streets and homes separate in your mind. Also take notes to later compare, especially addresses and prices.
Inspecting a neighborhood is as necessary as inspecting the home you may buy. An old real estate maxim says, “The best time to think
about selling your home is when you’re buying it.” That’s because location will be a prime factor influencing future buyers when it comes
time to sell your home.
and the folks you see. You get a feel for it (either for or against) just by looking.
A real estate agent can, of course, fill you in on community details not so obvious at first glance:
• where schools, supermarkets, libraries, hospitals, places of worship, fire and police stations are located.
• what zoning regulations apply.
• what community services are available.
• what construction plans are in the offing.
• what shifts in transportation facilities are occurring.
• whether home values have appreciated or depreciated.
• what tax rates prevail.
For a more intimate impression, you should walk around a neighborhood that looks attractive to you. Visit the schools your children will
attend to confirm district boundaries and comparisons with other schools. Talk with people at bus stops (ask about commuting schedules
and costs), in shops (chat about where the best stores are), in parks (get folks talking about recreational programs), in front yards (ask what
they like and dislike about the neighborhood). You might take instant photos as you tour different locales. They’ll help you later when you
want to keep different streets and homes separate in your mind. Also take notes to later compare, especially addresses and prices.
Inspecting a neighborhood is as necessary as inspecting the home you may buy. An old real estate maxim says, “The best time to think
about selling your home is when you’re buying it.” That’s because location will be a prime factor influencing future buyers when it comes
time to sell your home.
| Country (also, farm house”): | |
A good separation of space in these roomy, two-story homes with center-front
or side entries; living-room, dining room, kitchen on one floor; bedrooms
upstairs. Privacy is possible but stair-climbing is inevitable.
or side entries; living-room, dining room, kitchen on one floor; bedrooms
upstairs. Privacy is possible but stair-climbing is inevitable.
| Ranch (also “rambler”): | |
Style preference involves personal taste, family needs and your budget. This section is designed to illustrate some of the most basic home
styles. (Keep in mind that space does not allow us to show the numerous variations, and many other unique styles available in today’s
market).
styles. (Keep in mind that space does not allow us to show the numerous variations, and many other unique styles available in today’s
market).
| What should I specifically look for in a new home? | |
New home construction is changing all the time as builders try to adapt designs to today’s lifestyles, make the most of living space, and
incorporate new technology, building materials, and equipment, while keeping prices affordable. Buying a new home is attractive
because everything is new, from floors to appliances. Energy efficiency (insulation, weatherstripping, energy-saving heat-ing/cooling
systems and electricity) is required by building codes. Buying a new home while it’s under construction lets you choose paint, wallpaper,
tiling, etc.
Newness itself is a virtual assurance that your maintenance costs will be predictable, and a builder’s warranty (highly desirable) guarantees
freedom from structural flaws.
Here are some of the signs of good construction to be checked out at the site:
• good carpentry throughout (well-fitted windows and mouldings, non-squeaking wood floors, even wall surfaces).
• solid structure with sturdy support.
• basement floors and walls that have no cracks or damp spots.
• insulation that measures as advertised.
• everything in good working order (faucets, heating/ cooling systems, electrical outlets, etc.).
• a yard free of low, wet spots; grading that slopes away from the home for good drainage.
incorporate new technology, building materials, and equipment, while keeping prices affordable. Buying a new home is attractive
because everything is new, from floors to appliances. Energy efficiency (insulation, weatherstripping, energy-saving heat-ing/cooling
systems and electricity) is required by building codes. Buying a new home while it’s under construction lets you choose paint, wallpaper,
tiling, etc.
Newness itself is a virtual assurance that your maintenance costs will be predictable, and a builder’s warranty (highly desirable) guarantees
freedom from structural flaws.
Here are some of the signs of good construction to be checked out at the site:
• good carpentry throughout (well-fitted windows and mouldings, non-squeaking wood floors, even wall surfaces).
• solid structure with sturdy support.
• basement floors and walls that have no cracks or damp spots.
• insulation that measures as advertised.
• everything in good working order (faucets, heating/ cooling systems, electrical outlets, etc.).
• a yard free of low, wet spots; grading that slopes away from the home for good drainage.
| What can I expect from a professional home inspection? | |
The job of a professional inspector is to look over every major part of a home, and write a report that judges the home’s quality and
condition.
A well-qualified building inspector (one with member-ship in the American Society of Home Inspectors) can spot problems that you might
not be able to see or get to. However, it’s wise for you to accompany the inspector so that you don’t have to get the report secondhand.
Expect problems to be clearly explained, repair expenses closely calculated, maintenance costs estimated, and a written report delivered
within a day or two. Remember you are buying a resale home; the price reflects the fact that nothing is new.
The territory covered by inspection includes:
• Exterior: the foundation (for holes, cracks), the gutters and down spouts (for gaps in joints, sagging), siding (for warp), paint (for peeling,
blistering), windows and doors (for cracks, loose caulking), roof (for worn or bald spots), chimney (for tilting, loose bricks or stones),
driveways, retaining walls and walks (for holes, sagging, cracks), grounds (for proper grading and healthy landscaping).
• Interior: general structure (for soundness, rot), floors and stairs (for squeaking, shaking, bowing), plumbing system (for condition of pipes
and fixtures, leaks, clogging), heating/cooling system(s) (for condition and capacity), electrical system (for age, condition, adequacy of
voltage and outlets, proper grounding, signs of wear), insulation in walls, attic and basement (for thickness and efficiency), walls (for cracks,
loose plaster, signs of leak-age), kitchen (age and condition of appliances and plumbing).
condition.
A well-qualified building inspector (one with member-ship in the American Society of Home Inspectors) can spot problems that you might
not be able to see or get to. However, it’s wise for you to accompany the inspector so that you don’t have to get the report secondhand.
Expect problems to be clearly explained, repair expenses closely calculated, maintenance costs estimated, and a written report delivered
within a day or two. Remember you are buying a resale home; the price reflects the fact that nothing is new.
The territory covered by inspection includes:
• Exterior: the foundation (for holes, cracks), the gutters and down spouts (for gaps in joints, sagging), siding (for warp), paint (for peeling,
blistering), windows and doors (for cracks, loose caulking), roof (for worn or bald spots), chimney (for tilting, loose bricks or stones),
driveways, retaining walls and walks (for holes, sagging, cracks), grounds (for proper grading and healthy landscaping).
• Interior: general structure (for soundness, rot), floors and stairs (for squeaking, shaking, bowing), plumbing system (for condition of pipes
and fixtures, leaks, clogging), heating/cooling system(s) (for condition and capacity), electrical system (for age, condition, adequacy of
voltage and outlets, proper grounding, signs of wear), insulation in walls, attic and basement (for thickness and efficiency), walls (for cracks,
loose plaster, signs of leak-age), kitchen (age and condition of appliances and plumbing).
| What’s the secret in making a good condominium buy? | |
Buying a condominium means, in most cases, buying amenities - neighborly lifestyle, sometimes complete with shopping, entertainment,
playgrounds and/or sports facilities. Condominiums serve almost every possible kind of homebuyer: singles, families with children, retired
people. First-time buyers are particularly drawn to condominiums because of the amount of space available at a reasonable price.
Each condominium association has its own rules, and as a member of your community you help govern what can be done to the outside
of units, whether or not pets are welcome, what landscaping and community improvements are made, and what by-laws are passed or
amended. Because the owners association can spend for amenities or limit spending to save expense, it is important for you to know if
existing owners are in tune with your financial position by checking recent budgets.
Shopping for a condominium means looking for the same things you look for in buying any home: a neighbor-hood on the upswing (for
maximum enjoyment and for appreciation possibilities), good construction (especially in sound-proofing of walls), good style and sound
financing. An agent knows the local condominium market and can assist you in evaluating the different communities, looking at sales
contracts, maintenance charges and condominium management.
playgrounds and/or sports facilities. Condominiums serve almost every possible kind of homebuyer: singles, families with children, retired
people. First-time buyers are particularly drawn to condominiums because of the amount of space available at a reasonable price.
Each condominium association has its own rules, and as a member of your community you help govern what can be done to the outside
of units, whether or not pets are welcome, what landscaping and community improvements are made, and what by-laws are passed or
amended. Because the owners association can spend for amenities or limit spending to save expense, it is important for you to know if
existing owners are in tune with your financial position by checking recent budgets.
Shopping for a condominium means looking for the same things you look for in buying any home: a neighbor-hood on the upswing (for
maximum enjoyment and for appreciation possibilities), good construction (especially in sound-proofing of walls), good style and sound
financing. An agent knows the local condominium market and can assist you in evaluating the different communities, looking at sales
contracts, maintenance charges and condominium management.
| 827 Willow Street, Lebanon, PA 17042 (717) 273-8861 ~ dick@reichrealty.com |
| What features make one home style different from another? | |
| Colonial (New England, Federal, Dutch, etc.): | |
| Cape Cod: | |
Cozy living in one-and-a-half story homes. Steep roof lines make
slanted-ceilings in upstairs rooms, which often have dormer windows. A good
bet for handy buyers who can finish the upstairs by themselves, if needed.
slanted-ceilings in upstairs rooms, which often have dormer windows. A good
bet for handy buyers who can finish the upstairs by themselves, if needed.
| Split level (also, “tri-level,’ four level”): | |
Part of the home is two-story, joined to a one-story section by short flights of
stairs, sometimes giving each room a floor of its own. Compact use of space
and a good design for sloping property.
stairs, sometimes giving each room a floor of its own. Compact use of space
and a good design for sloping property.
| Victorian: | |
Unexpected nooks and crannies in older homes; modern adaptations of Victorian
design use space more conservatively. Special features: wide porches,
sometimes turrets and gingerbread trim.
design use space more conservatively. Special features: wide porches,
sometimes turrets and gingerbread trim.
Typically, one-story homes with bedrooms separated from living quarters and
kitchen, often in wings. May or may not have a basement.
kitchen, often in wings. May or may not have a basement.
Popular in both rural and suburban areas, this rustic one-and-one-half or two-story
style features simple room arrangements, large kitchens, front porches.
style features simple room arrangements, large kitchens, front porches.
| Contemporary: | |
Out-of-the-ordinary, often striking use of space in these homes that often
feature dramatic shapes and unorthodox use of materials (concrete,
diagonally-slanted wood siding, glass, etc.).
feature dramatic shapes and unorthodox use of materials (concrete,
diagonally-slanted wood siding, glass, etc.).
| Townhouse (also “patio home,” “row house,”): | |
Attached homes of similar style (colonial, Spanish, con-temporary,
etc.) share common walls, offer two or three floors of living space
comparable in size to detached homes. They feature small,
easy-to-care-for yards. (Some duplex townhouses look like single-family
homes, with the entry to one home at the center-front, to the other
home at the side.)
etc.) share common walls, offer two or three floors of living space
comparable in size to detached homes. They feature small,
easy-to-care-for yards. (Some duplex townhouses look like single-family
homes, with the entry to one home at the center-front, to the other
home at the side.)
| Condominium: | |
Technically not a style, but a form of ownership. Condominiums can be
townhouses, clustered units, low-rise (up to four stories), high-rise or even
detached homes. You own both your private quarters and a share of common
land and areas. A monthly condominium fee is charged to each owner for
maintenance fees.
townhouses, clustered units, low-rise (up to four stories), high-rise or even
detached homes. You own both your private quarters and a share of common
land and areas. A monthly condominium fee is charged to each owner for
maintenance fees.
| How do I evaluate a resale home? | |
Homes with a past have special appeal. An existing home is a settled place (literally): the foundation, the landscaping, the neighborhood,
including its services, are about where they’re probably going to be for some time. The home has a lived-in look. Some rooms may be
larger than in new homes, woodwork has mellowed, the yard is a generous size. Its price may be lower (per square foot) and its financing
possibilities more flexible than in new homes, especially if you can pick up an assumable mortgage.
The thing to be on the look-out for is wear-and-tear:
• How firm is the foundation?
• How sound are the sills, walls, floors and ceilings?
• What kind of plumbing was installed, when?
• What’s the shape and extent of the electrical system?
• What shape is the heating/cooling system in?
• What are monthly fuel costs?
• How well does the insulation protect the indoors?
• What will it cost you to remodel if necessary (especially kitchen and baths) or to make necessary repairs?
If in doubt - or just for your peace of mind - you can hire a certified home inspector for a professional opinion.
including its services, are about where they’re probably going to be for some time. The home has a lived-in look. Some rooms may be
larger than in new homes, woodwork has mellowed, the yard is a generous size. Its price may be lower (per square foot) and its financing
possibilities more flexible than in new homes, especially if you can pick up an assumable mortgage.
The thing to be on the look-out for is wear-and-tear:
• How firm is the foundation?
• How sound are the sills, walls, floors and ceilings?
• What kind of plumbing was installed, when?
• What’s the shape and extent of the electrical system?
• What shape is the heating/cooling system in?
• What are monthly fuel costs?
• How well does the insulation protect the indoors?
• What will it cost you to remodel if necessary (especially kitchen and baths) or to make necessary repairs?
If in doubt - or just for your peace of mind - you can hire a certified home inspector for a professional opinion.
| Planning Table to Settlement Table | |
You’ve now zeroed in on the home that’s ideal for you. You've threaded your way through the maze of home and
neighborhood choices and established your own financial affordability. This is it. You’re ready to step over the line from
house hunter to homebuyer and to make the actual purchase of a particular home. “Buying” is what the next page is all
about.
neighborhood choices and established your own financial affordability. This is it. You’re ready to step over the line from
house hunter to homebuyer and to make the actual purchase of a particular home. “Buying” is what the next page is all
about.
