Looking to purchase a home, condo cottage or other property. It can be said that in 2009 there are no shortage of properties and even commercial and office real estate. It is a buyers market most established Realtors will advise and even urge you. Yet the same basic rules, strategies and financial techniques that always work and worked in the past when land and dwellings were not so reasonably priced should still be followed and practiced arduously.
First things first decide and evaluate what you can afford. This determination should be in a form of a general range. What this means is the dollar or monthly mortgage payment value is not cast in stone. For good reasons and evaluation of the real estate market of your choice you may well decide to make a wise choice and either increase the limit or sometimes things are so good for buyers on the housing market and marketplace that you may well come to the decision that the house, condo or summer vacation or retirement cottage is much less costly than you thought, before starting the whole property hunting process. It is a range and within reasonable amount you can go somewhat more or somewhat less. This gives you greater flexibility on picking your real estate choice does not lock you in as much and can give you greater negotiating flexibility.
Next in line, after you have determined your general price range and cost structures is to determine what it is that you exactly wish for and need in a home. For example - how many bedrooms? How close to schools and or shopping. It is often said that location is the most important consideration for restaurants and the position, district and neighborhoods of real estate and housing. Thus questions can well involve city or suburbs? City or small town. Winnipeg based experienced real estate consultant and analyst notes that although many think by locating a large home in the suburbs , and enjoy a more isolated , scenic landing with relatively less expensive property tax ratings and charges, that what they save in real estate and property taxes is more than made up and offset by the increased cost of fuel and transportation back to the office in the city every day as well as costing them a fair amount of time as well, never to mind automotive repair and maintenance costs. On top of that you can bet that the local municipal tax board will not be far away in time from reassessing your property or realty taxes.
Once you have made these two decisions or at least have a general list and listings its time to get down to serious business. At this point in time there should be no shortage of homes and properties to look at and evaluate.
It can be said that new homes or even homes that are partially finished and that you can pay to have completed to full new home state are always a good and sure bet due to their extensive warranties and pristine condition. On the other hand you will most likely not have mature trees or landscaping, both of which require a fair amount of effort planning, hard work and will a time period of many years to grow and mature into the state which you like and prefer.
Next in line are resale homes. It can be said that overall resale homes offer a great combination of both affordability and character. In addition many resale homes will include improvements such as finished basements, rec rooms, decks or patios as well as mature landscaping. On the other hand you may well have to include calculations for repairs, maintenance and improvements that would not come as a matter of course in brand new real estate.
In summary, even though its a buyer's market in real estate , before you go out shopping for that new home - be it house, condo or lake cottage retirement cottage or home take the time to do your initial home buyer's workup. Two factors should be established and laid to rest promptly - your maximum real estate price range and location.