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As you find yourself heavily immersed in the house-hunting mode, you
may encounter a situation in which you're torn between two houses.
Perhaps you
and your spouse each have a favorite, or perhaps you both like two
houses equally - or think you do.
Making a final decision and
determining which house to make an offer on shouldn't be taken lightly.
The decision should be made rationally and not
guided by emotion.
Of course, you may not have the
luxury of taking your time on deciding which house you'd like to
pursue. You may be in a market in which homes in your
price range get snatched up as quickly as they go on the market,
perhaps even attracting multiple offers.
But in some situations, you may
find yourself torn between two houses. Sometimes the easiest thing to
do is take pen to paper and outline your
family's needs, your budget, and the pros and cons of each house.
Some things you'll want to compare include:
The
neighborhoods. If the two final contenders are in different
neighborhoods, evaluate the pros and cons. If you have kids and being
close to a park is important, you'll want to consider that. How close
are shopping, restaurants, church, and other services? Are the streets
maintained? Do homeowners landscape and maintain their homes nicely?
How long will your commute to work be?
The schools. If you have school-aged children, you
definitely want to consider the reputation of the neighborhood schools.
You can usually find
general district information and state standardized test results
online. But once you're this deep in the process, you'll want to visit
the schools and
receive the information first-hand from school officials. You should
also talk to teachers and parents.
Crime. Go to the local police or sheriff department
and ask about crime in your specific neighborhood. You might find theft
or vandalism to be more
prevalent in one area than another.
The houses compared to others in the neighborhood.
While it may boost your self-esteem to have the biggest house on the
block, it's typically a better
idea to stay away from purchasing the neighborhood monster. When it
comes time to sell you'll find that the lower value of your neighbors'
homes will
shrink your home's value.
Appreciation. If the two homes you're eyeing are in
different parts of town or different neighborhoods, ask your REALTOR®
to retrieve sales of homes in those neighborhoods over the past few
years. If one neighborhood shows an annual average 8 percent increase
and another is skyrocketing at 15 percent, you may have your decision
made.
The sellers' situations. If you don't know already,
ask your Realtor how long each home has been on the market. Usually the
longer a house
has been listed, the better chance the seller will accept an offer
lower than asking price. Conversely, if the house has been on the
market for just a couple days, the sellers will probably wait for a
better offer if you offer less than the listed price. Your real estate
agent might also be able to dig up additional information about the
sellers, like why they're selling. If it's a job-related move or a
divorce, the sellers likely want to move as quickly as possible,
meaning you have a better shot at them accepting a lower price.
The houses themselves. If you haven't already, you
should make a list of the amenities and attributes you want your house
to have. If you want that
first-floor home office, a large, open back yard for the kids, or a
gourmet kitchen, be sure to include that on your list. Then, rate how
each house measures up to each need on your list.
Drawbacks. Likewise, make a list of the cons
associated with each house and determine how much of a negative impact
each will have.
As you carefully weigh all the factors, it might become clear that
one house is more enticing than the other. Or, you may find the houses
are still equally appealing. If that is the case, be sure you look at
the homes more than once. You may notice something you didn't the first
time around - something that could sway you one way or the other.
Written by Michele Dawson
Wondering What Your Home Is Worth? -- Let me show you.
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