SHOPPING FOR A NEW HOUSE: 9 TIPS TO SUCCEED

If you need to move to a new house, now is the perfect time to buy - prices are lower, supply is high and you can be both frugal and selective. Approach this right and you can find your new home without the headache. Here are nine tips that can help you in the process.

1. Open House keeps your options Open

Visiting Open Houses is a great opportunity to look at what's available without the pressure. In fact, I would recommend finding an area you'd like to concentrate on and then driving around on weekends (Open Houses are more frequently on Saturdays) and visiting the ones you like. Even if you decide to hire an agent later, going to Open Houses prior to his/her involvement will give you an idea of what you are looking for in your perfect house.

2. Focus on the Neighborhood

The area you live in can influence current and future real estate prices and make you comfortable overall in the community. Look for school quality, parks, amount and proximity of shops, quality of roads and access to highways. Check out your neighbors - if you are a young family with kids, you may be happier around similar families - just imagine the friends you'd make and block parties you can have.

3. Look at the Big Picture

I love to watch the House Hunters show on HGTV - the premise is people looking for a new house or condo and then buying one of the 3 options they look at. However, the buyers frequently focus on minor details that could easily be changed, such as wall paint color, curtains or furniture. Forget the orange bedroom and neon kitchen walls. What you should focus on is structural quality and rooms that would be costly to upgrade. Kitchen and bathroom are typically the most expensive rooms in the house - so check those out first and go from there if you like what you see. If there is a basement, it's important that it didn't flood in the past, or that there are measures taken to prevent it from happening. Is the roof in need of repair or recently updated? Is the garage door in good condition? Are the windows in good condition? These are the big things to focus on, not the color of paint on the walls.

4. Get pre-approved for a mortgage

If there are multiple bids on a house, the better and faster offer will win. Put yourself a step ahead with a pre-approved mortgage, so when you are ready to buy, you won't waste your time and nerves on worrying about the mortgage.

5. Take your Time

If you can, whether doing it yourself or with an agent, try to take your time to shop for a new house. First of all, there are new houses going on the market all the time, so you could settle for something before your perfect house is even on the market. Secondly, the more you look, the better you will get at seeing what you really need in a house. This is a considerable purchase, so it makes sense to consider it carefully.

6. Use comparative resources

Obviously, the web is a good start - sites like Zillow or ForSaleByOwner will give you an idea of what the housing prices are and give you an edge when negotiating. It will allow you to make a fair offer.

7. Visit the house at different times

Visiting the property at different times of day - day/evening and weekday/weekend will give you a fuller picture of what it's like and what the neighborhood is like. I remember finding what I thought was my perfect house and then on the 2nd visit hearing a distinct train horn. When I asked the neighbors about the train (which you could see from the window now), they basically quoted the schedule. I would have never known about this unless I visited at a time when the train happened to come by.

8. Hire a Home Inspector

Home Inspector is a must when you are buying a home. There are many things you can check yourself, but a good Home Inspector will look at important structural details an untrained eye won't see. If there are items that need to be fixed, you can get a credit from the seller to fix yourself or have them fix these prior to your move. A home inspection is one of the better investments in your house.

9. Consider your needs vs. wants

You may be wishing for a cute 3-bedroom ranch with a large backyard, but there are only two of you and no time or extra funds for landscaping. Or, you may be dreaming of a new construction in a certain area but it is truly outside your budget. Get a reality check and find a compromise. Think of what you really need - the number of bedrooms, quality kitchen and bathrooms, garage space, yard, basement for kids to play, etc. Truly sit down and think of what you must have/ can't live without. Other things may be nice to have but not essential. I suggest you take a piece of paper, draw a line and write your must haves on one side and nice to have on the other. Then, when you visit the houses, you can check off the must haves and if a house also has some of your nice to haves, give it a higher consideration. In the long run consider price/value as the biggest factor.