Preparing to Shop
Getting Preapproved
Getting preapproved is a sign of your seriousness to house sellers - it places sort of a Good Borrowing Seal of Approval on you. In a multiple-offer situation, buyers who have been preapproved for a loan have an advantage over buyers who don't.
Good Neighborhoods
Good neighborhoods, like beauty, are in the eyes of the beholder. For example, being near excellent schools is important if you have young children. Personal preferences aside, all good neighborhoods have the following characteristics.
Evaluating Neighborhoods
You're likely to end up evaluating the strengths and weaknesses of several neighborhoods while trying to decide. If you're on a budget you may have to compromise and make tradeoffs.
Used Homes
Used homes have many great features as well as disadvantages. This section covers the strengths and weaknesses of used homes to consider as you're weighing your options.
New Homes
New homes have many great features as well as disadvantages. This section covers the strengths and weaknesses of used homes to consider as you're weighing your options.
Condo/Co-Op Advantages
Condos have a number of significant advantages, especially for first-time homebuyers. For example, on the basis of livable square footage, condos generally sell for at least 20 to 30 percent less than comparable detached homes.
Condo Drawbacks
Like detached homes, condos are not for everyone. This covers the range of issues regarding condos. You should judge for yourself how much the following drawbacks might affect you.
Understanding Co-Ops
What makes a co-op a co-op is its legal status. The three ways in which condos and co-ops differ are the definition of legal ownership, its management, and your financing options.
