Three steps to an easier home buying experience (Part I)

Are you a home buyer flushing out your choices in a real estate market saturated with fat inventory? If so, a little patience and organization can go a long way to help you to get the cream to rise to the top. 

In this first of a two-part series, we will outline a three-step recipe for house hunting success:

Step 1: Start with the Internet. Your first step is to start researching houses online. This is guaranteed to make a difference in your home buying experience. If you are in the real estate market as a first-time buyer, you may not realize the convenience the Internet has brought into a real estate buyer's life. Prior to this, if you wanted to see a listing, you needed to go to your local real estate agent and have them drag out a big hefty book of listings currently in the MLS (Multiple Listing Service).

...Not to mention the fact that you needed to hope the agent was hooked up with new house listings hitting the MLS.

Now, as an Internet buyer, you have the advantage of viewing houses online before you grace the front doorstep of a prospective abode. Take time to view videos, virtual tours and interior photos. Many real estate agents will also set you up on their email program, which will deliver real estate listings that meet your criteria to your inbox.

Step 2: Document your findings. Finding the house of your dreams shouldn't be as time-consuming or detail-oriented as going on an archeological dig, but there are some things you can learn from pre-historic diggers. These folks take the time to search through the sand and dirt with trowels and all sorts of important gear to help them sift their way to treasured finds. These findings are then tagged and documented for later analysis.

Luckily, modern real estate buyers don't need to make their house-hunting trip laborious. Documenting your findings is one of the best ways to make an easier home buying experience.

At the very least, the details you notate on the houses you view should include:

• List Price--Get the current asking price of the house and the original asking price. Also include notes on any incentives or credits being offered. Last, get the date the house was originally listed on the real estate market.
• Room Details--Pay attention to the number of bedrooms, bathrooms, den, family room, living room, porch, kitchen, formal dining room and any other rooms in the house. Also make sure to get the dimensions.
• Amenities--Does the house have a fenced-in back yard, wrap-around porch, pool, hot tub, gazebo or any other special features?
• Style of House--What is the date/year built, type of construction, exterior building materials, etc.?
• Your Feedback--Note the drawbacks and the positives on the house. Make sure to include lifestyle factors like commute times, school district and neighborhood.
• Cost of Living--What are the estimated costs of utilities? How much are the real estate taxes? What kind of exterior or interior maintenance will you be taking on with this purchase?

Documenting these details will help you to more effectively decide whether you have seen enough and truly found a few houses to narrow down and consider, or whether you need to ride the rails again of the real estate circuit.

If you liked this post, you might want to read:

• How to achieve the goal of homeownership
• Beware of low-balling your real estate offer
• Is buying a house right now a sound financial decision?

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Posted by Rebecca D. Levinson