Starting Your Home Search
A home's price shouldn't be the only factor in your search. Also consider the location and quality of the property.
Buying a piece of real estate is different than buying a home. The former requires getting the legal and financial parts right, while the latter means finding a property that you'll be happy living in. Here are some tips to help ensure that your next house is a place you'll want to stay for years to come:
If, at first glance, this looks like a house you'll want to pursue, sketch out floor plans and take pictures on your first visit; they'll help you envision the house hours or days later. Also, take note of special features. If you're looking at several homes, these will help you remember which was which.
Cast a critical eye. You have to see beyong the owners' posessions or professional "staging" -- window-dressing used to make a house look most enticing. If the floor plan doesn't suit you, can you rearrange space or add on?
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
You'll want a professional inspection made later if you decide to buy, but you can make some tentative judgments on your own. Check for:
Poor water pressure. For example, turn water on in a bathroom sink and check for weak flow. Replacing corroding plumbing can be costly.
Ceiling stains that indicate something's leaking.
Overloaded electrical outlets or lots of extension cords. Today's electrical demands may exceed capacity of homes built even a decade ago.
Exterior features, like driveways, that slope toward a home. Without proper drainage measures that all but guarantees water in the basement and attendant problems.
Odors. Bad ones may be hard to get rid of. If a house smells too clean, like bleach, it may indicate that the owner has tried to cover up other problems, like mold or urine.
Deteriorating roof, gutters and exterior finish. Use your binoculars for a bird's-eye view.
Ease of opening and closing windows. This will also let you know if the house has updated thermal windows or old-style windows that you may need or want to replace later.
Are you looking at older houses with the intention of remodeling or expanding? If so, have an architect or contractor standing by to accompany you on a second visit. The judgment of these professionals on the ease and probable cost of renovation should play a major role in how much you offer.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Focus on These Five Critical Areas in Retirement Planning
Worried about how you'll pay for your retirement? It can help to structure your finances around five key areas: taxes, income, medical, legacy and investments.
By Gaby C. Mechem Published
-
Is Downsizing Right for Your Retirement?
The lower costs of a smaller home in retirement might sound appealing, but be ready for the trade-offs that come with making this big decision.
By Lena McQuillen, CFP® Published
-
Will lower mortgage rates bring relief to the housing market?
The Kiplinger Letter As mortgage rates slowly come down here's what to expect in the housing market over the next year or so.
By Rodrigo Sermeño Published
-
Commercial Real Estate Outlook 2024: The Kiplinger Letter
The Kiplinger Letter In 2024, expect hybrid and work-from-home trends, tighter budgets, rising rents and the demand for data centers to continue.
By Rodrigo Sermeño Published
-
Delinquent CRE Loans Are on the Rise: The Kiplinger Letter
The Kiplinger Letter Banks are expanding their efforts to restructure CRE loans to avoid losses from the commercial real estate sector.
By Rodrigo Sermeño Published
-
As Mortgage Rates Rise, Renting Is Now Cheaper Than Buying for Many: The Kiplinger Letter
The Kiplinger Letter A jump in mortgage rates has caused housing affordability to slump and priced many first-time home buyers out of the market.
By Rodrigo Sermeño Published
-
Rental Market Will Slow Through 2023: The Kiplinger Letter
The Kiplinger Letter Expected growth in the rental market is likely to remain slow for the rest of the year amid a slow housing market and cooling economy.
By Rodrigo Sermeño Last updated
-
How to Set the Price to Sell Your Home
real estate If you're selling your home, setting the right price is crucial. Don't overprice or you'll scare away prospective buyers.
By Donna LeValley Last updated
-
WFH Impact on Commercial Real Estate Market: Kiplinger Economic Forecasts
Economic Forecasts Commercial real estate continues to struggle. Office vacancies hit 18.9% in the second quarter of 2023.
By Rodrigo Sermeño Published
-
Greenland, U.S. Plans to Boost Tourist Economy: Kiplinger Economic Forecasts
Economic Forecasts A U.S. congressional effort could see some Canadian visitors get longer stays, meanwhile, Greenland bids to be the next vacation hotspot.
By Sean Lengell Published