MAKE A LIST - Make a short list of items that your future house must have. Try your best to keep these items as realistic as possible and feel free to check the affordability of these amenities with your real estate expert. Print this checklist and bring it with you to showings that way you can easily evaluate if the property is right for you.
LOOK AT ALL EXPENSES - Most buyers only focus on the P.I.T.I (Principal, Interest, Tax & Insurance) payments of the house but you should also look into the average cost of utilities, cost of commuting and upgrades. Feel free to request quotes for upgrades and repairs during the escrow process. Budget all of these expenses and evaluate if you can afford the house.
CC & R's - If the property you're interested in is a part of a Home Owners Association, be sure to review all the Covenants, Conditions and Restrictions. These documents have set fourth the rules of the complex and those rules range from pet restrictions to guest parking rules. I would strongly suggest getting involved in the HOA Board so that you can voice your opinions and contribute to the overall well being of the association.
INSPECTIONS - Be sure to conduct the proper inspections for your desired property. A general inspection is always recommended to get a feel for the property condition and to get an idea of what type of specialists you should hire to inspect the property. If you do not know any inspectors, feel free to ask your realtor.
THINK RE-SALE - You might plan on living in your first home for only a handful of years so be sure to check the desirability of the home. Think about your projected target audience. Is the property located in a good or bad school district? Is it located on a main street? How many units in your building are owner occupied and how many are tenant occupied? Upgrades and repairs can always be done to the property but the location is by far the most important.
