Top things to look for in a house when doing a walk through as a buyer

[rational1]

In most areas there's a lot of stock available. First thing is to sort out the places you want to live in from the ones you don't. That means layout, room size, ceiling height, general level of quality and features. If a condo, amenities. Outdoor areas, lot size, etc. The neighborhood, noise, and location. In other words, all the stuff that's very expensive or impossible to change.

Once you've narrowed things down- THEN think about looking for things that don't work or need to be fixed. Settle on one place that looks OK that doesn't have a lot of obvious problems. Make your offer, get it accepted and THEN you get your home inspector. No point in looking for outlets that don't work if the room sizes are too small, or for bad roofs if the neighborhood is lousy.

(Good) home inspectors will inspect more thoroughly than you will. When you've got their list- either use your contingencies to back out it there's too much wrong or bargain the seller down to get things fixed.

[RobE]

Originally Posted by soraji

So I'm going to start looking at condos....

I wouldn't be looking at condos given the state of that market, especially if you are in either California or Florida. You're better off renting for the next couple of years. In fact, you might look into renting a detached SFR and if you like it enough you can always make an offer to buy it or a home nearby once that market has fully shaken itself out.

[soraji]

Thanks for all the great information. I started my condo visits last week and have taken all your information to heart.

To those concerned that buying a condo is a bad investment... for me, it isn't. I'm in my mid-twenties, not married, no family. I don't intend on having kids anytime soon (aside my two kitties). I'm busy since I work full time, am getting a Masters and don't want yard maintenance. I'd also like to mention I live in the Philadelphia area and single family homes are way out of my price range and my effort range.

Thanks and if anyone can think of anything else to add I'd love to hear it. I finally found a realtor I really like! I visited with a few of them and I really like the personality of this one I'm working with.

[Ted Bear]

Originally Posted by soraji

Thanks for all the great information. I started my condo visits last week and have taken all your information to heart.

To those concerned that buying a condo is a bad investment... for me, it isn't. I'm in my mid-twenties, not married, no family. I don't intend on having kids anytime soon (aside my two kitties). I'm busy since I work full time, am getting a Masters and don't want yard maintenance. I'd also like to mention I live in the Philadelphia area and single family homes are way out of my price range and my effort range.

Thanks and if anyone can think of anything else to add I'd love to hear it. I finally found a realtor I really like! I visited with a few of them and I really like the personality of this one I'm working with.

Don't feel any hesitation about buying a condo...the 'right' one, that is.

There has been a glut in some markets due to overbuilding, but i am not sure you would have wanted one of those during the good times, and you wouldn't want one during the bad times either!

The place you live is YOUR HOME. It is not an investment. If it goes up in price, that is great. If it goes down in price, so what? You live there. Enjoy it.

Renters..and EVERYONE wants to rent right now, are going to get mega screwed when the tide turns. They are paying HIGH rents because everybody has figured out that it is 'better to rent' than risk buying and having the price go down. The landlords, most of all, know that rentals are in BIG demand...so they have put the price up.

When the tide turns, all of those rented homes will be sold, and the renters will be out, scrambling to find housing. You may have noticed that the birth rate is steady, so where are all of these people going to live?

The scramble, and the resulting price RISE, is going to be something to behold. Very entertaining form the outside looking in, i am sure! Trust me, the shortage is going to be staggering! And the prices people will pay just to 'have a place' will be staggering..once again.

Are you buying the bottom? Probably not...but you are getting in a lot lower than a couple of years ago. Go for it girl, and don't look back!