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Step 4: Starting your home
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Now is the fun part! You have your
financing all figured out and now it's time for searching and
choosing your new home! What would you like in a home? What is your
life style? What must you absolutely have in a home? You will need
the right objectivity in finding the right home. Most are surprised
to find that what they think they want in a home is not what it is
all cracked up to be, be diligent in your search, and give it some
time. It is also necessary to anticipate your future needs and
plans.
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Searching for homes on the
web.
With modern technology you now can search for
properties for sale from your very own computer. We like to have
our clients use MLSPropertyFinder as a web based real estate search
engine. The ease of use, convenience and all the property
information that is available will be a very useful benefit to you.
So how can MLSPropertyFinder benefit you?
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Receive daily emails with new and updated
listings from the towns and price range.
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Search the MLS for homes, condos, land, multi-
family and commercial properties.
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View full listing sheets showing amenities,
taxes, lot sizes, beds, baths, rooms, siding, fireplaces, garages,
room sizes, maps and addresses with directions pointing to a
property and much more.
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Check schools and community profiles of your
preferred towns.
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Save preferred listings in your own file to view
anytime.
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Calculate approximate mortgage payments for
specific properties.
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View new listings, price changes, and back on
market properties right on your desktop as soon as they become
available with the MLS Property Messenger.
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Best of all, MLS Property Finder is absolutely
FREE!
Sign up for MLS Property
Finder now!
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Finding the right
neighborhood.
Locating a neighborhood in which you would like to
live is an important step in finding the home you will ultimately
buy. The right neighborhood will vary depending on your
circumstances (i.e. school-age children, good schools, or a
retirement community) there are common factors that make
neighborhoods attractive to all buyers. Making sure a neighborhood
possesses the qualities a majority of buyers are looking for helps
ensure good resale value for your property.
Characteristics of good neighborhoods:
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Very few homes for sale.
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Homes are mostly owner-occupied
housing.
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Track record of home appreciation.
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Good schools.
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Well-maintained properties.
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Convenient location.
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Low crime rate.
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Limited noise and traffic congestion.
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Home designs relatively uniform.
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Home sizes relatively
similar.
You can contact us
for a detailed report, including Age, Income, Household, School,
Crime, Climate, and Housing Information, on any neighborhood with
in MA and NH. The reports can be emailed, mailed or faxed to you.
The reports are generated as PDF files.
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School districts.
The local school system is perhaps the single most
important factor for many people in selecting a neighborhood. Meet
with a school official in each neighborhood you are seriously
considering and ask to set up a meeting. Great sources for
information are:
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What style of home
is right for my needs?
Bellow is a brief survey of property and ownership
types. Each community has different availability for each:
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Single-family detached home: A traditional
stand-alone home surrounded by its own yard. More than 75 percent
of homes sold fall into this category. The home and the property
(land) are owned by the individual.
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Potential benefits:
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Resale value tends to be good
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Adding space/room addition may be
feasible
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Detached storage building may be
allowed
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Owner typically retains more control over the
look of the property; however, many newer single-family communities
have homeowners associations (HOAs) and strict rules governing
changes to the property . (always read any restrictions)
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Generally speaking, an owner may improve the
property at her own discretion
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Noise from neighbors is generally less intrusive
than with other forms of ownership
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Higher probability of garage
space
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Potential drawbacks:
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Owner incurs all costs for maintenance,
landscaping, and repairs
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Often more expensive than a
condominium
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Lack of available amenities like tennis courts,
pool, clubhouse, etc.
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Condominium: Each individual unit (from
the walls in) is owned outright by each owner, but the common
elements, including those outside the structure (such as the roof,
pool, and clubhouse), are owned jointly by all owners in the
complex.
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Potential benefits:
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May be less expensive than a single-family
detached home
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Exterior maintenance costs are distributed among
all owners
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Additional amenities may be available
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In recent years, appreciation has been high or
higher for condos than for single-family homes
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Potential drawbacks:
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Less privacy from neighbors than with a
single-family home
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Lack of control due to HOA
restrictions
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Parking spaces for owner or guests may be
limited
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Monthly assessment fees (fees paid to the HOA for
landscaping, maintenance, etc.) can increase over time
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Potential liability for special assessments,
debts, and lawsuits against HOA
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Cooperative (co-op): A type of ownership
where a corporation (cooperative) owns the real estate; possession
of each specific unit is accomplished through the transfer of stock
in the corporation. Individual owners own stock, not real estate.
The governing body is generally referred to as a board of
directors. Co-ops are available only in certain large metropolitan
areas.
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Potential benefits:
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Exterior maintenance costs are distributed among
all owners
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Additional amenities may be available
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Closing costs can be lower than other forms of
ownership
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Potential drawbacks:
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Virtually the same as with a condominium, except
the governing body is generally referred to as a board of directors
rather than as an HOA
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The owner may be limited as to whom he may sell
his shares to (in most cases, the board votes on whether to accept
the buyer)
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The buyer may be required to have a larger down
payment than for other types of homes
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Townhouse: A type of home that is attached
to other units in a side-by-side configuration. Owners do not have
other owners above or below them, as in traditional condominium
complexes. Typically, each owner owns a portion of the yard
directly in front of and/or behind the unit; in some instances, a
townhouse could also be considered a condominium if common elements
(such as a yard and pool) are not divided but shared by all the
owners.
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Potential benefits:
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Potential drawbacks:
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Most units don't have a garage
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Less privacy because of proximity of homes (walls
shared with neighbors)
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Surrounding units may be rented instead of
owner-occupied, which can limit future price
appreciation
If You Are Considering a Condo or a Co-op and
before you move forward with the purchase of a condo or co-op, ask
yourself:
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Do the common elements appear to be well
maintained?
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Does/do the building(s) look well
maintained?
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Will you "fit in" with the current members of the
cooperative? While discrimination on the basis of race, color, sex,
national origin, religion, familial status, and disability is
strictly prohibited by law, it may be possible for a co-op board to
discriminate on the basis of income level, type of job, and so
on.
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New home vs
Resale home.
Both new homes and older homes offer distinct
advantages, depending upon your unique taste and lifestyle.
New homes generally have more space in the room
where today's families spend most of their time. These include
family rooms, dining rooms and master bedrooms. Because of newer
technology they are easier to maintain.
Many homes built years ago offer more total space
for the money, as well as larger yards. Taxes on some older homes
may also be lower.
Some people are charmed by the elegance of an older
home but shy away because of the concern for higher maintenance.
You may consider a home warranty plan to get the peace of mind you
deserve. Ask us about the Home Protection Plan that protects
you from unexpected repairs on any home system and appliances for a
full year or more after you move in.
Resale Home:A home that has been previously
occupied.
Potential benefits:
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The neighborhoods in which they are situated in
are usually 'finished'. You won't find that stark, barren look of
the new development.
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Houses of a certain vintage were sturdily
constructed, with solid basements, thick plaster walls, and other
materials that are not likely to be used these days because they
are prohibitively expensive or just not available any
more.
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Older houses, especially 'old' homes, also have
architectural and design features that are not incorporated in most
of today's new houses, again because of costs.
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Older homes are generally within proximity to the
city or town centers.
Potential drawbacks:
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The heating system may be cranky and/or
archaic.
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The designs to some may seem dated rather than
charming.
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Replacing old drafty windows may be
expensive.
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Kitchens may be 1950s or 1960s and may need
updating.
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Electrical and plumbing may need to be brought up
to date to meet modern appliances.
Despite these drawbacks two-thirds of home buyers
choose to buy a resale home rather than a new one.
New home: A home that has not been
previously occupied.
Potential benefits:
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Lower maintenance costs over the first few years
of ownership
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An extended builder's warranty; some items may be
covered for five to ten years
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More functionality in the home layout, such as an
open floor plan or larger walk-in closets
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Latest technology, such as high-speed Internet
outlets, can be easily added during construction
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Possibility of choosing carpet, paint, siding,
color(s)
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Energy savings due to new heating and air
systems, energy-efficient windows, added insulation
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Move-in condition (no additional money required
for remodeling)
Potential drawbacks:
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In general, new developments are not as centrally
located as existing neighborhoods, thus requiring a lengthier
commute
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New construction is generally more expensive per
square foot than an existing home
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If it's in a new development, no proven track
record of home appreciation in the neighborhood
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Lot sizes are typically smaller than in older
neighborhoods
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Greater risk of higher HOA (home owner's
association) fees or special assessments; some developers get help
from the city or state to pay for installing utilities, and then
the homeowners are charged extra monthly fees on their utility
bills
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Based on the development, possible limitations on
architectural styles/floor plans available
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Less pricing flexibility from the builder when
negotiating offers; builders have a higher cost basis in the home
than someone who purchased a home ten years ago
New Home Upgrades:
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If you are buying a new home, be aware that the
base price may not include amenities that you desire.
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Be careful when choosing upgrades; there is often
a substantial markup on these items.
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Select amenities for your own enjoyment but don't
expect to get your money back when you sell the home. If you are
making decisions purely for investment purposes, it's usually best
to stick with the basics.
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Calculate your final price based on the amenities
and upgrades you select, and make sure that those delivered match
what you requested or expected.
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