One thing that surprised me about buying a home in 2012, was that the experience and rules of buying a home have changed. We thought we were doing well with having high credit scores and plenty of money to put down on a property. All of this turns out to be not enough. So I would advise new buyers to be even more prepared. It really starts with finding a qualified real estate agent to assist you in the process and to arm yourself with some new tools.
Our agents have done a great job of arming us with comparable information and have been patient with us to find the right home. Select an agent who has at least 9-12 years of experience in the particular area you are property hunting. Ask friends and family for referrals is your best bet and have short interview them them to find someone who is easy to work with and knowledgable. Great agents will steer you clear of areas and properties that are a waste of time.
Two new tools that exist are zillow and redfin; keep in mind these don't replace agents. They are free apps you can install on your phone, tablet and computer to see local properties for sale and get the information you might see on a typical property listing (in the M.L.S.- stands for Multiple Listing Service). Plus these apps track information that can be hard to track down. Information might include: selling history, gas/ elec, comparative market analysis, and so on.
Another thing to consider, is if you are having trouble seeing the vision of remodel on certain properties hire an architect to consult with you to walk through your favorite properties. They can help you see the remodeled properties potential and give you ballpark numbers on construction cost which will provide you with more accurate information when making offers on properies. An architect can provide this service for simple hourly rate (rates range from $70- 150/hr) and get the level of detail you need to make an informed decision. If you need more information the architect can put together rough sketches of floor plans and elevations and/ or 3D model. They can provide you with the right tools to make the property into something that suits your needs.
My husband and I starting looking at homes that could be remodeled because we realized that the house flippers in the area were not doing us a convenience. (House flippers by homes that need work and do the minimum and put a little flash on them and then resell them hoping to make a profit). If anything we saw little value in what they did, and saw ourselves having to pay a premuim for their services. In the end we would have done the changes in more design sensible manners. Some of the house flippers bad examples were they added on rooms just large enough to considered a bedroom, added bathrooms or other rooms in layout that disrupt the flow of the home, choose really ugly landscaping and on and on....
Buyers are not properly prepared most often to see homes for their true value. Instead buyers often see 'finishes' and are attracted to 'granite countertops.' It is like judging a book by its cover in the end. You might have a fancy looking book. But does it function? Does it have flow? This is also where an architect can help you see the true house. A quickly drawn floor plan can be help client's walk through the home to see its incompetencies and assets.
Arm yourself with the right team, including real estate agent and architect, and the right tools will make the property buying experience much more pleasant. Oh and more importantly as much cash as possible......!
http://www.zillow.com/
http://www.redfin.com/home
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