Homework Before Home Buying

Purchasers scared by stories of spiraling prices - which often change from week to week - are snapping up new homes with an almost indecent haste. And, contrary to popular opinion, this method of buying doesn't sit well with reputable home builders.

Many people spend only two or three hours selecting a home on their first visit to a site before coming back a second time to sign on the dotted line.

Too many people later regret this type of purchase. Not fully understanding their contract or the current construction situation, their expectations are too high and their dream home turns into a nightmare.

Established builders want satisfied customers. Word of mouth is the best, or worst, advertisement for their products. So if you are buying a new home for the first or even the second time how should you go about it in today's torrid market?

Look at the community. Check with the municipality. Knock on doors of people who have already bought homes in the subdivision.

If it is a brand new subdivision where houses have not yet been built, locate a subdivision previously constructed by your builder. Go there and, again, knock on doors.

It is important that purchasers check with the municipality before signing on the dotted line. Building department inspectors can provide them with a lot of information.

Inspectors usually know the location of subdivisions previously constructed by the builder and will also tell you what amenities are available near your new home and the zoning for adjoining land.

Are there schools nearby? What type of recreation and shopping is available or planned? Inspectors can tell you.

Taking a little time will save you from some nasty surprises. Choosing your builder is important. In the past few years there has been a large increase in builders entering the Metro scene to cash in on a lucrative market.

One reason for today's panic buying is the fear that prices will increase if a purchaser delays making an offer. There is no need to panic.

It is always good to discuss your builder's offer with lawyers so they know what they are getting into. Choose lawyers who specialize in real estate. All this is good, solid advice. Buying a home is the most important investment most people will make and buying the right home will maximize that investment.

Take your time - you're not buying patio furniture...