Property Hunting Tool Kit

You have probably heard that current inventory of homes available is at a high level, and prices have dropped.  That being the case, some savvy property hunters are out there looking for great deals.  Even though the extraordinary percentage of foreclosures and short sales poses special challenges for prospective buyers, some things don’t change.  One of those things is that buyers need to get into a property to make an educated purchase decision.

So, suppose you already have a great Realtor who has already helped you narrow things down and pick maybe a dozen or two top choices.  Furthermore, that Realtor has already made appointments for you to see some of these homes.  What things do you want to bring with you when you go?

Comfortable clothing, including shoes!  Sometimes you don’t have a lot of choice  in the matter — perhaps this is an impromptu viewing after a particularly good out-of-town job interview — but remember that it could be a long day.  There could be all kinds of surprises.  Would you rather face it in a suit and dress shoes, or a pair of machine washable pants and sneakers?  Don’t forget that you will almost certainly be looking at a lot of back yards too, so remember your sunscreen.

Measuring Tape.  I recommend at least 12 feet, but 25 feet is better.  Sure, the MLS says the room is 10′ X 12′.  It probably is pretty close to that. But is there enough room between the door and the window to fit a particular piece of furniture?   Would you rather find out now, or on moving day?

Flashlight.  Some of the homes you see in today’s market are likely to be vacant. Some of those vacant homes will not have the power turned on.   Some rooms, including the garage, will not get as much daylight as you might like to have for looking around. Even if the home has power, you might want to look around a crawlspace, attic, or some other inadequately lit space.

Clipboard and Pen.  You may see a lot of homes in the course of a day.  Even if you rule the majority of them out, you will still want to take some notes on your favorites such as “carpet must go” or “is 3rd bedroom big enough?” or “have inspector check kitchen window for leaks”. Ideally, you can write your notes on the MLS sheet your Realtor gives you.

Digital Camera is Optional.  Unless, of course, there is a decision maker that cannot be with you!  Some Realtors are hesitant to take you out in such a situation, but many times it is unavoidable. Pictures can make your remote “other half” a real part of this important situation.  Go ahead and take lots of pictures of your favorites.  You can email them to friends, family, or whoever. You will be glad you have these pictures a few weeks later when you are trying to remember whether there was wallpaper in the hallway.

Pre-Approval Letter from your Lender, and a Checkbook.  These days, you can’t make an offer on a house without a letter that says your mortgage is ready to go.  And you certainly can’t make a purchase offer without an Earnest Money Deposit, or EMD.  Sure, you don’t need these things physically with you, but you need to be able to lay hands on them within hours.

Your brain.  It’s easy to fall in love with a house.  It’s also a potential path to disaster.  You can be emotional about your home, but you should not be emotional about your investments; and a house is a huge investment.  People who make this decision based on too much emotion and not enough reason tend to overlook problems and pay too much money.  Look at it with critical eyes, and remember that there are many others for sale.

Good luck.  I’m here to help!

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