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Before deciding
which house to buy, think about your lifestyle, your current and
anticipated housing needs, and your budget. Finding the
right house involves striking a balance between your wish list and the
reality of the housing market.
Your Wish List
When creating your wish list,
take a look at your lifestyle. For example, if you love to
cook, you'll want a well-equipped kitchen. If you love to
garden, you'll want a yard. If you want to work at home, you may
want a room for a separate library or home office. If you have
several cars, you may require a garage or parking spaces.
Write down on paper all the
things you and your co-purchaser, if there is one, would love to have
in your home. You can let your imagination take over, but
realize that you will have to cut the list back later.
As you think about your housing
needs, it's important to consider how long you may live in your home.
If you are newly married, you might not be concerned with a school
district right now. But you could be in several years.
Will you move then — or is the house you are looking for now is in a
neighborhood where good schools are available? If you have aging
parents, might they need to live with you in the near future? If
so, you may want to look at homes that offer living arrangements for
them as well as you. So, when preparing your wish list, factor
in both your current housing needs and what you may anticipate a few
years from now.
Your Home's Location
You need to think about the
home's location just as carefully as you do about the house features.
Identify what kind of neighborhood is right for you. Beyond
commuting distance to work, you need to evaluate the availability of
shopping, police and fire protection, medical facilities, school and
day-care, traffic and parking, trash and garbage collection,
recreational facilities, places of worship, and other community
amenities. Driving or walking around neighborhoods, looking at street
maps of various neighborhoods, and talking with people you know who
live in the neighborhood will help you better understand the pluses
and minuses of communities you are considering. Your buyer's agent
will also help you to determine the right neighborhood for you when he
or she counsels with you.
Type of Home You Want
You also need to figure out the
type of housing you want. Do you want a condominium or a
high rise? Or a town house or a detached single-family home?
In terms of construction materials, do you want brick, stone, stucco,
wood, vinyl siding, or another building material? Do you prefer
a new home or an older home?
If you have the time and money
to invest in fixing up a home, you may want to buy an older home that
needs some work. If you don't, you may wish to buy an older home
in which all renovations are complete, or a new home that offers
energy-efficient systems and modern materials
Balancing Your Wish List
No matter what your wish list,
you will need to balance the amenities you hope to get, your choice of
neighborhood, and the size and styles of homes available in your price
range.
Fannie Mae-Owned
Properties
You may also want to look at
Fannie Mae properties. Homes are available for sale in all
50 states. These are homes that have been foreclosed and are
currently owned by Fannie Mae. These homes are sold through
local real estate brokers, and not directly by Fannie Mae. Ask us
whether any homes are currently on the market in this category when we
speak to you. Some properties may require improvement.
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