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Step 4: Starting your home search.
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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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