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Show Finding jixsl tle riglxt, home for you. . . . " " - ;7 I ' I - , , 4 ' i V '4 Searching for the right new home or condominium can be a sharp pain in the neck. After all, the newly built homes or condos aren't all in the same spot. They are at different locations, in various configurations, con-figurations, of a variety of qualities and selling for different prices. And there is a large variety of financing plans. Instead of one clear picture, it's a kaleidoscope. So John E. Thill, a veteran of selling residential units, detailed the best way an individual or family can go about finding the unit to meet its needs and dreams. He said that the home seeker should approach his quarry (the detached single-family single-family home or condo) in a scientific fashion. The first step in looking for a house or condo may be obvious but a lot of people overlook it. "Find out what you really can afford," he said. "It's a good way not to waste time with units you can't afford." Thill estimates that people prudently can spend from 30 to 35 percent of their gross monthly individual or family income to buy a unit. "It all depends on how many overall financial obligations you have," he said. "The 30 percent to 35 percent range is designed not to get you in over your head." The monthly payments, of course, don't include a down payment that is usually required. The down payment situation for a first-time first-time buyer is different than for a repeat buyer. A repeat buyer normally has the equity from a previous house to use as a down payment for the new unit. And a larger down payment can cut down monthly payments. But Thill said the situation isn't all that bleak for first-time buyers. "You have to figure out what you can pay," he said, "in many cases the down payment is 5 percent to 10 percent, so a $100,000 unit will require from $5,000 to $10,000. "That isn't chopped liver. But the way rents are now going, using this for a down payment isn't that huge." The next step to determine is what type of home you want or can afford. "Think about whether you want a detached home or a condominium and how many rooms you need," he said. "Some people need several bedrooms because of the size of their present or planned family. "Many others can get by with less." The next thing is to consider the location. "This is to be thought about in conjunction con-junction with what you can afford," he said. Once you have qualified financially, determined the size of the unit you're looking for and pinned down a general location, the next step is to consult the media. "I think the best source to look at is newspapers," he said. "Check out the newspaper ads to find our where various developments are. Then discard the developments you aren't interested in and take down those that you are strong on." THE SEARCH - John Thill makes a checklist while helping Christina Buxton evaluate potential homes. CXS photo by Ian Dryden. The overall procedure then turns to legwork. "There's no real shortcut to this," he said, "you have to go out and look at a lot of developments, "you've got to see them firsthand." Thill said that before anyone goes out and starts looking at developments, he should make a checklist. "The purpose of the list is to make sure that you get all the necessary information at each project," he said. The checklist should include things about each development such as its name, the price range, the financing packages, the down payments required, whether the mortgage rate is fixed or variable, the mortgage rate and the amount of the closing costs (fees required to complete the sale.) Prospective buyers also should jot down on the list their impressions for each development about the quality of the floor plans, the parking situation, how far the development is from work, shopping and schools, how they feel about the value of the buy and whether they would feel comfortable living in the neighborhood. |