For most people, a house is a significant purchase. You want to purchase residential real estate you'll enjoy living in, and that will also sustain and hopefully grow in value. Look for things that can add to, or take away, value in your property.
Pick the right residential real estate location: Find out about the neighborhood. Is it in demand? Are there grocery stores, shopping, and good schools nearby? The “Neighborhood Profile” feature is a great place to start. It gives you important details such as population in the area, average incomes, crime rates, and types of housing nearby.
Get the right residential real estate features: You want features that you like, but it’s good to buy with your property’s resale potential in mind. To find out which features are in demand, browse the local residential real estate ads and see which ones are mentioned frequently.
Check the condition of the home or real estate: Is the roof leak-free? Are there termites? Is the electrical work up to code? Issues like these can add costs after the purchase, so make sure to know about them ahead of time. Consider using a professional inspector who is trained to see things you may not.
Get answers from the seller: Ask the seller or seller’s agent about the residential real estate property. Consider making a list of your top 10 questions. Some states may require that the seller deliver to a buyer a specific form of disclosure statement.
Conduct a home title search: A title search is usually performed by a title company or an attorney, who examines public records to determine the property's legal ownership, loans on the property, and property taxes due. The company or attorney will also find out if there are any liens, which are claims against the property by debtors, or any easements, which give rights to anyone other than you to make limited use of the property, such as for right of way. If there are issues with the title, discuss them with the seller.
