My column from the May issue of the Shenandoah Valley Business Journal...

Between 2003 and 2006, buyers were stumbling over themselves to buy real estate – it was a fast and furious time, and buyers didn't have time to stop to think about their purchase. Since 2007, home sales have slowed to a more normal pace (or sub-normal pace, depending on your perspective), and this has once again made room for the buying process to be a more rational, thoughtful endeavor.

CONSIDER THE OPTIONS – As a buyer, you can and should take the time to consider all possible properties that may fit your needs and wants. Sometimes these needs and wants become clearer as you start to look at possible homes and further understand what would work or not work for your situation or circumstances.

EVALUATE SCHOOLS – Everyone has their own opinion about which schools are good, great, or the best – and these judgments are based on many criteria such as test scores, class size, etc. A great resource for evaluating or comparing schools is greatschools.net, a comprehensive web site with data on area K-12 schools.

DETERMINE ZONING – Depending on whether you are buying a home in a subdivision or an open tract of land, it will be important to check the zoning for the property. Zoning can affect important aspects of how you use and enjoy your property.

SEARCH FOR DEED RESTRICTIONS – It is best to know about any covenants/restrictions, easements or right-of-ways before making an offer on a property. All of these items can be found with a quick search of the recorded court documents to pull the most recent deed that conveyed the property in which you are interested.

ESTIMATE LIVING COSTS – It may be worthwhile to compile information on utility costs, commuting costs, and more as you consider the purchase of a particular home, or as you compare homes in different locations or with different building characteristics. After all, it's not just the mortgage you'll be paying each month!

EXAMINE NEIGHBORING USES – As they say, real estate is all about location, location, location! Thus, it is crucial to understand the properties surrounding the home you might purchase, and how the permitted uses of such properties might affect you in the future.

DETERMINE CONVENIENCE – Many buyers don't conduct this step in a highly methodical manner, but it can be helpful to run down a list of common destinations to compare their location to where your potential new home is situated. Examples include: office, schools, grocery store, gas station, friends' homes, family's homes, church, recreational facilities, etc.

ESTIMATE UPGRADE COSTS – Unless that home is exactly how you will want it for the next year or two, it would likely be helpful to develop a short list of anticipated upgrades or changes. Once you have priced out the materials and/or labor for the improvements, you can assess how quickly you will be able to make the changes.

RESEARCH MARKET VALUE – A "Comparable Market Analysis" isn't only for a seller --- by looking at properties that have recently sold that are similar to the home you might purchase, you can better understand what a reasonable offer would be on the property.

INSPECT HOME, WATER & SEWER – Once an offer has been made and accepted on the property, several formal steps may/should take place. These may include a home inspection, well/septic inspection, a radon test, a termite inspection, or more. Permission to conduct these tests and to negotiate based on their results needs to be included within the sales contract – so as you are considering a particular property, be thinking about what types of formal inspections you may want to conduct.

Buying a home doesn't need to seem like an overwhelming task – but it is one that that deserves an intentional, thoughtful decision making process.

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Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com