Wednesday, December 31, 2014

House Shopping Scorecard

I made a scorecard today. I know I'll get into a house and forget what important things to look for. Not the common things, mind you, the hidden stuff. The idea is to score based on 1-3 with 2 being neutral.

Here is the list I came up with. Keep in mind this is specific to our needs based on our current location and situation.

About the Price:
Asking price (Total)
Asking price (Square Foot)
How much did seller pay?
How much does seller owe?
Comparable sales value
How many offers received?
How many days on market?
Real estate taxes
Water bill average
Electric bill average
HOA dues and frequency
Extent of HOA

About the Condition:
Year built
Number of stories
Square Footage
Lot size
Number of bedrooms
Master bedroom size
Has one isolated room for music studio
Number of bathrooms
Front door faces South
Living room
Dining room
Kitchen
Cabinets
Countertops
Modern open design (Y/N)
Interior illumination/Natural lighting windows
Closets condition
Master bedroom closet size(s)
Laundry space
Storage space (will HOA allow a shed)
Attic storage
Covered patio
Pool (none, included, or community)
Fence overall condition
Landscape condition (lawn)
Landscape condition (flowerbeds)
Trees and shrubs condition
Wood frame, Brick & Wood frame
Roof age (good for 15-50 yrs)
Walls and attic insulation
Refrigerator replaced (Y/N-date)
Oven/Range replaced (Y/N-date)
Dishwasher replaced (Y/N-date)
Microwave replaced (Y/N-date)
Garbage Disposal replaced (Y/N-date)
Plumbing replaced (Y/N-date)
Sump pump/drainage replaced (Y/N-date)
Gas lines replaced (Y/N-date)
Water Heater replaced (Y/N-date)
Water heater adequacy
Electrical replaced (Y/N-date)
A/C replaced (Y/N-date)
Thermostat replaced (Y/N-date)
Security replaced (Y/N-date)
Fire alarms replaced (Y/N-date)
Chimney sweep cleaned (Y/N-date)
Rain gutters cleaned (Y/N-date)
Water sprinkler system
HVAC ducts cleaned (Y/N-date)
Pool pump replaced (Y/N-date) if any
Upgrade to Storm windows? (Y/N-date)
Garage door opener replaced (Y/N-date)
Exterior illumination
Ceiling fans updated (Y/N-date)
Window coverings
Hard flooring
Carpet and pad (If any)
Aluminum siding?
Exterior condition
Garage capacity
Heat is Gas or Electric?

About the Location:
Clean streets
Neighbors' property well maintained
Flooding
Loud noises (traffic, highway, animals, etc)
Bad odors
Train tracks
Open drainage ditch
All utilities installed out of sight
Area zoned residential
Nearby industry
Proposed special assessments
About the Location:
Garbage collection
Street lights
Streets and alleys well maintained
Heavy air traffic
Foot traffic from nearby schools/stores
Neighborhood traffic
Speed bumps/low speed zone
Community rating
School rating
Convenient shopping
Parks
Minutes from Dad's work
Minutes from Mom's work
Elementary School
Middle School
High School
Vicinity to Asian community for my wife
Neighborhood demographics

Tuesday, December 30, 2014

House Hunting Begins this Weekend

With the holidays finished we can finally get an idea on where our bottom line is financially.

In previous months it looked like we would be financially ready to start house hunting mid first quarter 2015. However, when considering the amount of time it takes to find the right house and close on it, now seems like a good time to get the wheels rolling on the house hunt.

Our pre-qualification letter expired a few days ago. I just got back from the lender. I had to give them our most recent bank statements and pay stubs. They will email a new pre-qualification letter to us and the realtor in the next day or so.

Since the realtor is next door to the lender, I stopped by to put our names back on their radar.

We can continue to save until we close. Meanwhile, let the house hunting begin.