House hunting

House hunting is a big deal. We have been doing it seriously for the past month now. Even put in an offer for one of the houses, but the seller was demanding much more in the counter. The things I have learnt from this gig till now :-

• Narrow down your requirements. This is the most important phase, and you can only do this once you have started looking at some open houses. Some things might be important and some things might be unrealistic, so do your best to be practically demanding.
• Do not go by the cosmetic looks of the house. They can be flipped. Though you have to be comfortable with the degree of upgrades you are doing. If it is just changing the kitchen cabinets or counter-tops, it is huge money, less effort. However if there are roof and structural changes, you better keep away. Bottom-line, DON'T LOOK AT A VERY OLD HOUSE.
• Evaluate the fair market value of the house. You might have to pay a premium if you really like one, but that premium must only be paid if you are going to stay in that house for quite some time. Seller agents might fake the number of offers, so use your judgement.