Q–My husband is receiving an important job promotion that involves a move to Memphis, but we aren’t certain of the effective date. It could be October, maybe later. Is it too early to start looking for a home? Should we sell our current home now while the market is strong? His employer has a relocation “consultant” who advises not doing anything until we are certain of the promotion date. Do you agree?
A–No. It’s never too early to begin browsing for an out-of-town home. Some of the Internet web sites to visit include realtor.com and www.homeshark.com to check home listings. To get preapproved for a mortgage, check out quicken.com, www.bankrate.com, eloan.com, and homebynet.com.
If you can take a long weekend trip to Memphis to get acquainted with the various neighborhoods and meet Realtors, that will be extremely helpful.
Q–I am a single “working girl,” age 27, with no prospects of imminent marriage. But I hate wasting money on apartment rent each month. However, with house prices so high, I can’t afford to buy a decent one. I have looked at several townhouses that seem like a reasonable compromise. Are there any pitfalls to avoid?
A–I’ll presume you are already preapproved for a mortgage so you know your price range. Townhouses are a combination single-family house/condominium. When you find one you might want to buy, interview the neighbors to find out what they like best and least about the complex.
Be sure to check on the soundproofing, because poor soundproofing is the number one complaint of condo owners. Also investigate the townhouse homeowner’s association to be sure it has adequate reserves and isn’t planning any special assessments. Ask about the percentage of renters. (If it’s higher than 25 percent, stay away.)
