Touring New Home Developments Selecting a home from the many options offered by developers can make you feel like a kid trying to pick cereal from the supermarket: there are a lot of choices and they all look good. But by following six simple tips as you tour a model home, you're sure to pick one that's a prize. 1. Checks and Balances Know how much money you can spend before you begin looking at houses. As a rule-of-thumb, the total cost of your home should equal about 2 ½ times your household's annual gross salary. It's also a good idea to pre-qualify for a loan. Your potential lender will take a look at your credit history, outstanding debt and income and let you know how much of a loan they are willing to extend. By understanding your price range during the process, you avoid the risk of falling in love with a home you can't afford. 2. Research, Research, Research It's been said the first rule of real estate is "location, location, location." The cardinal rule for selecting a developer is learning about their building record. How well do their homes hold up over time? Do they use high quality building materials? How do people who live in a developer's home feel about the company? If a developer seems hesitant to provide buyer references, beware. 3. Know Thyself Your perfect home will be the one that fits best with you and your family's personality. Are you an avid chef? Do you entertain guests often? Are you planning to expand the size of your family? Do you need a home office? Make a list of "must-have" features and share them with the developer before you begin touring homes. That way, you save time by only seeing floorplans and designs that accommodate your lifestyle. 4. Take A Picture. It Lasts Longer. With the average home buyer looking at 15 homes before making a decision, it help to have visual cues after the tour is over. Bring an instant camera and take shots of each room from various angles. (It helps to keep notes as well.) Request brochures for every model. And don't forget to take your list of "must have" features so you can grade each home along the way. 5. A Penny Saved Isn't Always A Penny Earned Be judicious when selecting fixtures, appliances, and materials for your home. Money that you save in the short-term could cost you time and money later in terms of repair, replacement and remodeling. Make sure appliances are brand names you trust and come with warranties. Using a high-quality building material like wood to frame your house will allow you to make repairs and build additions with relative ease. Other materials, such as steel, are often complicated to work with and require tools and skills that the average do-it-yourselfer doesn't have. 6. Time Is Not of the Essence Don't rush into making a decision. There's no pressure to snatch up one model because someone else may bid on it. Take your time to make sure that the home you're excited about is everything you and your family need it to be.