The Art of House Hunting (Part 1)
Before You Begin
Depending on why you've entered the market, finding the perfect new home may feel like an exciting adventure or an overwhelming task. Often it can feel like both!
Visiting the first few homes is exciting - a game of "imagine if" that you can play as you picture yourself in each home. But that novelty fades fast. If the search goes on too long, it can become just one more thing you have to do on the unending list of to-do's we all have.
It doesn't need to be difficult! With just a little preparation, and the assistance of a qualified real estate professional, you'll be able to quickly narrow your search to exactly the right homes. Even better, you'll know exactly what to look for when you visit them.
Make a Budget
First, determine what you are willing to spend in total. This process can look different for each person. The amount might depend on the sale price of your current home, the amount you have in savings, or your regular monthly income. It could be all three!
Next, estimate your home-related expenses: Homeowner's Insurance, Property Tax, Mortgage Fees and Interest, and applicable Closing Costs. Depending on your situation, you may also need to consider relocation costs.
Finally, subtract your anticipated expenses from what you are able to spend. The amount remaining is the amount you have to work with.
(At this point, you may also want to meet with a lender if necessary. Not only can they help you with your budget, a pre-approval letter from a reputable lender is a great advantage when you find the home you want.)
Identify Your Needs
Every family is different. What is unimportant for a pair of empty-nesters may be absolutely necessary for a young family of four.
Ask yourself the following questions:
- Am I looking for a single family home, a townhouse, or a condo?
- How many bedrooms and bathrooms do I need?
- How much space (square footage) do I need to be comfortable?
- Are there particular school zones I require or want to avoid?
- How many dedicated parking spaces do I need?
- Do I or my family have any accessibility requirements?
Establish Your Dealbreakers
These are the features or amenities you are unwilling to compromise on. What they are will be unique to each person.
Here are a few examples of common dealbreakers:
- Private garage or parking
- Yard size or outdoor living space
- Maximum commute time
- Public water or sewer access
- Busy or high speed local roads
- Subdivision or highway access
- Boat or water access
Now, do you know exactly what you are searching for? Great! By only visiting homes that meet your criteria, you will drastically shorten the length of your search and the time you must invest.
Watch for my email next week, where I'll discuss what to look for when you start visiting homes!