Home buying is one of the most significant financial decisions you can make. It’s important to understand all the facets of the process and to be prepared for what might lie ahead.
Before you start looking at homes, you need to determine your must-haves and nice-to-haves. This will help you know what you should be viewing and will help keep you from becoming emotionally attached to a home that you can’t afford. You may also want to consider how your lifestyle needs could change over time and factor that into your decision making.
Your must-haves should include your preferred living style, the number of bedrooms and bathrooms you need and a good size yard for outdoor activities. Other important factors can include whether you prefer a one or two-story home, if you need a garage and how much storage space you’ll need. You should also think about the commute time to work and what amenities you would like in the neighborhood. Some buyers prefer a location near public transportation, while others find that they are happier with the peace and quiet of a cul-de-sac or an area farther from main thoroughfares.
Another must-have is to get pre-approved for a mortgage before starting your search. This is an essential first step and should be done before you meet with a real estate agent. Your lender will analyze your income and debt to determine what you can afford and give you a mortgage approval letter that you can take with you as you look at homes.
Homeownership is more attainable than you might think. By getting pre-approved, avoiding dual agency and shopping within your price range, you can set yourself up for success with this life-changing investment.
During the buying process, it’s easy to overlook important details like closing costs and other expenses. This is why it’s so vital to talk with a real estate professional you trust before you begin your search. They can walk you through the process and ensure that you are comfortable with all the associated expenses.
If you’re not comfortable with any of the associated costs, it may be a sign that this is not the right home for you. Choosing the wrong home for your long-term needs can lead to buyer’s remorse and wasted time and money.
While it’s impossible to have a list of everything you want in a home, you should still make one. Write down your must-haves, nice-to-haves and deal breakers to make the process easier. Then, when you are ready to buy, stick to your budget and find a home that fits your needs. Schedule a call with our housing experts at Properly today to get started!