Are you in the market for a new home? If this is your first time searching for and buying a home, take a deep breath. It can be an overwhelming process. If you are a veteran in home buying, you know the time and effort involved. Luckily, and regardless of where you fall on the purchasing spectrum, you can make it easier on yourself by being judicious in your decision-making and avoiding rushing to the final outcome. Take your time and think with your wallet as well as your dreaming heart. Follow these tips to get started.
What Type of Home Are You Interested In Buying?
Knowing what type of home you are interested in will help weed out some prospects and steer you in the right direction. It is important to understand the differences, as well. For example, it is good to learn about attached vs. detached homes before you even begin looking to help you clarify your intent.
With so many choices before you, the process can quickly become overwhelming. Use this quick checklist of questions to aid in narrowing down your home preference options.
- Do you want a freestanding home?
- Do you want a backyard?
- How do you feel about HOA (homeowner’s association) fees?
- Do you want an attached garage?
- Do you want a basement?
- Will a townhome, condominium, or apartment suit your lifestyle and budget?
- Are you interested in lawn care and snow removal?
- Do you need more space for your kids and pets?
Once you have the answers to these questions, you can begin to move forward in your house-hunting adventure.
Are You Willing and Able to Fix Up a Home, or is a New Build Ideal?
Most people want a brand new home with all of the latest upgrades, updates, and technology, in addition to the use of the most current building practices. For others, older homes that exude charm, character, and history are right up their alley.
Regardless of which era and style of home you gravitate toward, you should determine whether your financial health can weather any major or minor updates or renovations to an existing home. With a new build, everything should be in top condition, without the need for repairs or updates when you move in. However, there may be some things you would like to change, and that will cost money. As for older homes, any number of things could require you to pay out large sums of money to bring things up to code, to modernize the space, or to make the home the way you want it to be.
One of the most important things you must do for every home you intend to put an offer on is to have it inspected. This applies to existing homes as well as new builds. You can always use your realtor’s home inspector, but whether you use that individual or find your own, you need to ensure they are licensed for the work they are about to do. And make no mistake, they are not actually doing any work on the home, per se; instead, they are inspecting the home to determine if anything is broken, damaged, or outdated and needs to be repaired, replaced, or rectified.
Pro tip: You can walk through the home with the inspector to learn more about what they are finding, gain access to areas you might not be able to enter on your own, and actually see what they will document in the report. In addition, they are generally not allowed to move furniture, appliances, boxes, or artwork away from the walls or doors, so you should ensure your realtor requests ease of access and removal of personal items before the inspection begins.
A Few Other Things to Take Note Of
Once again, the homebuying process can be complex. Not to add more on to your already long list of things to do, but here are some more to consider. As you are looking for a home, you might find the most amazing home with land that seems to run on for miles. The caveat is that it is in the middle of nowhere. You were hoping your kids could ride their bikes to school. Now you need to reassess your priorities.
It will help to write down those priorities before you even begin looking. Here are some talking points to keep in mind.
- Is proximity to schools important?
- Is proximity to elementary, middle, and high schools important?
- Are the schools rated to your satisfaction?
- Are there good parks nearby?
- What are the crime statistics for the neighborhood, community, and city?
- Is the neighborhood safe for kids to play and to walk the dog in the morning and evening?
- Is public transit available? Does it run on time?
- Are there other similarly-aged kids in the area?
- Is healthcare available in the area?
- Where is the nearest emergency department? Do they take your insurance?
- How close are you to your work?
- How far away are basic amenities, such as a pharmacy, grocery store, shopping, gym, entertainment, restaurants, etc?
- Are there public libraries nearby?
Your list of questions and determining factors will look different from everyone else’s, maybe even your partner’s. The best way to build a list is to jot down a column of wants and needs. Populate these lists by thinking about your daily lives in your current home. Do you find it frustrating to drive 45 minutes to reach the closest emergency department? Are the parks near your home great for your morning run? When you set out your priorities for a good life, you will find a great home and location by eliminating at least some barriers.
Whether you are looking for an attached home, a new build, a log cabin in the woods, or a mansion, it is important to have a goal in mind to make the search for a new home less stressful and more enjoyable for everyone involved.