A home is often the major financial investment you’ll make in your lifetime. For various first-time home buyers, searching for a home can impression overwhelming. After all, it’s a big decision, one that will affect your life for years to come. There are a lot of different issues to consider when looking at listings and it’s only natural to want to make sure that you’ve made the right choice.
The buying method is complex and takes time, and it’s easy to get off track. Having written priorities is a caring way to guide you through the process without forgetting some of the features that are important to you and your family. Your realtor will also need to understand your prioritized list. Understanding which features means the best will help eliminate houses that won’t work for you and compare the homes that will.
Here is a list of Important Features to Consider When Buying a House:
Location of the house:
The slogan “location, location, location” occurs for a reason. It’s the one thing about a home that you can’t alteration, no matter how much money or sweat equity you’re willing to put in. Therefore, it’s crucial to type sure you’re happy with it from the start. The location of the home within the neighborhood is also important to several people. Some people prefer a lot to close the main entry, while others like to be away from traffic and further into the development. If there is a garden, pool or recreation area, some owners would pick the closest available lot. Cul-de-sacs are favored by some, and some people like living on the chief boulevard. The conversation about your preferences, and question your realtor if certain lot locations bring a higher purchase price.
Shopping around for a mortgage lender is kind of like speed dating:
One thing I didn’t understand about mortgage rates? You have to visit quite a few lenders in order to find the best one, and each conversation is essentially like, “Show me what you got.” We arrived with our paperwork, waited while the lender observed over our credit, then walked away with some numbers to consider. It felt like speed dating, in a way, because we wanted to match our financial history with their top offer in the shortest amount of time possible—then move on to the good stuff. As newbies, our realtor also suggested that we go through ultimate lender costs and fees—details I hadn’t thought through—with a fine-tooth comb, just to make sure everything was legit.
Make sure you budget and plan for transitional costs:
If you’ve been taking a casual method to your finances up to this point, it’s time to formalize things. Start tracking your regular spending and compare it to your income. It might surprise you to find out where your money is going. That could motivate you to make some smart decisions about what to prioritize. For example, with a goal of homeownership, you may decide you don’t essential all those premium cable channels after all.
It is best to pay down as much debt as possible earlier applying for a mortgage. Also, keep in mind that just because you be suitable for a certain amount doesn’t mean that you can afford it.
Focus on what’s important to you. Don’t be distracted by the features you don’t need:
Focus on finding a home you can afford that meets your needs — but don’t get unfocused by shiny features that might break your budget. Nice-to-have features often drive up the price tag for things you don’t mainly value once the initial enjoyment wears off. Make a list of your basic needs, together for your desired home and for your desired neighborhood. Stick to finding a home that meets these needs, without buying additional stuff that adds up.
As far as what to place on that list, it’s best to stick to features of the home that can’t be as simply changed later on. Think about including things like a minimum number of bedrooms and bathrooms or whether or not the home has one outdoor space. Keep in mind, your “must-have” list is much dissimilar than your wish list. Wish list items are things that it would be nice for your novel home to have but aren’t deal-breakers. Make guaranteed to stay flexible when it comes to these items.
Take it slow:
Don’t let house-hunting fever become the best of you. Given the long-term flora of homeownership, impulse moves could substantiate costly, not only in dollars but emotions as well. To sidestep wasted money and lingering regrets, take a deliberate, logical approach to your home search.
- The age, style, and condition of home & appliances
- Number of bedrooms & Number of bathrooms
- You might be responsible for the property abstract.
- Your home inspection will find problems, no matter what.
- Keep a six-month strategic reserve after down payment. Stuff happens.
- Comparison shop to get the best mortgage.
- Maintenance mode
- Don’t be afraid to ask any and all questions.
Hold wild to your list of must-haves, stick to what you can afford and don’t overreach or settle. It’s no disaster to miss out on any particular house. Remember that you’re playing the long game. You MUST want to be happy 10 years from now.