Finding a new home requires time, effort, and money. At the same time, it can be exciting and fun. Whether you’re looking for a new home for the first time or not, there are things to consider and necessary steps to take to find your ideal home.
Sometimes, people trust their gut feeling and decide the moment they see their dream house. However, most of the time, it’s about taking time to observe and analyse before making an informed decision. In this article, we’ll give you some tips on finding the home you’ve been dreaming of.
1. Set Your Budget
How much can you afford? Before anything else, knowing the price of the house you can afford should be at the top of your list. It may include your income, savings, and the money you can borrow. Additionally, the budget should cover all essentials such as the actual price of the property, taxes, and additional costs. Hiring new home builders may cost more money, so aside from the offer, you should be able to pay them for the renovations.
2. Get Pre-Approved for a Mortgage
Once you know your budget for the house, getting pre-approved for a mortgage is a great way to secure your ability to purchase the house. It can give you an edge when negotiating the offer. Additionally, this will help you identify the amount you’ll be paying monthly.
Of course, when applying for pre-approval don’t forget to include the additional expense in your calculations, including property insurance, taxes, and fees for experts you’ll hire.
3. Identify Your Needs and Preferences
Before you start looking for a property, make a list of all your needs and wants in a house. Where do you want to live? How big or small should the house be? Do you need a backyard? How many rooms do you need? These and other essential things should be on your list so that you won’t have to visit properties that you won’t be able to consider.
In addition, having a list can narrow down your options, and you can save more time, effort, and money.
4. Get to Know the Neighbourhood
Aside from the location, another thing you should know about the house is its neighbourhood. Sure, you may have found a gem in your ideal location, but is it safe? Additionally, there should be nearby amenities, such as schools, groceries, malls, hospitals, and restaurants.
Aside from doing online research, you should drive around the neighbourhood to see what it offers. Besides, most of the time, online resources aren’t as reliable as the things you can see in real life. Once you see the place, take note of its pros and cons before deciding.
5. Hire a Real Estate Agent
Real estate agents know more information compared to the public, so hiring one can be more convenient. Meanwhile, hire a real estate agent who knows the area well and can consider your budget, needs, and wants.
Although most real estate agents have what it takes to help you find a new home, you should find someone who can guarantee that you’ll live happily in the place they’ve found for you.
6. Attend Open Houses
Once you have narrowed down your options, the next step is attending open houses. You can always look at virtual house tours, but visiting the actual place can significantly help you make an informed decision. Besides, you’re looking for a house to live in, so you should experience being there.
Aside from paying a visit to the property, you should also take pictures of the things you like and don’t like. As you know, sometimes people get overwhelmed when seeing houses for the first time, so you should be able to take a look at the essential parts even after the visit.
7. Check for Red Flags
As you know, when you visit an open house, everything is staged to provide the best possible way of decorating the space. However, instead of considering the current design of the house, you should look closer and see if there are any red flags.
Some of the things you should inspect are the foundation, pipelines, electrical systems, and other damages. These will help you decide if you can afford the renovations once you buy the property.
8. Consider the Future
How long are you planning to stay in your new property? If you have no plans of moving in the future, you should imagine the future living in it. For instance, if you’re planning to have a bigger family, is there enough space for an extension?
The changes don’t always have to be drastic, but there should always be enough room for some changes.
9. Negotiate the Offer
When you’re working with a real estate agent, negotiating can be easier, especially if you make a competitive offer. Of course, the asking price and current market considerations should be considered, but there should always be room for negotiations.
Final Thoughts
Looking for a home is one of the best chapters of your life. Although it requires a lot of time, money, and effort, it can also provide happiness once you’ve found the right one. If you want to discuss your house-hunting experiences, don’t hesitate to comment below!
