5 Home Hunting Steps
Whether you’re a first-time buyer or a seasoned homeowner, shopping for a new home can feel daunting. Buying a home is a commitment of time, energy, and money. A home purchase has the power to improve both your current quality of life and your future financial security. Follow these five steps to assess your priorities, streamline your search, and choose your next home with confidence!
STEP 1: SET YOUR GOALS AND PRIORITIES
The first step to finding your ideal home is determining WHY you want to move. Do you need more space? Access to better schools? Less maintenance? Or are you done renting and want to build equity? Identifying the reasons why you want to move can help you assess your priorities for your home search.
Don’t forget to consider how your circumstances might change over the next few years. Do you expect to switch jobs? Have more children? Get a pet? An ideal timeframe to consider meeting your and your family’s needs are at least the next five to seven years.
STEP 2: DETERMINE YOUR BUDGET
Getting pre-qualified or pre-approved for a mortgage BEFORE you begin shopping for homes will give you a much more accurate idea of how much you can borrow. Add your pre-approved mortgage amount to your down payment to determine your maximum purchasing potential.
STEP 3: MEET WITH A REAL ESTATE AGENT
You may think that the VIP service we, as agents, can provide is expensive, but technically we represent you throughout the entire home-buying process at NO COST to you. It’s true! The home seller or listing broker pays the buyer agent fee at closing. You benefit from time, experience, and efficiency without paying a fee.
A good real estate agent can remove much of the stress and uncertainty from the home-hunting process. From setting goals to securing a loan to selecting the best neighbourhood to meet your needs, they should be there to assist you every step of the way. No one has more access to home listings, historical sales data, or market statistics than a professional agent. We can set up a customized search that alerts you as soon as a new listing you might like goes live.
Although I’ve listed it here as STEP 3, the reality is it’s never too early or too late to contact an agent about buying a home. Whether you plan to buy today, next month, or next year, there are opportunities for an agent to add value to you and your search for the perfect home.
STEP 4: CHOOSE A LOCATION
WHERE you choose to buy is just as important as WHAT you choose to buy. Many influences may support your decision. Do you prefer a rural, urban, or suburban setting? How long of a commute are you willing to make? Which neighbourhoods feed into your favourite schools? These decisions will impact your day-to-day life while you make your house a home.
Another important factor to consider is how the area will likely appreciate over time. Choosing the right neighbourhood can raise the profit potential of your home when it comes time to sell. Who doesn’t like communities that are well maintained with high home-ownership rates, low crime, and access to good schools, desired retail establishments, and top employers?
STEP 5: DECIDE WHICH FEATURES YOU NEED VS WANT
Start with the basics, like your ideal number of bedrooms, bathrooms, and square footage. Do you prefer a one-story or two-story? Do you want a swimming pool? Keep in mind you may not find a home with all your “wants” or even all of your “needs.” In reality, most of us must make a few compromises when it comes to buying a home.
Some buyers will opt for a longer commute to get a larger, newer home in the suburbs. Others will sacrifice hardwood floors or an updated kitchen so their kids can attend their desired school. If you’re faced with a tough choice about how or what to compromise in your home search, return to STEP 1. What were your original goals and motivations for moving? Remind yourself of your priorities, which can often provide the necessary clarity.
Let’s get started! Call me today and schedule a free discovery consultation!
