Has the time come for you to look for a home to purchase, but you're not quite sure what you are doing? If so, these tips can help you find your next home.
Create a List of Wants and Needs
One of the challenges of searching for a home is that there are so many homes out there and you need to narrow down your selection. It's important to have a plan of what kind of home you want to buy so that you can easily eliminate those that don't fit your criteria. You can do this by creating a list of wants and needs.
Your list of needs should be features that you absolutely must have in order for you to purchase a home. For example, you may need to have a covered garage, a specific number of bathrooms and bedrooms, or a certain style of home. Your wants are things that you would like to have but that aren't necessarily deal-breakers. This could include having a master bedroom with an attached bath, an open floor plan, or a finished basement.
Determine Your Price Range
Another challenge of shopping for a home is determining your price range since it is so hard to figure out how much you are willing to spend on a home. This all starts with getting a mortgage pre-approval, which will tell you the absolute maximum that a lender is willing to give you for a mortgage. From there, you can set an absolute upper limit for your search so that you know that you are not looking at homes you can never get a mortgage to pay for.
However, you're likely wondering if you should be looking at the upper limits of your mortgage pre-approval. It is important that you create a budget and know how much you are willing to spend on housing each month. You may be surprised that when you factor in the mortgage, property taxes, home insurance, and ongoing maintenance costs. Doing so will help you have a more clear idea of how expensive of a house you can actually afford.
Narrow Down Your Area
Now that you know what kind of home you want and how much you can afford, you need to narrow down the area that you are looking into. This may be based on how many miles you are willing to commute for your job, the local school district that your child will be going to, or even proximity to public transportation. Your realtor can help you find the right area based on the criteria you have in mind.
To learn more about homes for sale in your area, contact a realtor today.
