We are almost through three months of 2022...crazy right? Time sure does fly by. You may be thinking "I better hurry and buy a home", but have no idea of the process or the steps to take. Well here is a quick guide to 5 important steps that will make your home buying experience a bit smoother and will hopefully translate to a successful search.
Let's dive in...
1. Start with Getting Pre-Approved
So you are serious about purchasing a home? Start with a pre-approval for a mortgage. Speaking with a lender will clarify your purchasing power and help determine what steps must be taken to secure funding. It is vital that sellers know you have the ability to purchase, offers without a pre-approval are not likely to get any attention. So do yourself a solid and get your financial house in order...your "future self" will thank you.
2. Connect with a REALTOR®
The process of a home purchase can be quite challenging and you may find yourself in rough waters with contractual issues, timelines, and access to quality homes. To navigate these waters work with an experienced REALTOR® who can guide you and help make the voyage smooth sailing.
But choose wisely! The market is saturated with folks who "have a real estate license". Friends and relatives may seem like the logical choice...but that is usually the biggest mistake you can make. It is always best to put your wallet ahead of feelings.
What you are seeking is an agent who is well educated on your target area and the market in general. Some things to ponder:
Has your agent of choice completed advanced training and certifications?
Do they have a network of industry peers that can give you an advantage when buying or selling?
And most importantly... do they take the time to understand your specific needs?
As with choosing a home or lender, due diligence is your best friend when choosing an agent to work with.
3. Identify "Wants" vs "Needs"
So you have been prequalified and you have an agent to help guide the way. But what do you really want? What do you really need? Are you buying a starter home (implying you intend on outgrowing the home), or are you securing your final destination? It's best to prioritize your family's desires in a clear manner that allows you to make decisions void of emotion. .
You may want a three car garage, but you may need a fourth bedroom. The family may want a pool, but you may need to have a single story home. Determine what is most important and then add on some "it would be nice to have" features. Functionality is the key, without it a home is difficult to live in.
4. Research Neighborhoods
You have found the perfect home. It has the right floorpan and the yard is amazing. You are ready to write an offer and move-in. But hold on...you also need to consider the street it's located on, the subdivision, and the neighborhood as a whole.
Do you enjoy the drive to the house? Do you like the closest shopping options? Is it located near activities your family enjoys? Do you cringe at the sight of the neighbor's home? All things to consider.
Your surroundings should bring you as much joy as the house itself. Everyday you will be driving through the area or utilize the services. So be sure it's something you can live with for a number of years. If not, frustration and avoidance may set in. So drive the area at various times of the day and get a sense of how you feel.
Choose wisely my friends!
5. Record Your Thoughts
Most likely you will visit many homes when searching for your next castle. After a while it may become difficult to remember a specific feature of a home or the emotions you felt when walking through the floorpan. So keep track of your visits.
Take notes, take notes, and take more notes. Carry a notepad or utilize the voice recorder on your smartphone. These emotions and thoughts are vital to how you will connect with the home over the years of ownership. It's very possible in the current market that you will only visit a home once before submitting an offer, so be sure to document as much as you can to make your review and analysis a bit easier.
Final Thoughts
Purchasing a home is a big leap and requires some very important decision making. Hopefully these steps will provide you and your family some insight that will help in the process and give some reassurance that you are choosing wisely. As a buyer your main focus should be minimizing risk by going through the process of due diligence...follow these steps and you will be on the right track. Happy house hunting!
If we can be of service in any way please don't hesitate to reach out!