Finding the Home or Property of Your Dreams
Buying your first home can be an exciting and overwhelming process. Though there are plenty of homes and properties on the market, narrowing down the options to find your dream home may seem like a stressful task! Fortunately, there are many things you can do on your own to help you find the home or property you’ve always dreamed of.
Before you begin contacting an agent or scheduling open-house appointments, you should do some thinking and planning on your own to help you determine the elements you expect, need, and prefer in your dream home. Here are some things to consider when finding the home or property of your dreams:
Budget. Before you do absolutely anything, you should figure out your finances and determine a realistic amount that you are willing and able to spend on a home. Figure out your monthly and annual income, your monthly expenses, and how much you can spend on a monthly mortgage payment. You should also figure out how much money you have available in the bank to make a down payment, which will help lower the amount on your monthly payments. From here, you can also determine how much financing assistance you qualify for, including loans and interest rates. Your budget will be one of the biggest factors when finding your dream home.
Location. Do your research and find the neighborhood and location you’re looking to be in. Look at hospitals, schools, proximity to stores and restaurants, your commute to work, crime rates, and other things you may be looking for in a neighborhood. You should also look at the housing market in your desired location to see if it fits your budget.
Requirements. List the things you need in a home, like bedroom or bathroom numbers. How many people will live in your home, and do you anticipate that number growing? If you have pets, do you need a backyard for them? What about parking, are you okay with street parking, or do you need a driveway or garage? Think about those must-haves and what you can’t compromise on.
Preferences. Note that these are things you would like to have, but not things you need. For example, you may want a pool in your backyard, but do you need it? What style of designs do you prefer? Would you like an office, study, or playroom? Be ready to be more flexible on your preferences.
Renovations. Once you’ve established your budget, area, requirements, and preferences, you should see whether or not that means you can buy a move-in ready home, or if you’re more suited for a fixer-upper that may need renovations. Though a move-in-ready property is certainly easier, buying a fixer-upper allows you to customize your home to your preferences with a lower price tag than a move-in-ready home. If you are not willing to put in the time to renovate, you should reconsider some of the other elements you’re looking for in your dream home.
Open Houses. Go to as many open houses as you can to get a good feel of the home. Remember to remain flexible, and be open to making easy or large changes, if necessary. Try not to overwhelm yourself with too many open houses in a day, and take notes on each house in a journal to keep track of what you loved in each property.
Finding an Agent. Hire an agent to help you! There’s a lot of paperwork and jargon you may not understand, and they will help guide you through the process and make recommendations based on the experience they have in the industry. They’ll also help you find homes, negotiate prices, and read through contracts, and represent your best interest throughout the entire process.
The team at Guarantee Abstract Co. is committed to helping you find the home you’ve always dreamed of. We are experienced in real estate title and closing services while working with all of your sellers, buyers, lenders, and real estate agents. We know how stressful buying a home can be, and we’re here to lend support as best we can. Let us do the hard work, so you can focus on finding your dream home! Visit our website for our contact information to get started TODAY!