There’s More to Buying Than Budgets
Listen, I’m not ashamed to say it. Before getting my license, I scoured the internet for “first steps to buy a house” and “first time homebuyer advice.” Every article started with The Five Biggest Mistakes or The Worst Things New Homebuyers Do. It sounded like a broken record of negativity. The only solid, but repetitive, advice was getting pre-approved for a mortgage, establish a budget, and work with a real estate agent.
Yes, all of these are important and necessary.
I get it. You’re tired of talking about today’s exciting new interest rates. You don’t want this to feel like another job. There is so much more to home buying than just finances, so we’re going to talk about setting yourself up for long-term happiness and satisfaction. This may be one of the biggest purchases of your life. Whether you’re looking for The One or The One For Now, these tips will help guide you to the ideal home.
Your Lifestyle
Let’s take inventory. Are you working from home, or will this be your sanctuary after a long day in the field? Will you be spending time exercising at home, on a trail, or at the gym? Do you have plans to house children, aging parents, or pets? Do you like to drive or would you prefer to walk to the grocery store?
Each of these questions will point you toward your ideal home. Working from home might mean needing an extra bedroom, while a jogging lifestyle might mean quiet streets. Becoming crystal clear about your needs vs your desires will help find a home that will really work for you.
The Neighborhood
I know we’ve all heard the same worn-out phrase - Location, Location, Location! As tired as it is, the phrase holds truth. A quiet neighborhood in the suburbs might look really lovely, but how close is the nearest store? A small house right next to your kids’ school would be incredibly convenient, but is the neighborhood known for car break-ins?
Sometimes the neighborhoods differ by only one block. One piece of advice I like to give clients is to drive through a few different times: once on the weekend, once at night, and once during the day. Map out your daily routes to work, to school, the grocery store, the gym, or any other regular need you might have. Every location has a give and a take, especially in high-demand areas.
Home Care
A big question you should ask yourself is if you want an existing home or new construction. New construction often needs much less maintenance in the beginnings of their lives, while existing homes will often need repairs sooner rather than later. Existing homes may also need remodeling or updating to suit your aesthetic needs, while new construction can be built to your liking from the ground up.
Every single home is different, and it is important to know your limits on what you are willing to take on. Just like adopting a pet from the shelter, each existing home will have its unique needs and quirks depending on its background and how much care it received in the past. Understand your desire to find out those needs and to care for them.
Future Plans
Beyond caregiving, let’s consider all your long-term plans. What phase of life are you in, and what do you want your new home to provide for you? There are so many different ways this can go:
A small starter home to build equity
A larger home for your kids to grow up in
A condo to retire in
If you’re just starting out, smaller homes or condos can be great transitions from apartment life to homeownership. If you already know you need more space, a bigger home to grow roots in may be a better fit. Understand your goals and you’ll know what you need.
Bringing It All Together
Just like your favorite set of legos, all these pieces will come together to help you find the right home. Get clear and realistic about your wants and needs. And one more piece of advice (please don’t roll your eyes):
Find Your People
Get pre-approved for a loan, but not with just anyone. Interview banks and mortgage brokers to find the right lending solutions for your needs. Every person is different, and not every loan fits. Find someone who can get you exactly what you need.
Working with a Realtor® can mean the difference between buyers remorse and comfort at home. Someone knowledgable, dedicated, and worthy of your trust will help you get there. Find your (real estate) person.
