Buying a property is a significant financial decision that requires considerable effort and time. You can expect to view a lot of properties, weighing them up against each other to finally settle on the place you’re going to spend almost all of your free time for many years. With that in mind, there are some key things you should consider as you start to think about how to pick the right house. Begin by creating a list of criteria to guide your decision-making, and revise it as you search for properties, as your expectations may change or require adjustment.
1- Location
Start by choosing the perfect location. Research the areas you’re already interested in, and also consider other nearby neighborhoods to figure out which ones you like the most and which ones you want to avoid. Don’t just pick a general area; narrow it down to specific streets or communities, because some areas are better than others. Take a walk around each neighborhood you’re interested in to get a feel for the place and see what the properties are like, and how much traffic there is. This way, you can find the ideal location that meets your needs and desires.
2- Budgeting and Price Range
Before viewing properties, have an honest conversation with real estate agents to set realistic expectations. As a first-time buyer, it’s easy to exceed your budget if you find a home you adore. However, being unable to afford future mortgage payments can cause long-term stress. On the other hand, pitching too low without a clear budget may result in missing out on some great properties.
3 -Stay Flexible and Open to Possibilities
While it’s natural to desire a property that ticks all your boxes, it’s important to remain open-minded and prepared to compromise when necessary. Before viewing properties, identify which requirements are non-negotiable and which ones you can be flexible on. Focus on the features that enhance your lifestyle, such as a beautiful garden, and be willing to compromise on other factors like bedroom size or garage space. With a positive attitude and a willingness to adapt, you’ll be more likely to find the perfect home for you.
4- Consider using a real estate Agent
If you’re looking to buy a property, working with a real estate agent can be really helpful. They’re on your side, so they’ll help you find the kind of property you’re looking for and even give you access to properties that haven’t hit the market yet. Plus, they’ll be there to help you negotiate and make the whole process smoother. The best part is that you don’t have to worry about the agent representing the seller because the Buying Agent works for you. Of course, their services aren’t free, but if you’re feeling overwhelmed or unsure about the home buying process, they can be well worth the investment.
5- Search for Possible Problems in the Property
Before envisioning yourself living in a beautiful new home, it’s important to ensure that the property meets certain requirements. Check critical components like the roof, windows, and HVAC systems for any signs of damage or disrepair. Assess the plumbing for leaks or water damage, and check for mold in the basement. Conduct research on the area to determine whether it’s safe and convenient. During your final walkthrough, test everything to ensure that it works properly. It’s advisable to get a home inspection to detect any significant issues before it’s too late.
6-Set Practical Expectations for Your Home Objectives
As a first-time home buyer, it’s essential to manage your expectations when it comes to finding your dream home. While it’s crucial to choose a house that makes you happy, it may be necessary to adjust your expectations if the property you desire isn’t within your budget.
If you’re new to the housing market or have a limited budget, a starter home may be a more practical and cost-effective option. Although starter homes tend to be smaller, they can be more affordable, and you’ll save money on furniture and utilities. While they may not be suitable for people who need a lot of space, they’re an excellent choice for those who are just starting out in the housing market.
7-Avoid Compromising Your Demands and Necessities
It can be disappointing to lose out on a home that you were eagerly hoping to purchase, especially if you missed out due to a bidding war or a quick sale.
However, it’s essential to remain mindful and not become too flexible in what you’re searching for in a house if you start feeling like you’re not making any progress. According to Nelson, “Clients who lose confidence in the process or tire of house hunting may begin to compromise on their actual desires. In such a scenario, it’s crucial to work with someone you have faith in.”
While it’s necessary to assess your wants and requirements to ensure they’re practical, it’s critical not to compromise in areas that are essential for you to be content in your home. Seek guidance from your agent, as they can determine whether your wish list is viable for the current market conditions.
8 – Check if you will be able to sell the property when you move
If you’re not planning on living in your new property forever, you should definitely think about how easy it will be to sell in the future. Even though you might be okay with walking through the kitchen to get to the bathroom or having a second bedroom right off the living room, other people might not be. So, it’s important to consider if your property will be appealing to potential buyers in the future. If you notice that your property has been on the market for a while, it might be worth investigating why. Are people turned off by the location, lack of parking, or the property’s overall condition?
9- Evaluate and Compare Homes
Before physically visiting properties, you can streamline your search by browsing available homes online and eliminating any that don’t meet your requirements. This will prevent you from wasting time on homes that are not worth considering. If you already have a location in mind, you can further limit your search to that area. Identifying the specific characteristics of the type of property you desire can help you narrow down your options. You can make a comparison chart to evaluate the suitability of different homes based on your preferences. A checklist of essential features to consider while comparing homes can be found below, which you can adapt according to your specific needs.
10- Determine the Size and Layout You Need
When searching for a home, it’s important to consider both the size and layout. Determine the needs of your family, such as the number of people and their preference for an open or private layout. Outdoor spaces like balconies and patios should also be taken into account. With more people working remotely, having a home office or study is becoming increasingly important. When viewing homes, keep an eye out for wasted space in the layout such as long corridors or irregularly shaped rooms, which may be difficult to furnish. Additionally, if you don’t need any outdoor space, a balcony or patio may not be necessary and can be considered wasted space. Keep in mind that a house with large amounts of wasted space will result in a higher cost per square foot (PSF).
To sum up, purchasing a home is a significant decision that should not be taken lightly. Thorough research and seeking assistance when necessary are crucial. By identifying your requirements for a home, establishing a budget, selecting a desirable location, and securing financing, you can find the perfect home for you and your family with ease.