Now that you’re pre-approved, it’s time to start looking for a home. While this part of the home buying process can be fun, it has some real dangers if you go into the house-hunt unprepared. Before you start visiting new home developments and open houses, or contacting agents, take some time to consider what you really want in a home, and where you really want to live.
Narrowing down your options before you start looking can keep the search from becoming overwhelming, and can help you focus your efforts on properties that truly meet your needs and wants.
A) Location
Do you want to live in the suburbs, in the country, or in a city? Living in the suburbs is generally less expensive than living in the city, the houses are often newer, and you can certainly get more home for the money. Living in the country has rewards if you enjoy privacy, large lots and an abundance of natural surroundings. The drawbacks of both the suburbs and the country include more commuting time if you have to drive into town for work, and being further away from city conveniences and amenities like shopping, fine dining, or cultural venues.
B) Surrounding Area
Once you decide where you want to live, take into consideration the most likely eventualities. No matter where you live, there is a potential for disaster, so the trick is to factor this potential into your home search, to ensure that you will be adequately protected and prepared. Assess your area, and arm yourself with information about your regional concerns. For instance, if your home is in or near a forest or grasslands, fire is often a significant danger. Coastal areas may suffer from earthquakes or hurricanes. Whatever the potential for danger, there are structural and service considerations—such as earthquake retrofitting or the location of nearby firehouses—that you will want to take into account when looking for your home.
C) Home Requirements
You may already know exactly what you’re looking for in a home, but if you don’t, there are a few things to take into consideration. Do you want to live on a busy street, a corner lot, or a cul de sac? How big do you want the home to be? How many bedrooms and bathrooms? Do you want an extra room or two for a den or family room? Have you considered a property with a rental unit? Do you like yard work or hate it? Do you like renovating or do you want to buy a new home? Sit down and list the requirements you have, then list the things that you would like in a home, as well as the things you want to avoid. This list don’t have to be written in stone, but it will help to narrow your search and save you from wasting hours of your time visiting homes that just aren’t right for you.
D) Type of Residence
Many homebuyers know for a fact that they want to live in a detached, single-family residence. The advantages of a single family dwelling are many, and include good appreciation of home value, an opportunity for gardens or landscaping, better privacy, and relative quiet. The drawbacks include cost (they are usually more expensive than other types of dwellings), and on-going maintenance, which can be either expensive or labor intensive.
Condos, town homes, and cooperatives are also attractive to many buyers, depending upon their needs and lifestyle. The advantages to these types of homes include lower purchase cost (comparable single-family homes usually cost more in the same location), fewer repairs, a “lock-n-go” lifestyle, and no yard or exterior maintenance. The drawbacks include less privacy, more noise, common walls and/or floors and ceilings, and limited outdoor space.
After taking all each of these factors into account, and finalizing your list of wants and needs, it is finally time to hit the streets and start looking at some properties!
See Also:
Making an Offer on a House
Reasons to Hire a Real Estate Agent
No Comments