Before most people begin their journey to their new home they go through a process that I like to call pre-buying; this is the time when you start talking to your friends family and/or spouse about the prospect of moving and looking online through the many home prospects that are available.
Here are a few things to think about along the way in the pre-buying process.
Whether you are purchasing a home on your own or as a family it is always fun and useful to first sit down and dream about what you would build if you could build the perfect home.
This will help you decide the type of home you would like and what your needs are. This is a good time to drive around neighborhoods and look online to get an idea of what options there are. Do you want a brand new home, an old Victorian, a ranch with horse property or a modern condo in the heart of the city? Spend some time having fun and being creative because buying a home should be exciting.
Now once you have dreamed big dreams and created the ultimate living space, you will most likely have to come back down to reality and find the version of that that fits where you are in your life. My advice is to take that perfect home and make a realistic list of a few items that you would want above all if you could have them.
Also, think about the qualities in a home that would be deal breakers and what you feel would be negotiable. The next time I move, I know my husband and I have decided we need at least 2500 square feet to accommodate three boys, an open concept floor plan and updated kitchen and baths, a main floor laundry and a decent sized yard located close to freeways.
This list was come to after several interesting home buying experiences and many hours of debate. Alone, or as a couple, this list will prove invaluable in keeping you on track to a home you are truly comfortable and at home in.
Another factor that I highly advise taking an honest in-depth look at is at your finances. See where your budget for your new mortgage will be and decide what’s comfortable for your household. What funds are available for down payment and unforeseen moving costs, and really take a look at how the financial change will impact you.
Compare this to your wants and needs, and see what’s available in your price range. It is much easier to curb the enthusiasm at the beginning than to fall in love with a home you won’t be able to qualify for or that will make you house poor.
Most importantly, research a good mortgage lender and real estate agent and share this information with them. A good team of experts will help you realize your dreams to the best of their abilities.