When it comes to purchasing your first home, there are a lot of factors to consider. And although the process may feel overwhelming, becoming a homebuyer is super exciting! These tips will help you know what to look for and ensure you find the perfect fit.
Establish Your Non-Negotiables
Think about your current living situation or places you’ve lived in the past and determine what you absolutely need in your next home. For example, how many bedrooms and bathrooms do you need? Typically, each bedroom can hold up to two people comfortably, but perhaps you need an extra room for an office. Once you determine the size of the home you’re looking for, you can start to consider what you need close by. Do you need to be close to a grocery store or park? Location is a big factor to consider. It also plays a large role in pricing. Previously, paying top dollar to live in a prime location near job opportunities was quite common. However, that doesn’t seem to be the case anymore, especially because you could potentially purchase a bigger home in another state for the same price. If a short commute is a non-negotiable for you, you can use tools like google maps to determine the distance and time it would take to get from one area to another. This is helpful to know so that you can have a general idea of how far you’re willing to travel for places. Understanding of what’s really important will help you make a good decision. So determine what is valuable to you and what you can’t live without so you can move forward from there.
Determine Your Wants
Get clear on what is important to you so that you can narrow down your search. Start by creating a list of things that would be nice in your new home, and what your preferences are.
If you don’t have very many ideas for what you would like your home to look like, you can use Pinterest and other online resources to help you find styles and features you’d like. Some questions you can ask yourself are: Do I prefer a modern or vintage style? How much natural light do I like? Do I want a pool or AC? There are tons of possibilities, so getting a clear picture of what you want your home to look and feel like will help steer you in the right direction. Once you have a general idea of what you’re looking for you can narrow down your search and start shopping. Look for home listings online and visit multiple open houses to get a real feel for what each home has to offer. You might find that some homes have things that you like and things you don’t, which is perfect to take inventory of because you can add this to your non-negotiable list or wants list and continue your search. You might find a home that meets some of your criteria, but not everything. If that happens, it can be helpful to check your non-negotiable list and go from there. You might have to compromise on some areas, but don’t get discouraged and aim for a home that meets about 85% of your preferences.
Create a Financial Plan
Before you begin home shopping, get real about your budget and what your price range is. It’s great to figure out your cash flow and see where your money is going, to determine where you can cut costs. Furthermore, talk with a mortgage lender as soon as possible. Oftentimes, people begin the home buying process, only to find out later that a ding on their credit report would prevent them from getting the right loan. Speaking with a mortgage lender is also helpful because you will be able to determine how much your mortgage cost will be. This allows you to have a general idea of the monthly payments you’ll have to make and help you assess whether you’d like to cut costs later. Getting pre-approved for a loan before you start looking for a home will ensure that you are going in the right direction.
Do a Home Inspection
Before you commit to buying a home, you’ll want to do some inspections on that property. There are numerous home inspections you can do, such as a water inspection, chimney inspection, and even a radon test. While the cost of these inspections may add up, it is important to know upfront what you are working with. It can avoid costly repairs later down the road. If you’re tempted to skip out on a certain inspection, just know that if you identify any issues prior to moving in, you can request that the seller make repairs accordingly.
Think Ahead
Will your first home be your forever home? You’ll want to keep some things to keep in mind pertaining to the future, when it comes to choosing your home. These things include resale value, if you’ll want to remodel, and even if you would consider renting it out later down the road. Buying a home that you can grow into has many benefits. If you think there’s a chance that you may have more children in the future or want to have a garden, keep these things in mind so that you can visualize what your home will need in the future. You’ll be much better off financially if you buy a home that can accommodate your future!
Connect With The Seller
You might not realize it, but there is a lot of emotion that goes into selling a home. Luckily, there are some ways to use this to your advantage. The home buying process can be selective and it is common for multiple offers to be submitted on just one home. This is where connecting personally with the seller can work in your favor. In fact, writing a personal letter to the sellers can increase your chances of getting it. This way, when you submit an offer, the seller has an idea of who is going to be taking over their home. You can include things like why you feel the home is a good fit for you and what you envision for your future in the home. And while you may be tempted to low-ball the seller, show them that you value the home and put in a higher offer to avoid offending the seller. Making your offer stand out and illustrating how this home is a great fit for you will connect you to the seller and help them lean towards you!
If you’re thinking about buying a home, start by considering your non-negotiables and establishing a good financial plan. This can mitigate hiccups throughout the process and help you find your dream home in a timely manner.
Catalina McFarland
Catalina McFarland holds a B.S. in Communication from Arizona State University. She is a blogger at catasparkle.com where she loves sharing her passion for wellness and personal growth. Outside of writing, she loves traveling, doing yoga, and reading.
