If you’re thinking of buying a home, you may already be dreaming of what the perfect place may be. After all, most people choose to buy for specific reasons:
- They want to move to a particular location.
- A change in family dynamics has occurred.
- They desire a life change.
Reasons like these tend to shape what you’re looking for in a new home. But in the current market, as housing prices are still increasing, you may have to put more consideration into what you’re really looking for in your next home. In fact, it may be time to start building a wish list for your next home.
Building a wish list is growing in importance as buyers sort through their wants and needs for their next home. To determine what home will best suit your needs, follow these 4 steps to begin your home search.
Get pre-approved
Once you’re pre-approved for a mortgage, you’ll have a better understanding of what you can afford. During the pre-approval process, a mortgage lender will check your credit and income, then tell you the maximum loan amount you qualify for. Pre-approval helps you budget and plan for what you can afford. Thanks to the pre-approval process, you’ll be armed with the information you need to find the right home within that budget.
When you’re aware of your budget and know what you’ve been approved to spend, you can gain a better understanding of what you’ll want from your next home. You might want to do a little research before you begin the next step. Use The Jim Allen Group map search to look for homes in your budget and get excited about what’s to come.
Create your wish list
Once pre-approval is done, and you know what you can spend on a home, create your wish list. Whether you’re a meticulous planner who needs details in an excel spreadsheet or someone who would rather use a sticky note, there’s no wrong way to create your wish list. Whatever fits your needs, just remember: a wish list will keep you on track when you are searching for a home.
Make sure you’re talking to your family about their wishes for a new home, too. Ideas can be as big or small as you all want. But the more you’re candid and open about what you all want, the more you’ll have to work with as you search. If you need a little help, the U.S. Department of Housing and Urban Development offers a wish list worksheet that will help you get started with your wish list planning.
Plan for your must-haves
Identify the things you know are a must-have in your home. Start with the price range of your home, since that’s a given. From there, think about additional needs, but try to keep your must-haves to a maximum of 5 priorities. In addition to price, consider the following:
- Number of bedrooms
- A fenced yard for pets
- Home office
- Neighborhood
- Proximity to work and/or schools
Think about the things that are personal to you, too. If you have family that may benefit from their own space, take that into consideration as you make your list. If you know you need specific spaces for work or a hobby, make that a part of your must-haves. You don’t want to regret giving up those spaces later down the road.
Choose your nice-to-haves
If you’re willing to make a compromise on something, put it on your nice-to-haves list. Nice-to-haves should be things that wouldn’t stop you from purchasing a home, but that would make a nice surprise if you found a home with these amenities.
This list doesn’t have to be exhaustive. Just make simple notes about the things that would sweeten the deal for you. Maybe it’s a pool, a screened in porch, walk-in closets, or a farmhouse sink. Still, if it’s important enough that you feel compelled to write it down, your agent should know as you look for your net home.
Share your list with your agent
Once you have a list in place, review it with your real estate agent. Your wish list is a great communication tool that will help your agent identify the right potential homes to show to you. It will also provide a clear path for setting up home tours that fit your needs and prevents you from wasting time on homes that won’t work for you. Once you’re ready and armed with the right information, you can search with confidence to find the right home for your future.
The Jim Allen Group provides access to information on this blog/website as a public service for educational purposes only. Although reasonable efforts have been made to ensure that all of the information made available is current, accurate, and complete…[read more]