Buying a home is filled with plenty of twists, turns, and unexpected bumps in the road. So, how do you navigate the journey? Once you decide that buying is a better option than renting, it’s important to establish your new home must-haves early on. These factors will help you stay on track as you search for a home to buy. Below are the three phases of the home purchase journey that will help you establish your search criteria.
1. Dreaming
Searching through online listings on the web, buyers in this phase of the journey have a great opportunity to consider all options, get a feel for what they want, and begin to understand their must-haves. As the journey evolves, you’ll start to prioritize your wants and needs. But in the very beginning, a realistic “wish list” will help lead your search.
2. Getting in the Game
Once you get pre-approved for a mortgage and hire a reliable real estate agent, your search will become more serious. At this point of the journey, it’s important to determine your ideal price and location. Ultimately, price is the most important factor. What you can afford typically leads the way as far as where you’ll live and what kind of home you’ll buy. Location is a close second factor, though. Remember, location can’t ever be taken away from you, but homes can always be renovated and updated. Because of this, many buyers who have their heart set on a particular neighborhood will consider a fixer-upper or older home that needs work in order to stay within their budget.
3. Compromising
After you’ve determined a solid price range and location, you need to think about the number of bedrooms and bathrooms you want, as well as the size of the home. Other considerations that tend to be less important include a finished basement, a pool in the backyard, if the floor plan is open, and other aspects of the property. You’ll have to compromise in certain areas. Just remember to prioritize what you really must have versus what you want to have. Also, keep the future in mind. Are today’s priorities going to remain priorities throughout the duration of your residency? If you’re planning on having kids or inviting an older family member to live with you, keep those goals in mind.