How to Stay Focused While House Hunting

House hunting can be an exciting experience, but it can also be overwhelming. Here are our top tips for staying focused while on the hunt for a new home.

Know Your Non-Negotiables

It is important to understand what you would like in a home versus what you need. When searching for a home, you should be clear on the things that are non-negotiable deal-breakers.

As the name suggests, this should be a list of features that are absolutely required. If you have your heart set on a walk-in pantry or wrap-around porch, but can live without them, then leave them off of this list.

Non-negotiable lists typically encompass maximum price, minimum number of bedrooms and bathrooms, general square footage, and type of home (e.g. condo, single family). If you require a certain part of town due to school districts or commute concerns, then put it on the list as well. 

Know Your Preferences

While searching for a new home, it is important to keep an open mind and remain flexible. However, it is still advisable to have a clear sense of what you want. So, after you know your deal-breaker items, you can then create a list of what you would prefer in a home. For example, do you desire a fireplace, or hardwood floors? Would you prefer dual sinks in the master bedroom, or a daylight basement that could be converted to a rental down the road? Do you plan on doing any renovations, and if so, what is your budget? Would you prefer turn-key, or are you prepared to put some work into the home?

Figure out how important each of these features are to you, and what you would be willing to compromise on. 

Take Notes

We suggest taking notes while you continue your house hunt as a helpful to keep track of what you have seen while house hunting.Your notes should help you recall details of each home you have seen, without features blurring together or being forgotten entirely.

So, what should you write in your notes? Some ideas include how you feel when you walk into the house, what you love, what you dislike, what repairs are needed, any hidden expenses or maintenance costs, and any other features that stand out to you. Don’t forget that you can (and should) take pictures, too!

Whatever your style, just be sure to take notes and track your experiences with each house so that you can recall with more accuracy later.

Pro tip: Organize your non-negotiables and home preferences (from tips 1 and 2) into a spreadsheet or checklist you can use for each property you visit. This gives you an objective, consistent way to compare each home and stay organized.

Review Your Notes

What good is taking notes if you aren’t going to review them? Be sure to review your notes regularly, analyze the information you have obtained, and revise your list of preferences. Over the course of house hunting you may realize that your preferences aren’t realistic for your price point, or that you really don’t have your heart set on vaulted ceilings afterall. By continually reviewing and revising your priorities, you will be more focused and efficient.

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Finding the right home takes time, and there are dozens of factors to consider. However, these tips should provide some help with keeping focused while house hunting so that you can make the most informed decision.
website: http://dreamcasa.org/

3 Tips to Keep in Mind on Your First Home Purchase

If it’s your first time buying a house, you’re going to get a lot of tips and tricks from your friends and family who have gone through the process of home-buying– but which ones will work for you? As you begin to look for a home for the first time, keep these basic tips in your back pocket so that you’re well equipped and ready to handle anything that comes your way.

Only bite off as much as you can chew.

Let’s be real, buying a house costs a lot– so unless you have a lot of cash saved up, you’ll need to get a home loan. To get an idea of how much you can afford, real estate experts suggest that your monthly house expenses (such as: mortgage and maintenance) shouldn’t be more than 28% of your gross monthly income.  To get a more detailed analysis, consider asking a lender for a mortgage pre-approval. A mortgage pre-approval factors in how much of a loan you can afford if you happen to qualify for one.

Know what you want and when to compromise.

When you begin house hunting, knowing what your deal breakers are for the home that you want to settle in will help narrow down your home search.  Reasonable deal breakers include price, size, and location. Most home buyers will be lucky to have all three deal breakers. If you find a home that you absolutely love, but happens to be a bit off on your deal breaking list (due to the price or some minor details) it’s in your best interest to still consider the home as an option; you would have to definitely assess your financial and personal circumstances in this situation. The key is to also allow for some flexibility, but think long and hard about what you’re willing to compromise.

If there are things about the home that you feel must be fixed before you move in, your contract will lay out contingencies– in other words, needs that must be met before you close.  The seller then decides if they are willing to move forward with these guidelines, and both parties will move forward accordingly. While it’s important you find a home you love, remember that it’s hard to find one that’s 100% perfect.

Don’t be afraid to ask questions.

Between the contracts, real estate lingo, and financial planning– there’s a lot that goes into a real estate transaction.  If you feel overwhelmed or confused, it’s completely normal.  Don’t ever feel embarrassed to ask questions– it would be worse to get yourself into a bad situation simply because you didn’t have the nerve to do so.  A good real estate agent makes it their business to help you understand the entire process and to make sure you’re comfortable with everything going down.  However, don’t rely so heavily on having a real estate agent that you fail to read important paperwork.  For example, neglecting to read an important contract can cause you stress down the line when you learn you signed off on a plan that increases your HOA fees every month.  Bottom line, it’s always wise to take your time learning the process and to ask as many questions as you need to feel comfortable.

website: http://dreamcasa.org/