Searching for a new home often comes with many questions or concerns, especially for first time home buyers. Although friends or experienced home owners may be able to provide advice, these tips are often offered in areas such as signing and things to look for in a home. While this advice is useful, there are many other contributing factors that can help make your home search more productive.
- Pick the town first not the house – However obvious this tip may seem it is not always that standard followed. With the internet available to make home shopping much simpler, many people focus on the pictures of the house rather than the area that the house is in. This becomes a problem because the community may not fit what it is you are searching for. Fantastic homes can be found in many towns but if the community does not fit your personality and interests then it may prove to be an uncomfortable situation. If you are unsure about what to look for in a new neighborhood then take a look at HGTV’s guide to locate your dream neighborhood.
- Get preapproved – While selecting the town you would like to live in is an important step in the home searching process, getting preapproved is just as important. The truth is, unless you know your true buying power then you may be focusing on the wrong price range. Searching for homes that are higher in cost may leave you disappointed with the options that are actually available and searching for homes that are low in cost could make you feel as though you are not getting enough “bang” for your buck. Since a preapproval is needed to make an offer on a property, taking this step is all it takes to show your agent that you are a serious buyer. Furthermore, it will give you a better idea of where it is you stand and the price range you will actually be working with.
- Be realistic – First time home buyers are often a bit unrealistic about what it is their price range will actually get them. Although all houses have pros and cons, it is important to be truthful with yourself about what you will and will not compromise on. Furthermore, understanding what you can and can’t realistically change about the property ahead of time will save you a great deal of aggravation later. Consider your long-term needs when weighing the pros and cons of any property. Aol Real Estate provides a list of things that can’t be changed when purchasing a new home. Although compromising may be a good idea in certain areas, there are also specific items that should never be compromised on. Business Insider provides an excellent list of things that home buyers should never compromise.
- Focus on resale – Let’s be honest, unless you are buying a home later on in life then chances are you may want to sell at one point or another. While it may be tempting to buy the fully finished home in a less sought after location, this factor may affect the resale value of your home at a later point in time. Especially in a hot market, several fundamentals make a property attractive including price, style/condition, layout, taxes, schools, and most of all location. Therefore, it is best to consider how easily you will be able to resell the property in a slow market. Considering these items prior to buying your new home will help prevent a bad investment that is difficult to sell at a later date.
If you want some personalized advice on how to make your home search more productive feel free to call me, Allison Ziefert at (917) 751-0448.