5 Factors to help you find your ideal home
Buying a home is a fun and exhilarating roller coaster ride of emotions combined with logical deduction in attempting to make the best guess of what is the best option for you and your family. Among the normal factors to consider like city, bed & bathes, square feet, price and the like here are five more at least equally important considerations to throw in your spreadsheet as you try to find your ideal next home:
1) How long are you staying – when you begin your home search start with making sure that home with match your plans for how long you plan on staying there. Sure things don’t always go as planned, but at least this way you are starting with a plan in mind. If your plan is to stay in that home for ten years while growing your family will that home provide enough space for that? If you are buying your retirement home does it match your future needs properly?
2) The money side – always remember with real estate you make your money on the buy not the sell and the shorter period of time you plan on keeping that home the more conscious you need to be of this. Obviously everyone always wants to get a deal on home purchases but the degree of impact varies based on how long you plan on owning that home. If you have a five-year or less ownership plan you need to make sure you are getting the best deal you can since your return will be greatly impacted in a short period of time. If however you are buying your last home than the degree of deal you get is less relevant since you won’t be selling it.
3) Is it you – from the city, to the location, to the tract, to the street, is this home you? This is a pretty subjective element to measure and something that really only is noticeable when the home is NOT you. Finding an area, tract and street that match who you are will really help make your new house feel like a home so it’s worth the extra effort and brainstorming to make sure you making the right decision.
4) Afford vs. Approval amounts – when you get pre-approved for you new mortgage you lender gives you an estimated monthly payment along with the total loan amount you are approved for, but sometimes what you are approved for is more than you can afford based on your other goals. Be honest and make sure you are not overextending yourself so much that your other goals become unobtainable.
5) The Smile Factor – in our years of helping buyers find their next home there is this immeasurable and usually unpredictable smile factor about the home most choose. For one reason or another the home just “feels right” and that really should be your ultimate goal. Take the time to see enough properties and be open minded enough to consider enough options to make sure that home you buy makes you smile, because you are spending a lot of money so you deserve to smile!
Some if not all of these concerns should help frame your decision making as you hunt for you next home. We have been helping buyers find their next dream homes for over 15 years and would be glad to help you as well. If you have any questions feel free to contact us and happy hunting!