Top 10 Tips to guarantee finding your dream home
Finding your dream home is an exciting adventure but can also be overwhelming. It’s invigorating to explore listings but after countless hours of sifting through what seems like an infinite amount of options it can drive you batty. Home buyer burnout is real.
Don’t fret – we have compiled 10 of the best nuggets of information to guarantee finding your dream home.
KNOW YOUR FINANCES & STAY ON BUDGET
Before you start looking for homes, get pre-approved. Once you’re pre-approved and know what you’re likely to qualify for, it can be tempting to start looking for homes at the top of your price range, but that doesn’t always make sense. A general rule of thumb is that your mortgage payment shouldn’t be more than 28% of your monthly income, and you shouldn’t be paying more than 36% of your monthly income towards your total debt.
MAKE A "NON-NEGOTIABLES" LIST AND STICK TO IT
Dedicate some time to figuring out exactly what to look for in a new home. Create a list and differentiate between the items on your list that are absolutely necessary and those that you may be willing to compromise on.
FIND YOUR STYLE
While you might love a traditional ranch home or the elegant look of a modern kitchen, you’ll be happiest if you consider what type of home will work best for you. Homebuyers who want a large backyard, or room to grow a garden, may not want to move into a condo or townhouse, where yard space is often limited. Similarly, if you prefer to live in a home without stairs, a ranch-style home may better suit your needs than a two-story colonial.
BE WILLING TO DIY
Although you shouldn’t sacrifice anything your family considers truly important, the process of finding your dream home will go much more smoothly if you’re flexible. Unless you get really lucky, the homes you view probably won’t have every detail on your wish list. In fact, the house might have a few things you don’t like. But that doesn’t mean you can’t turn it into your perfect home. The key is looking past cosmetic blemishes and focusing on the home’s bones. Outdated shag carpet, some kitchen cabinets that need updating, or a shade of paint you hate in the living room are all things you can upgrade to fit your style. So look for a well-constructed home that has the space you need, some features you love, a layout that fits your lifestyle and a price point that allows you to make some changes. With a little TLC, this will become your dream home
DON'T SKIP THE HOME INSPECTION
It may seem like just an added cost on top of what is already a major investment, but one of the most important tips for new homeowners is to get a home inspection. A quality home inspector will be able to tell you up front about any potential problems with a house - everything from the age of the roof to troubles you might have with the furnace down the line. Even if there are minimal issues, being aware of them at purchase can save your family trouble and money down the road.
DO YOUR HOMEWORK
You may know you want to live downtown, in the historic district, or even out in the country, but neighborhoods can vary greatly, even in the same area. Scan online real estate listings to get an idea of the styles available in the area and check out a neighborhood’s walkability score. And take your research offline – driving or walking around several areas can give you a genuine feel for the place you may call home.
HOME IN ON THE NEIGHBORHOOD
In the search for your dream home, it is all too easy to have blinders on and overlook the surrounding area. Make sure your new neighborhood has everything you're looking for to suit your lifestyle. Are you an avid outdoor enthusiast? You probably want to be close to hiking and jogging trails. Are you a foodie and love dining out? Look for restaurants that suit your taste buds and your lifestyle.
DOCUMENT YOUR VISITS
It’s inevitable that by the fourth or fifth property, everything is going to start to blur together during a marathon day of showings. Keep your phone accessible and start snap photos when you pull into the driveway. As you walk through the home, capture photos of everything you like, such as the open concept kitchen or the beautifully landscaped backyard with stamped concrete patio. Also pay attention to anything that feels odd or out of place, from a strangely located stairway to an awkward floorplan. Take notes on the listing sheet so you can easily remember what features you were trying to capture in the photos, and you’ll have a great play-by-play of the house to refresh your mind later.
PLAN FOR THE FUTURE
When you’re ready to look for homes, consider what works best for you now — and what will work best for you in the future. Ideally, you should plan on staying in your new home for the next five to seven years (or longer). Doing so can help you pay down the mortgage and build equity. For a house to be your perfect home, you’ll need it to grow with you. If you’re planning on having frequent out of town guests, you will want a guest room. Think you might start working remotely? You’ll want that home office. While you don’t want to overdo it and buy a six-bedroom home if you’re newlyweds, be sure to give yourself some room to grow.
LOOK — AND LOOK AGAIN
Once you think you’ve found a home you want to make an offer on, take a second look. Both a home and a neighborhood can look completely different at different times of the day. For example, you might have viewed a home on a weekday morning when all was quiet only to find the neighborhood is rowdy at night. To get a good idea of what you’re getting into, view the home at least twice, preferably at two different times of day — for example, on a weekday morning and then again on a weekend evening.