Your real estate agent will play a majority role in finding the perfect house for you throughout your hunt, but before you work with an agent, you need to formulate a strong idea of what the right home for you looks like. Your agent will be able to narrow down the search based on the parameters you set, but it’s important that you set those parameters to ensure a hunt for homes that truly make sense to you. Let’s talk about some of the important questions to ask yourself so that we can go about a home search whilst having a clear vision of what you want, and what’s attainable for you.
What’s my Budget?
Asides from your allotted down payment funding, it’s important that we first determine what you are able to, and what you’re willing to spend per month on your new home. If you want an idea of what your payments will look like based on the property values that your search consists of, run those numbers through a mortgage calculator (I often use https://www.mortgagecalculator.org/). Extra month-to-month costs such as your property taxes, home insurance, private mortgage insurance and any potential HOA fee’s need to be taken into account, so make sure you include those when forming your monthly payment estimation.
How much space do I really need?
It’s of obvious importance that you break down your needs when it comes to the space in your new home. Although having a ton of extra space seems attractive, we definitely want to avoid paying too much, all for space that you won’t need or use. Some things to consider: do you work from home and need office space? Do you often have family/friends in town and want to invest in a guest bedroom? Do you need backyard space and how much? Even consider what a few years in the future may look like for you, do you plan on having children and expanding your family? Questions like these need to be asked so that you know how many bedrooms, bathrooms, and extra space you need now and possibly in your future.
Updated already or potential to update?
Throughout your home search you’ll come across homes both renovated and with potential to renovate. One important consideration that needs to be taken, is whether you want a home already updated to your standards, or a home which you will have to go about upgrading to where you want it to be. If you’re unsure, take time to think about some of the potential projects that you would truly be willing to take on. If you know a complete kitchen or living room renovation is not something you’re open to dealing with, that’s important to know so you and your agent avoid homes that are in need of such extensive renovations. It will of course be tempting to look at homes' lack of updates and to see value-add potential, but it’s important not to get ahead of yourself and to avoid unnecessary headaches. If you have no experience or knowledge regarding property upgrades, I'd say to avoid homes with the need for massive projects, even though it may seem you’re missing out on a deal. As somebody with no experience in these projects, try and find a home that meets most of your wants, but don't let small and easy upgrades like wall paint and the need for new counters stray you from a good deal.
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