How to Find the Right Home
There are many steps to take to find the right home to buy when you want to relocate. From hiring a real estate agent to determining the size of property that fits your needs, there are several factors to take into consideration. When you want to find a home that is the right fit, there are a few important tips to follow.
Consider Your Future Needs
Although you may live comfortably in a two-bedroom house, you may want to expand your family in the near future. You may also plan to have a senior parent live in your home or want a guest room for visitors. Consider purchasing a home that is large enough to accommodate more people that may live or visit the residence to ensure that you don't feel cramped in the space. The size of the lot is also important to consider if you want to have more privacy or a large yard for your pets to roam. You may also plan to telecommute in future years, making it important to find a place that comes with an office.
Make a List of Your Wants and Needs
It can be easier to narrow down your search for a home by making a list of your wants and needs. There are some features that may be considered deal-breakers and are absolute necessities. You may need to live in a three-bedroom home to ensure that each family member has their own room. Other necessities may include a large kitchen, a pool in the backyard, or an open floor plan. Luxuries that you want in the home can be additional perks that make the home more desirable but aren't necessarily crucial. Write down a list of your to make it easier for a real estate agent to find a property that is more appealing for your lifestyle.
Look at Different Styles of Homes
Look through magazines or online publications to find residential homes that appeal to your taste. You may want to live in a Victorian home that has added character and charm. Others may prefer to live in a cozy Tudor house that features groupings of windows. Knowing the style of house that you want to live in will allow you to feel more satisfied with the purchase and find the right fit for your personality.
Calculate Your Budget
To secure a loan and avoid buying more home than you can afford, calculate your budget before shopping around. Experts recommend determining your household income and multiplying it by two or three. It's also important to calculate the amount of debt that you owe with credit cards, auto loans, and student loans that you've accumulated over the years. Lenders will need to factor in your debt-income ratio to determine how much money you're qualified to borrow. Saving more money for your down payment can also give you more wiggle room with your budget and will reduce your monthly payment.
Calculating your budget will also require that you factor in extra expenses that come with owning a home. You may need to pay HOA fees, homeowner's insurance, and taxes each month. Additional costs include repairs, utilities, and landscaping fees.
Consider the Local Area
The area that you purchase the home should be taken into consideration because it will influence your quality of life. Determine the proximity of nearby establishments and how far you'll have to commute to work each day. It's also important to evaluate the condition of the neighborhood and if the other homes on the block are maintained well.