Finding the right home for your family is one of the most important decisions you’ll ever make, and if you’re taking on a mortgage loan to get that home, picking the right property is even more crucial. Below are seven steps to take as you begin house hunting to ensure you stay focused and on budget.
7 Crucial Steps to Take While House Hunting
1. Establish your goal: Searching for your dream house? Upgrading your current digs or looking to downsize? Whatever the goal is behind your impending home purchase, be sure you understand it clearly before beginning your house hunt. This will eliminate wasted time spent viewing homes that don’t meet your top priority.
2. Create a wish list. Once your primary objective is in place, it’s time to list all of the additional features and amenities you expect from the property you eventually buy. Do you want a swimming pool in the backyard, a balcony off of your master bedroom or crown molding throughout? Brainstorming must-haves and also-nice-to-haves helps to further narrow down your search field.
3. Hire a real estate agent. No one understands the intricacies of a local housing market like a real estate agent with years of experience helping others buy and sell property within it. Save yourself time and headache and hire a highly-rated agent to see you through the process.
4. Get pre-approved. Knowing exactly how much you can afford to spend ahead of time helps the house hunting process goes much smoother, not to mention, eliminates the disappointment of learning you don’t have enough saved for the home you’ve had your eye on all this time. Getting pre-approved for a mortgage will set your budget straight off.
5. Ask questions and take notes: This is probably the biggest purchase you’ll ever make, so don’t hold back if you have questions or concerns. Ensure you have no lingering questions about the property, mortgage financing terms or anything else that could lead to regret down the line. And don’t forget to write down important notes as you view house after house — things that seem important in the moment are easily forgotten after five open houses.
6. Do some recon work: Spend time hanging around the house you have your eye on, and during different times of the day. Does it get noisy? Is the traffic a nightmare? What are the neighbors up to? The worst thing would be to lock into your mortgage, only to find that while you love your house, you hate the neighborhood around it.
7. Look out for hidden expenses: Finally, it’s important to investigate more than just the house itself to find out if there are potential money traps within. For example, find out when the home’s appliances, water heater, roof, etc. were last replaced so that you aren’t surprised with a big expense shortly after moving in.