When you're ready to look for a home, it’s important to take some time to determine your priorities. Whether that’s doing some browsing online or examining your likes and dislikes in your current living situation, making a checklist is crucial to narrowing down your search.
Oftentimes we think we know what we want until we see it laid out in front of us. You may consider some things you hadn’t even thought about yet or, on the other hand, you might just confirm everything you always thought you wanted.
Your Essential Homebuyer Book is a good place to start.
Home Features to Consider
When it comes to shopping for a home, consider all aspects of the property — the location, the house itself (it’s current state), and the long-term potential of what that home could be in the future.
Location is key, because it’s something that you’ll never be able to change about the home. (Well, technically speaking, you could invest in moving a property, but that’s a costly option that most people probably wouldn’t consider.)
So, be sure to answer these important questions about the “non-negotiable” features when searching for homes:
- Which towns/neighborhoods you prefer?
- Are school districts important to you? Which ones are you looking for?
- How much land do you want to be on?
- How important is “walkability” (the ability to easily walk to stores, parks, restaurants, etc. from your home)?
Next are the defining features of the home. Typically, these are things that you can change, but are more difficult to change; so carefully consider which ones you’re willing to compromise on:
- What’s your preferred home style (single-family, condo, contemporary, colonial, 1-story, 2-story, etc.)?
- How many bedrooms/bathrooms are you looking for?
- Do you prefer an open floor plan or a closed floor plan?
- Do you need a recreation room or a finished basement?
- Do you need a home office?
- How much garage space do you need?
- How much storage space do you want?
- How important is the home’s curb appeal to you?
Last, think about the “finishing touches.” These are the home features that you prefer and — even if the home you’re considering doesn’t currently have them — they may be easy to add in the future, such as:
- Hardwood floors, tiled floors, or carpet
- A fireplace
- A laundry room on your preferred level (main floor or upper floor)
- Energy-efficient features
- Updated outdoor spaces (patio/deck, landscaping, etc.)
- Smart technology
The Next Steps for Finding Your Home
Once you’ve deliberated all the major categories, you should have a decent understanding of what you want in your new home, what you don't want, and what you’re open to compromising on.
With a pre-approval in hand, it’s time to start shopping! We suggest using your wish list as a framework for your search, but ultimately keeping an open mind. You may be surprised to realize some of your “needs” aren’t really “needs,” or some things you didn’t think you wanted actually piqued your interest. No need to stress about it — your wish list might change multiple times before you find the right fit, and that’s okay.
Home Renovation Options
If you happen find a home that’s *almost* perfect but it’s missing something crucial from your list, that doesn’t necessarily mean it’s time to start over.
Waterstone Mortgage offers a variety of renovation loan programs that allow you to take out one mortgage loan to cover the cost of both the purchase of your home AND any repairs or renovations you want to do right away. It’s a win-win!
Renovation loans really come in handy when you fall in love with the location of a home but want to make a change to the house itself. Or maybe you’ve found the one, but you can’t get over the fact that it doesn’t have updated cabinetry in the kitchen. This is your home we’re talking about — you don’t have to settle for anything less than your dream.
Starting with a house hunting checklist can help you figure out exactly what that dream is. Although it’s not set in stone, creating a wish list is a great place to start and can help you navigate your homebuying journey a little more smoothly.
Find a local loan expert in your area today to learn more about the current real estate market and how to get pre-approved today.
