From Needs to Wants: A New homeowner's Guide to Prioritizing What's Important in a home
Ready to hit open houses and consider various listings? Be sure to use our checklist to go house hunting!
You've been pre-approved by what you can afford, so it's time to start house shopping. However, the search for your home will stall quickly if you don't know exactly what you're looking for. It's simple to discuss generally about wanting a large home or an older home, but to concentrate your search on the precise home you want requires thinking clearly. Is your "big" home 3,600 square feet, or 6,000? When you say "older" home, do you refer to one built prior to 1900, or pre-1980?
Before you visit another open house, compose a list of your needs and wants -- and yes, those are two different things. Think about whether you want a pool or if it would be worthless, and bear in mind the deductible on your property insurance could increase if you want to have a swimming pool.
As you see, your needs list will likely change as you learn a bit more about your housing options. Proximity to the beach, for example, may start out being a priority, but as you see the suitability of ocean-front homes within your price range, you may be ready to consider driving a short distance instead of getting direct access to the water. Unless you have an unlimited budget, it is most likely that you will need to make trade-offs.
Use the list of questions and tips below to help you pinpoint what you like and do not like about your current residence, so you can find more comfort and delight in your future home.
1. Identify what you cannot afford.
Getting your finances in order before looking for your house can make a big difference in a competitive real estate market. Knowing your budget and how much financial wiggle room you have will help you put your house hunting needs on more concrete footing by clarifying your must-haves. Ask yourself:
- 1. Are you already qualified for the mortgage you desire?
- How much is your budget?
- How much have you saved towards a down payment? What about miscellaneous expenses such as maintenance in the future?
- Are you prepared to make extensive remodels to the existing property, or would you rather choose a turnkey house?
2. Don’t forget to consider your future plans
Perhaps you have a clear image of the ideal home in your mind, or else you don't know where to begin thinking of your future dwelling. Start by pinpointing your needs and non-negotiables in a house. Start by thinking about where you live now and what you feel is most valuable about your home. Ask yourself whether:
- You'll need space for a planned nursery or home office
- You'll need a fenced in yard for your pets
- Wheelchair access may be necessary for you
- You'll need parking for a car
- With all the recent changes in walking options, you want to remain active
- A job change that could take place soon means you need it to be near your future office.
3. Select your preferred home layout and style
Once you've determined the budget and resources you have for a house purchase, you can use that information to prioritize which features you would like to have in your house. Take a look at what kinds of houses are available on the current market in the neighborhoods you're interested in buying. Consider these questions (and make sure your answers match up with the things you have noted on your house hunting list):
- How many stories do you prefer?
- Do you prefer a townhouse, condo, or single-family home?
- Are you interested in living in a historic house?
- How many bedrooms and bathrooms do you want?
- Would you like a guest bedroom?
- What flooring do you want?
- What styles do you like best?
- What is your favorite area of the house, and what makes it enjoyable?
- Do you prefer to have an outdoor space?
- Do you enjoy spending time in a yard or have difficulty taking care of it?
4. Select a location
You can change the color of your home to rejuvenate its appearance, or expand it with an extension to increase the square footage, but you can't relocate your home. While touring a house or browsing listings, it is all too easy to become enamored with the home's features, but you must also take into account your surroundings.
Ask yourself these questions:
- Do you love cities, suburbs or rural areas?
- What city do you want to be located in?
- Do you want easy access to highways or public transpiration?
- How important is the view?
- Can you sleep comfortably with traffic noise?
- Are you interested in participating in community activities?
- Are there parks within walking or biking distance?
- Does the property tax or homeowners' association cost fit within your budget?
5. Learn about the neighborhood
Have you found the perfect home in the perfect place? Before buying, it’s still a good idea to inspect the neighborhood and ask yourself these:
- Are you satisfied with the neighborhood?
- Are there enough activities to keep you busy or too much?
- Do you feel like you enjoy your commute?
- Do you have to travel overwhelming distances to participate in daily life activities, such as conveniences or health treatment?
6. Document your visit
When taking a look at homes, make sure you have considered everything on your house hunting checklist. Decors, paints, and staging can all go up or be replaced. However, some things can be very difficult to change.
- Is the size enough or too big?
- Can more space be used?
- How do you best describe the layout?
- Do you like the fixtures and finishes?
- Do you want the house facing the sunrise or the sunset?
- Does the home have curb appeal, does the space seem welcoming?
- Are there any types of visitors that may find it difficult to park in the driveway?