In the house hunting phase, home buyers may be guided by a vision of their aspirational dream home that, in reality, would be worlds apart from the affordable property. However, you can draw on your vision to inspire your home search so that you end up with a house that meets many of your parameters.
1. Create a list of must-have elements.
Make sure that your list ranks the must-have characteristics in order of importance based on your needs and preferences. Carry copies of this list around as you look at available homes. Must-have elements may include minimum number of bedrooms and bathrooms, minimum square footage and a garage.
2. Make a list of good-to-have features.
These are features that would add to the appeal of the home if they already existed. They could also be traded off as must-have elements in the absence or one or more elements. Good-to-have features may include a pool, extra room for a den or office and a central vacuum system.
3. Identify the no-nos.
Define the property characteristics that would eliminate certain homes from being shortlisted. These restrictive elements may include proximity to a busy highway or industrial site and being beside noisy neighbors.
4. Know your limit.
Prepare for your home purchase by obtaining mortgage pre-approval, which will give you an idea of how much home you can buy. You can adjust your must-have list according to your budget, and be prepared to compromise.
5. Work with a local real estate and lending specialists.
Local lenders and realtors who farm the area often have information that is not be available to the public. They are familiar with the housing inventory, design features, and other details that could affect the home’s value.
If you have questions about how much home you can afford, please don’t hesitate to contact me today.
