What Are the “Must Haves” for Your Next Home?
Yes, it’s true. Mortgage rates are higher than last year. If you’re thinking about buying a home now, the higher mortgage rates are probably on the top of your mind because the higher rates impact how much it’s going to cost you to get your home loan. So, as you are proceeding with your home search with your eye on purchasing your first or next home, be strategic- so you can find the home that meets your needs and your budget.
It’s important to be aware of what’s actually necessary to have in your new home, and what would be “nice” to have. So, get out a piece of paper and a pen and start making a list; on one side – what is necessary, and on the other side; what would be “nice” to have. This will give you a good idea of what’s most important, and how you should move forward with your search.
BUT, even before this step, you should get pre-approved for your mortgage. Because a huge part of searching for a home is searching for what you can afford. Getting pre-approval will help you understand what you can borrow, and that will make your list making easier, and definitely more accurate. You don’t want to even look at a home that is out of your price range because you don’t want to fall in love with something that is out of reach for you. So, once you have a definitive budget, you can start your lists, and prioritize all the features of a home you’d like to have, and what you have to have.
Start with creating a list of features that would be in your ultimate dream home. List everything that you would desire if money was no object… then, move these items into two lists:
What are the “MUST HAVES”?
If the house you view doesn’t meet everything or most of what you must have, it probably won’t work for you.
What are the “WOULD BE NICE TO HAVE”?
These are the things that you would love to have, but realistically, you can live without if need be. When you’ve created your lists and categorized them, you are ready to search. These lists will be great to share with your Realtor also, as it will give them a good idea of what types of homes to show you. They will be able to find you what you can afford, with as many features as possible in the neighborhood you desire, and still stick within your budget. It will make the whole entire home buying process much more pleasant and less stressful for you.
Conclusion
Making your list of MUST HAVES for your next home is an important step on your quest to find it. If you’re ready to embark on your home buying journey, and need our help, contact us today!
