Let’s be honest, house hunting can be tiring! You’ve been thinking about buying a home and you think you are ready for it, but buying a house is a huge financial commitment as you’ll need to take steps to make sure it is right for you. When you're going out looking at homes, there are a few items you should really consider before you buy, more specifically your financing options, secure financing, and the process itself.
First, when you're going to get pre-approved, ultimately know where your monthly payments are going to sit in comparison to the overall approval amount. Oftentimes we have clients approved for a really high amount to buy for their overall pre-approval amount but the monthly payments will ultimately be a more significant number when reviewing the budget and what price range we want to stay within. We need to make sure we stay within the approval amount, that we're comfortable with for the monthly payments, and not push higher to find better homes. This can lead to long-term finical strain if you are not prepared.
The second main thing are your “must-haves.” These are the items you've got to make sure that you're very strict on what you absolutely must have. If there are things you're flexible with, make sure you understand you're flexible with them. If there's something you must have such as needing to have a backyard because you have a big dog, looking at the small condo with little backyard will not make a whole lot sense and it may not be the best use of your time compared to looking a home that has a bigger backyard. If you are expecting to have a growing family in the future or perhaps having children move out, prepare for that in advance as well.
The third and last main thing is to make notes when you're actually out viewing homes. Sometimes when you're looking at quite a few homes they all blend together. We have a tendency to forget which features, upgrades, and positive features were at different homes. It can be tough when you view the home that has accepted your offer but you realize the main feature was actually at another home. Make sure you're writing down these general notes about the home and anything specific that stands out to you, give it a big cross off if it's a no-go for sure, and also during the house visit, make sure to ask questions and don’t be shy to ask anything.
Buying a home is the biggest purchase of your life. Before making a leap, make sure you do a research and careful planning in terms of money and time. This is not easy especially to those first-time homebuyers but the key to get there is to know the efficient way for house hunting and it will be all worth it.
So if you are going out viewing homes and you're trying to get your house hunting started, make sure you need to remember these 3 tips and take them into consideration.