When you’re buying a home, it means you’re making a commitment to invest in a large asset, possibly one of the largest investments you can make in your lifetime. This is what makes buying a home so exciting. That said, you’ll need to do a bit of work to find your perfect home because nobody wants to experience buyer’s remorse after purchasing a home. There’s a lot to consider if you want to find your perfect home, but once you do, it will be well worth it. This article gives you the best tips if you’re on the hunt for your perfect home and want to ensure the right selection.
1. Figure Out Your Budget
When you want to find your perfect home, one of the biggest influencers on your decision will be your budget. There’s a wide range of homes on the market, and they vary wildly in pricing, from luxury mansions to tiny homes. Your choices will be largely restricted by how much you can afford. The good news is that financing your home purchase can improve your spending abilities. That way, you can afford to buy a better home even if you don’t have enough savings to cover the full costs. Keep in mind that if you’re getting a mortgage, you’ll still need to make a down payment, which is usually 20% of the cost of your home.
The size of your down payment usually depends on your credit history and income. If you’re taking out a bad credit loan, you may be required to make a larger down payment and be given a higher interest rate than usual. So, you’ll first need to look at your down payment to figure out how much you can afford. There are also other costs you have to factor into your budget. For instance, closing costs can be as much as 5% of the purchase price of your home, according to the balance. Closing costs include appraisal fees, tax services, the lender’s origination fee, plus more. Besides these costs, you may need to cover other costs, such as home inspection costs, moving expenses, and the ongoing costs associated with owning a home.
These costs depend on your unique situation, and you may not always be aware of all of them. Therefore, it’s a good idea to have an emergency fund in case you have an immediate expense associated with your home purchase. If you’re still saving for a home, the trick is to figure out how much you need for a down payment and the initial expenses. Then look at your income and current living expenses to see how much you can save each month and how long it will take you to save for the down payment. Once you have your down payment, you can approach a suitable lender. Try to get preapproved for your loan before you start house hunting because it helps narrow down your options since you know how much you can afford to pay for your home.
2. Define Your Perfect Home
So, you want to find your perfect home? In that case, you need to know exactly what sort of home suits your definition of the perfect home. In theory, the ideal house should have great functionality and beautiful aesthetics. Remember, your home is supposed to be a sanctuary, something you look forward to coming back to at the end of a long day. It’s supposed to enhance your lifestyle and simplify your life. The perfect home for you should have all the features found in modern homes to support your contemporary lifestyle. Depending on your needs, you want to write down all the features you consider essential to your home.
One thing that most people prioritize is spacious and luxurious interiors. There’s nothing wrong with not wanting to live in a cramped environment. If you’re like most people, you also admire a tasteful and well-designed home. All of this serves to maximize your home’s comfort and enjoyment level. Another feature to consider is safety and security. Therefore, you should keep an eye out for measures like fire alarm systems and 24/7 security when house hunting. Still, another feature that you might want is energy efficiency. There’s something appealing about a home that’s not expensive to run. Features like energy-efficient systems, a new roof, and an HVAC system with an ENERGY STAR rating help you embrace the principles of sustainable living and are great if you want to shrink your carbon footprint.
There are many other features you may be looking for in the perfect home that is unique to you. Perhaps you need a home with bathrooms at each level and an open floor layout. Or maybe your specialized needs include a bedroom with a French sliding glass door or a big yard that can accommodate a log splitter. Maybe you’re not even focused on a set of characteristics but are looking for a home with the right ambiance. Whatever your needs, create a wishlist and then keep looking until you find a place that measures up to your housing needs.
3. Don’t OverLook Location
Location, location, location – this is one of the single, most important factors you can’t afford to overlook when you need to find your perfect home. Even if you find the seemingly perfect home, you may not be able to buy it if the location is not perfect. There are several things you have to consider if you want to find the perfect location for your home. You have to find a home in a location that’s generally considered desirable. Typically, these are central locations that are easily accessible. The good thing about purchasing a home in a desirable location is that it can also boost your property value, especially if you purchase your home in a fast-growing area.
If you have children, you also need to consider the school system in the area where your home is located. Obviously, you want your children to have the best quality education. You also want your family to be safe, which is why you should pay attention to the crime statistics associated with the neighborhood. Look for neighborhoods that are known to have a low crime rate, though these usually come with a higher price tag. You can check the internet and local crime reports to determine if a particular area has a high incidence of crime. Besides the school system and crime occurrences, make a point of assessing your transportation options. This ensures that you buy a property in a neighborhood that’s easy to move around.
The ideal location should have easily accessible and safe public transportation that enables you to move around between the grocery store and the country club or to different areas. Additionally, the location should have all the best amenities close by to support your lifestyle. For instance, if you’re a boat lover, the ideal location would be somewhere where you can build custom docks and be able to stroll into a shop that sells the right canvas boat cover for your needs. The right neighborhood should also offer all the modern conveniences, such as community spaces or parks, a garbage hauling service, and quality landscaping.
4. Don’t Skip The Home Inspection
As mentioned, buying a home comes with several costs besides the purchase price. You may have to cover realtor and lawyer fees, borrowing costs, and many other necessary costs. You may be tempted to save money by skipping a home inspection, but this is generally never a good idea. To begin with, it’s necessary if you want to find your perfect home. You can only know the home is perfect for you once you have all the systems checked. The perfect home should not cause headaches for you down the line, which can happen if you’re not aware of the cost, repairs, and maintenance that will be required.
A home inspection also reveals if the home is safe for you. There could be hidden issues like mold growth and other hazards which can only be detected by a qualified inspector. A home inspection also reveals if the home you’re trying to buy complies with building costs, helping you avoid financial difficulties to fix these problems. Home inspections are even more essential if you want to avoid paying over the odds for the house. Since the report outlines all the home’s shortcomings, you can use this as a negotiating tool to get a better price. Additionally, knowing the work that needs to be done on your new home will help you budget ahead of time.
Overall, scheduling a home inspection is about getting the bigger picture. You may even decide that the home is not your perfect home after all, probably because of the repair work that needs to be done. The truth is, some people fall in love with a home for the wrong reasons, and they never see the red flags because they didn’t schedule a home inspection. That’s how they end up encountering financial difficulties and becoming shocked when they finally discover the poor state the home is in.
5. Consider Remodeling
When your plan is to find your perfect home, you still need to leave room for some flexibility. That’s because the ultimate perfect home doesn’t always exist, even if you’re only considering brand new manufactured homes on sale. Your best bet is to think about remodeling. Even if the house has some elements or features you’re not truly on board with, can you visualize yourself living there? Do you love the idea of arranging your furniture in the living room? Does the idea of preparing meals in the kitchen appeal to you? If you can find a soft spot for the house, then you’re off to a good start.
However, thinking about remodeling doesn’t mean you should settle for a fixer-upper that’s expensive to remodel. You want a home that’s easy to transform into your home and doesn’t have many demands in this regard. Therefore, when you’re looking for the perfect home, be prepared to compromise. Maybe all you need to do is invest in an AC install, add a fresh paint coat, or a new garage door installation for everything to fall into place. Your willingness to spruce up the place will help you unlock the true potential of the home. This is how you end up with your perfect home that truly meets your unique housing needs.
6. Get Help From a Real Estate Agent
If you’re getting ready to find your perfect home, it’s often better to enlist the help of a real estate agent. That’s because agents are professionals that know what to look for, so they can streamline your search. All you have to do is communicate all the details of your ideal home, including the number of bedrooms you want and other must-haves. When you have a realtor working for you, you don’t have to spend a lot of time house hunting.
You can rely on your realtor’s extensive knowledge of the housing market in your neighborhood. In addition, you’ll have all the guidance you need to navigate the home-buying process. A seasoned real estate agent can provide valuable advice related to the housing market, mortgage interest rates, and important real estate data. Experienced agents also have professional networks and can connect you to other professionals that can help with the home buying process. This includes inspectors, appraisers, contractors, and real estate lawyers.
Once you’ve applied these tips to find your perfect home, the next step is making an offer. This is where a real estate agent comes in because they can help you negotiate the seller’s original price. Once you close the deal, congratulations, you’re finally a homeowner. The good thing about doing your due diligence is that you’re more likely to end up with a house you can proudly call your home. While it’s true that there are many homes currently on the market, with some no different than the next, there’s no denying that some homes just feel right.
