Purchasing your first home is one of the biggest decisions you will ever make in your life. It is important to create a checklist so that you find the right home and do not just purchase a home because you want to be a homeowner. Settling for something you really do not want is a waste of money and leaves you feeling less than satisfied with the home. Include these items on your checklist to make sure you really do find the perfect first home.
Preferred Neighborhood
Include several specific neighborhoods in the city or cities you are considering. This helps the realtor find homes in a more centralized area that will appeal to your need to be in a specific type of community. If homes in your budget are not available, ask the realtor about other neighborhoods that are similar to the preferred list that may work as a compromise.
Community Amenity Must-Haves
There may be services or amenities that you require in a community. These are typically things like a hospital, good school system, grocery shopping and specific retailers in a close proximity to your location. It is important to be open with travel distance to amenities and services as living in a more rural setting likely means a further drive to a grocery store, hospital or big box retailer.
Mortgage Pre-Approval Amount
Although you may have a set budget that you do not want to go over, a mortgage pre-approval is very important. This tells you how much house you can buy based upon your credit. Your realtor will only show you homes that can be afforded within that pre-approved amount. Your budget does not have to be the pre-approved amount in the even that it is over the amount you had set originally.
When it comes time to start the closing deposit, there may be fees you did not expect to pay. A seller may not want to pay closing costs. If that should happen, consider obtaining a home or personal loan, from a service like ukhomeandpersonalloans.com.uk as an example, to cover the needed funds. Just as with any other type of loan, you would repay it over time to that financial institution.
Specific Home Must-Haves
The home must-haves list is the most important. These are things that you absolutely cannot live without in your new home.
Items to include:
- Number of bedrooms
- Number of bathrooms
- Type of layout
- Style of house
- Bonus spaces
- Outdoor space
- Garage
- Finished basement
- Efficient systems
- Up-to-date (move-in ready)
While finding all of these items in one home that does not need any renovations may be difficult, it is possible. Always remember that the colors of walls, floors and fixtures can be changed.
Make sure that your realtor has a copy of your lists to help the searching process go a little smoother. The realtor will show you options over your budget and options that need some work, but it is important to keep an open mind. The realtor is showing you properties that are a little different than your list just to show versatility in the market and what your other options are.