What Do You Want in Your Next Home?
Perhaps we’ve all dreamed of our New Home; but what do we really wish we could have? What are the absolute essentials for you next buy? What are the bonus goals which will definitely make you go all out for the purchase? A few minutes of serious planning will lay the simple groundwork for a solid house hunt!
A great place to start would be to calculate the maximum home price that you can afford; the maximum deposit you’ll be able to commit to and the maximum mortgage payments which you’ll be able to handle in a worst-case scenario. Most mortgage companies have an online tool to help you input the home price, your deposit and the current mortgage rate to help calculate your monthly mortgage payment.
Type of Home
Among so many styles of homes, which will be most suitable for your family and practical use? More bedrooms, more living space, a cozy feel, an open feel, more outdoor living, a huge kitchen, a luxurious master bath with spa tub looking out over the city lights view. . . You may be looking to upsize, downsize or settle in a Homeowners Association where much of the outdoors is taken care of in return for a monthly HOA fee. We all seem to seek privacy and independence to some degree but we each define it in a slightly different manner. Are we worried about repairs, maintenance and updates or are we ready for a newly built property with all the luxurious amenities?
The area is equally important as the type and size of home; this will be a community where you live, a place where you may mingle with neighbors and like-minded people as you brush shoulders in the local supermarket. A ‘good area’ is usually defined by one with less crime, higher property values and generally an area where the majority may have higher educational achievements. It is more prudent to purchase less of a home in a better area than a larger home in a lesser regarded community; this applies to your family’s safety, property values and most likely will show as curb appeal.
If you’re not sure, it would be a great idea to drive through the area during the day, in the evening, and on the weekends; you may want to have a snack at a local coffee shop and see if the neighborhood suits your desire.
Square Footage and Layout
You may be looking for a small house to call home or perhaps a mega mansion. Once you’ve figured out your budget, you’ll be able to home in on your area and finally figure out the style and size of home for your family. There may need to be a balancing act between size, style and area to make sure the purchase will fit your budget. The following may be a few items that you may have on your list:
- Large back yard or small patio with a small potting area
• 3 Car Garage or outdoor assigned parking
• A swimming pool or a community pool in a gated community
• A city view or mountain views
• Mother-In-Law quarters or a Maid’s room
Once you have outlined your needs and wants and are ready with the budget, a real estate professional should easily be able to guide you to your next home. The professional will most likely be able to refer you to the most suitable mortgage company and insurance company where you’ll find the most affordable mortgage and the most suitable homeowners insurance policy.
Necessary Repairs & Updates
If you’re looking for a ready to move in home and you have favorable inspections, your cost will be very straightforward. On the other hand, if you are willing to purchase a home that may need some work, it is important that you are able to plan what is necessary and price out the work before you buy the home. If you are not familiar with construction, it may well be a better bargain to purchase a home which has already been remodeled or to simply buy a new construction home.
The most important tip is to plan all the above before you set out looking for homes.