5 steps to finding your next home
Whether you’re a first-time buyer or a seasoned homeowner, shopping for a new home can feel daunting. Finding the right place can be the most difficult step.
Buying a home is a significant commitment of both time and money. And a home purchase has the power to improve both your current quality of life and your future financial security.
Follow these five steps to assess your priorities, streamline your search, and choose your next home with confidence.
Step 1: Set Your Goals and Priorities
The first step to finding your ideal home is determining WHY you want to move. Is it time to downsize? Do you need more space? Access to better to your favourite shops? Less maintenance? Pinpointing the reasons why you want to move can help you assess your priorities for your home search.
Don’t forget to think about how your circumstances might change over the next few years. Do you expect to switch jobs? Have more children? Get a pet? A good rule of thumb is to choose a house that will meet your needs for at least the next five to seven years.
Step 2: Determine Your Budget
Getting pre-qualified or pre-approved for a mortgage before you begin shopping for homes will give you a much more accurate idea of how much you can borrow.
Step 3: Choose a Location
When it comes to real estate, WHERe you choose to buy is just as important as WHAT you choose to buy.
Do you prefer a rural, urban, or suburban setting? How long of a commute are you willing to make? These decisions will impact your day-to-day life while you live in the home.
Another important factor to consider is how the area is likely to appreciate over time. Choosing the right neighbourhood can raise the profit potential of your home when it comes time to sell.
Step 4: Decide Which Features You Need (and Want)
Start with the basics, like your ideal number of bedrooms, bathrooms, and square footage. Do you prefer an open concept layout? Do you want a luxurious ensuite bathroom? Is a white kitchen at the top of your list?
Keep in mind, you may not find a home with all of your “wants,” or even all of your “needs” The reality is, most of us have to make a few compromises when it comes to buying a home.
If you’re faced with a tough choice about how or what to compromise in your home search, return to Step 1. What were your original goals and motivations for moving? Reminding yourself of your true priorities can often provide the clarity that you need.
Step 5: Meet with a Real Estate Agent
A good real estate agent can remove much of the stress and uncertainty from the home search process. And no one has more access to home listings, past sales data, or market statistics than a professional agent.
And although it is listed here as Step 5, the reality is, it’s never too early (or too late) to contact an agent about buying a home. Whether you plan to buy today, next month, or next year, there are steps you can be taking to prepare for your purchase.
Thanks for reading 😄 , you have any 💬 questions, contact me
Cheers,
Kim
