A home search can be stressful, but not knowing exactly what you are looking for can add tremendous stress to the process.
So before you evaluate your budget or Plan to Spend, before you start saving for that down payment, and before you get prequalified or begin seriously looking at real-estate platforms, start here.
Start with figuring out what it is you want out of life. I found an article by Opendoor called \”What to look for when buying a house,\” where they outlined five key topics to cover.
The first is \”What lifestyle do you want?\”
- Would you like to stay home or travel?
- Do you plan to host parties or large gatherings?
- How often will guests stay over?
- Would you and your spouse own one vehicle or two?
- Do you use public transit?
- Does one of you work from home?
It\’s so easy to buy a home because you fall in love with a specific place, not actually factoring in what you want. You may have heard me talk about this before, but don\’t want what you don\’t want. Don\’t move to the suburbs and buy a sprawling estate if city life is the best fit for you and your lifestyle. Don\’t buy a place with no parking if you and/or your spouse own vehicles. Don\’t buy a minimalist condo in a high-rise if you have hopes of hosting and entertaining.
Figuring out what kind of life you want to lead and pairing that with the space you want to live in is a step that will allow you to limit the possibilities to only those that fit that lifestyle.
The second is \”Imagine your ideal yard?\”
- size, grade, shade, features, setback
If you don\’t want high-maintenance landscaping, don\’t buy a home with a pool, pond, or lawn. Figure out how much you will use a yard and what aspects of that yard are most important based upon those needs will help you quickly filter out those properties that don\’t fit.
The third is \”What matters most in a neighborhood?\”
- schools, amenities, pet-friendliness, walkability
Again, if you are looking for a place with a dog park and the ability to walk to restaurants and shops, you will need to narrow your search based on the local amenities. You may be able to find all of this in a small town, or you may need to stay in the city based on the parameters you set.
The fourth is \”Be realistic about home repairs.\”
- fascia, soffits, gutters, roof, electrical, etc.
We discussed in an episode last week that oftentimes we underestimate the time that a project will take and the outlay of capital due to thinking about what a friend or family member could complete the project for instead of a licensed, bonded and insured contractor.
The fifth and final is to \”Separate needs from wants\”
- consider the home\’s location, age, condition, size, features, and price
- commute time
- don\’t compromise on core criteria
This does not mean simply settling–but there will be compromises here and there. So compromising on the areas that are seemingly least impactful based on what you have defined as your needs will ensure you don\’t just settle for something that does not match what it is that you\’re actually looking for.
So what is it that you specifically want in life, and how can your home support that instead of choosing a home that defines it?
CTA: My call to action is to think through these five topics and better define what you want out of life so that you make decisions based on what you have outlined.
Citation:
Pant, Paula. \”What to look for when buying a house.\” Opendoor, https://www.opendoor.com/w/guides/what-to-look-for-when-buying-a-house. Accessed 22 Sept 2020.
