Things to Consider When Shopping for Your Dream Home

It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.

It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are four important questions to ask before you purchase a home.

1. Why am I Buying a Home?

Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually, the reasons don’t have to do with money, but with how the house will impact their quality of life. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for their children, a safe environment, more room for their family to grow, and control of their own space.

These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time on this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.

2. What is the Trend with Home Values?

The housing market (according to the experts) may be bottoming out or may have bottomed out already. If you want to purchase a home and stay within a budget, it may be in your best interest to move quickly. It is forecasted that these trends to continue in an upward motion, causing home values to continue to increase.

3. What About Current Mortgage Rates?

The ticket price is not the only thing you should be concerned about when purchasing a home. Mortgage rates are always changing and can have a significant impact on your monthly payments. Current trends show mortgage rates are finally starting to ease. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road. What if they go lower? Well, we have you covered there too. We work with several lenders who will discount and sometimes waive the refinancing fees if the rates drop.

4. Why Should I Consider Older Homes?

An older home can really increase your ROI significantly. With a little bit of elbow grease and paint, you may be able to transform an ugly/dated house into your dream home. Are you concerned about major repairs? Don't dismiss getting a home warranty. Home warranties typically cover failures due to age, improper maintenance, and even improper installation or modification by the previous owner. Some of them even offer complimentary re-keying of your locks when you move in and annual tune-ups of your HVAC system. If you would like more information about these services just let me know and I'll point you in the right direction.

Bottom Line

You are the only one who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward.