Let's Start House Hunting!

Real Estate
Mortgage 101
Congratulations, you have started the house hunting process. Whether you have a real estate agent or not, these tips will help you out on your journey!
Published on
July 27, 2023
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Introduction

Congratulations! You're getting ready to buy a house. Before you start looking, though, I want to make sure that you've thought about the following:

Decide what you want when it comes to size, and price

When it comes to buying a home, size and price are important factors. They’re also two of the most important things you must decide on.

When deciding what kind of house, you want and how much you can afford , it’s important to understand that there is no perfect formula for either one (even if it would be nice). Your ideal house will vary depending on your family situation, lifestyle, and finances. When thinking about these things, think about both short-term expenses like mortgage payments and long-term ones such as repairs/maintenance fees.

Decide what you need in terms of location

Once you've got a handle on what you're looking for in terms of price and size, it's time to ask yourself some questions about location. Sure, there are plenty of reasons why location could be important to you: maybe your job is based in the same city as where your friends live, so being close by is key. Or maybe an important family member lives nearby, and they need help with their kids often (and this will make it easier if they live close by). Maybe there's public service that you rely on heavily—like a park or hospital—and having that close by would be nice.

Maybe there's also no one else around who needs anything from these places besides yourself; perhaps it's just more convenient this way. If any of these things apply to you specifically (or even just one), then knowing what kind of location will best suit those needs can help narrow down which properties meet them best.

Consider if you want a fixer-upper or something move-in ready

You might be wondering, "What's the difference between a fixer-upper and a move-in ready house?" A fixer-upper is a home that needs some repairs before you can move in. It could be as simple as updating some paint colors or flooring to something more complicated like installing new plumbing or electrical wiring.

Fixer-uppers are great for people who enjoy having a project on their hands and would like to customize the home to their own tastes—but they may not be ideal for everyone! The potential downside of buying an older house with tons of character (and likely many problems) is that it will take time, money and energy to make repairs. On top of that, since these houses usually don't come with appliances included (or even included at all), you'll have additional costs associated with those items too.

On the other hand, move-in ready homes don't require any work before you can settle into them—they're basically ready for immediate occupancy! These types of houses tend to cost less than fixer uppers because they lack all those extra upgrades and renovations but still offer plenty of charm thanks largely due their historical nature. Also keep in mind: if you're looking for something specific like location then move-in ready homes might not always fit your criteria exactly...but sometimes it's worth taking those tradeoffs just so long as everything else checks out OK!

Research what type of house you can get for your price range

Researching the market, area, and house you’re looking to buy is an important first step. It will help you to figure out what kind of property you can afford in each area and whether or not it will meet all your needs.

You should also research:

  • The neighborhood
  • The schools
  • Commute time (if applicable)
  • Amenities such as parks and recreation centers

Finally, don’t forget about safety considerations! You may want to consider researching:

  • Crime rate
  • Property taxes
Talk to your realtor about whether the house is a good investment

Sure, you may have seen a house with your realtor that would be perfect for you and your family. But before you sign on the dotted line, talk to them about whether it's worth buying this specific home.

  • What does it mean for an investment to be good? Is it about how much money you make or lose in the long run? Or is there something else at play here?
  • What are the pros and cons of buying a house as an investment? What are some of the common pitfalls people face when buying property for this reason?
Know what the market is like in your area before you buy

You need to know the market before you buy.

Knowing everything about the market will help you make a better decision when it comes time to purchase your first home. Here’s what you should look for:

  • The average price of a house in your area
  • What are the trends in your area? Are houses selling faster than they were two years ago? What about one year ago? If so, why? Is there an increase in demand for housing or just more supply entering the market because of new construction projects being started up? It could be that people are looking at statistics incorrectly and drawing conclusions based on incomplete data sets. It might also be possible that prices have gone up because something else happened during those times - like increased unemployment rates leading people to sell their homes while they can still afford them (remember how we talked earlier about lenders giving out loans without much regard as to whether people would be able to pay them back).
  • The different price ranges of houses currently on sale: The average price range may not tell us much about what kinds of homes are available right now; however, knowing where each home falls within its category gives us insight into what features consumers want most when shopping around for homes—and ultimately helps us identify which type(s) might best suit our needs as well!
Make sure to be prepared with a budget when going into home hunting.

It is important to know how much you can afford when you start house hunting. You should look at your budget and see what expenses have been going up recently, and then try to figure out how much of that increase could be offset by a new home that costs less than your current one.

You will also want to consider the amount of debt you have (for example, credit card debt) and think about whether it would make sense for you to take on a mortgage. If so, then it is important for you to set aside enough money each month for the mortgage payment not only to be affordable but also sustainable over time.

Conclusion

Moving to a new city can be exciting! You have your pick of neighborhoods, and there’s so much to explore. But it can also be stressful—and in some cases, downright frustrating. Our goal is to get you on your way as quickly and easily as possible by providing the tools to help you make the best choice for where you want to live.

And that means taking into account everything from plant-filled patios or private balconies with views of the city skyline to convenient transportation options like Uber Eats deliveries right in front of your door!! So, take some time today and start looking at homes for sale near you. We’re here if you need us!

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