Spring is the most popular time of year to search for a new home and if you have been thinking about it, we should talk about what you are looking for an why so you decide if this is the best time for you to buy a new home. Here are three items you will need to be prepared to answer before we start your home search.
How much Home You Can Afford?
This part of the process can be difficult, because you have to be painfully honest with yourself so you are prepared for the long run. Consider your income and other expenses and don’t neglect allocating funds to your savings and retirement accounts. It’s also important to have some leftover after all of this so you can have a cushion and allow for vacations, dinners our or other activities you enjoy. Your savings account should include some money for unexpected home repairs as well since you won’t have a landlord to call when something breaks. You will also have to cover your insurance and HOA dues if your property is in an HOA. Your lender will be making the same calculations to determine how large of a mortgage you qualify for but they may think you can purchase a more expensive home than you do. Take everything into account and set a budget you are comfortable with.
What do you Want in your Home?
Make a list of all the things that would make a house perfect for the life you envision living in it. Don’t add things unless they really would make you happy. This isn’t about what you can afford, this is about what you’d like to have if you could get it. A media room? A three-car garage? A hot tub and his and hers closets in the primary bedroom? Write it down. Then prioritize the items you want so it’s easier to make choices when you are looking at homes.
What do you Need in your Home?
This one is a little harder, because you have to take the list you just made and take out everything that isn’t essential to the life you want. While the list above is what would be nice to have, this is the list of things that a potential new home must have. You might be able to live without wood floors, but what about central heating and air? Or access to top notch schools and medical care. When I am reviewing homes for you to look at, they will have all of your needs but maybe not all of your wants.
Having thought through these elements before you begin searching can save you a lot of time. When we begin looking at houses, you’ll see the benefit of this preparation right away. And with some luck, we’ll have you in the perfect new home in no time.
Brooke Boles
Coldwell Banker Realty
501 E Camino Real
Boca Raton, FL 33432
561.595.4473
Brooke.Boles@CBREalty.com
www.BrookeSellsBoca.com
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