Whether you are a first time home buyer or you are downsizing your current residence being an organized house hunter is an important part of any real estate venture. Taking the time to really consider what you want in a new home will help ensure you do not make a purchase on a whim or under the pressure of a competitive market.
Researching what works for you guarantees you are a knowledgeable and empowered buyer. Get a binder and fill it with your hopes and dreams as well as with what you need in a home. Know your deal breakers and what you can live without. If you are interested in Penticton real estate follow these simple steps to help you find the perfect home for you and your family.
- Know Your Neighbourhoods
This step is one of the most important elements of finding a house and loving it. Often buyers talk themselves into a neighbourhood they do not really want to live in because of the price point or amenities. While this is okay in some circumstances in others it can lead to buyer’s remorse. Ask your realtor to send you information on houses in communities you might consider and take some time to get to know them.
- Downtown Core or Comfy Suburbs
Another part of home ownership to thoroughly consider is whether you want to be inside or outside of the city. Do some soul searching here. This is a big decision for any family. While some people move to the suburbs and love the larger homes and yards, for others the commute and lack of walkability are things they do not want to live with. Be honest with yourself as both have benefits and drawbacks.
- Create a Realistic Home Budget
Spend some time going through your finances and be realistic about the price you can afford. If you do your due diligence and make a comprehensive picture of what you are able to comfortably take on you won’t be tempted to go over budget because you love the house and the neighbourhood. Tell your realtor what you want to spend and ask them not to take you to see homes above your bottom line.
- Get to Know the Market
Buying a home is one of the biggest purchases you can make in your lifetime so it is definitely not something to rush into. Consider making a rule that you will not buy until you have looked around for a defined set of time. This ensures you are an educated house hunter who knows what is a good deal and what is not. It also cuts down on the possibility of rushing into a purchase you might later regret.
- Wants Versus Needs
Depending on personal circumstances and lifestyle each buyer has a different list of wants and needs. Consider what is important to you and your family. Separate them into two columns. There are things you need to have in your home, like the number of rooms or whether you have a yard. Then there are things you like but are not necessary such as the number of bathrooms. Know the difference.
- Neighborhood or House
There is a good chance you’ll have to make a decision about what is more important to you, the house or the area. Maybe you will be lucky and not have to compromise, but often house hunters decide to make one option a priority over the other. If you really want to buy in a trendy, walkable area it is likely the house will be smaller and perhaps less modern. If yard and house size matters then it trumps the community.
- Plan for the Future
If you are newly-weds and planning for a family in the future take this into account when buying. You may not need those extra rooms now but families can grow quickly and feeling cramped only ensures another move down the road. Someone whose kids are moving out in a couple of years should take into account different considerations. Think and plan ahead so you will be comfortable in the years to come.
- Take Your Time
Rushing into purchasing a home is not a good idea. In fact it is a bad idea. You’ll be living with your decision for years after it has been made so follow your list and do not talk yourself into something you may regret later. Be methodical and level-headed and realize it is a necessary time-investment in your future happiness.