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What to look for when house hunting
Direct Energy, December 22, 2023
5 minute read
What to look for when house hunting
Direct Energy, December 22, 2023
5 minute read
Buying a home involves a tremendous amount of work, which makes sense, considering it’s the most significant investment most of us will ever make. This is especially true for first-time homebuyers, who often have much to learn about loan terms, property taxes, home inspections and dozens of other unfamiliar topics. House hunting for a lovely home in a great neighborhood can also be a bit daunting, especially if you’re relocating from another city or state.
By the time you reach the point when you can look at homes, there’s even more to think about. What’s most important for you to have in a home? How can you compare two or more houses that you love? Look for features that could save or cost you money on energy, renovations, and other long-term expenses. Read on for tips on narrowing your search and what to look for once you consider specific houses.
Before you start shopping, there are some basic questions to answer:
Before shopping for your next home, know your credit score and how much you can afford to spend monthly on a mortgage. Get pre-approved by a mortgage lender to establish your spending limit when shopping for your new home. Doing your financial homework is the most crucial step in the househunting process.
The mortgage payment is just one expense — you also must consider your down payment, closing costs, property taxes, homeowners insurance, renovations, repairs, and other costs you've never faced as a renter. Make a detailed budget to determine how much you can spend on housing, then work with a real estate professional or financial planner to figure out a responsible price range for your house hunt.
To be a genuinely effective house hunter, you must first list all the essential features you want in a home: a spacious yard, an open floor plan, three bedrooms, etc. You may have to make a few compromises, so put the "must-haves" at the top and the "would-like-to-haves" at the bottom.
Think about whether the house itself or the neighborhood matters more to you. For some people, living in a particular community takes precedence over everything else. For others, the house (comfortable, affordable, in good condition, etc.) is more significant than its location or the surrounding community.
Do you want to raise a family? Need a short commute to work? Would you prefer to stay close to the city? Have plans to start a home-based business? Use the answers to these questions to guide your house hunting among the homes in your price range. Once you find a home that fits your life (even if you compromise on specific aspects), you can remodel it into your dream house over time.
Once you decide on the type of home you'd like, start researching neighborhoods that match your criteria. The internet is an excellent place to start, allowing you to preview properties online before you try to arrange a visit. Many online listing sites like Realtor.com and Trulia.com have virtual tours, video content and other features to help you screen properties, get a quick sense of specific areas, and see local housing prices.
Turning to social media platforms like Twitter and Facebook is another good way to widen your circle and solicit the advice of your digital friends. You might be surprised that an old classmate went to college in the town you are moving to or learn that a former coworker has friends in the area you want to live in and can recommend an agent or provide information about specific neighborhoods.
If you are moving because of your job, your new company may provide resources to assist you with relocation needs. Perhaps your new supervisor or a coworker may be able to offer some insight into the surrounding communities.
Nevertheless, working with a real estate agent is one of the best ways to determine the options available to you in the area. The agent will be familiar with master-planned communities and other neighborhoods throughout the area, and they know about the prices and availability of the homes you are interested in. They can help you set up appointments (if you can visit the area before your move) and offer advice about neighborhoods, schools, public transportation, and other critical quality-of-life details.
You may have to condense your house hunting into a few days if you are moving from another state, so make sure to mention this to real estate agents before you select one. Ask them if they have experience helping long-distance clients, and find out if they can handle the compressed pace of your housing search.
Your future home should be strategically located within easy reach of key places in the city you'll visit regularly (work, school, healthcare centers, entertainment). Try to familiarize yourself with the road infrastructure in the area, traffic peculiarities, parking issues, and available public transportation to assess the accessibility of your new home. Research the social and demographic characteristics of your neighborhood of interest to ensure that the living standards complement your lifestyle, and research the surrounding area to ensure it's safe.
Among the neighborhood archetypes to consider:
As you start dropping in on open houses and poring over online listings, resist the urge to swoon over simple aesthetics like paint colors, light fixtures and decorative hardware. You can make those sorts of upgrades yourself, often cheaply. Instead, focus on the features that will help you save real money — and the shortcomings that could cost you.
Here are some of the essential criteria when sizing up your prospective first home:
Once you've narrowed down your choices, do your due diligence so you're not moving into a home with unpleasant surprises.
When you first find a contender for your dream home, be sure to ask lots of questions and even ask to see documentation to verify things like the age of the HVAC system and appliances.
As you proceed, it's vital that you eventually enlist the services of a reliable home inspector. Plan to tag along during the inspection so the inspector can pinpoint potential problems in detail. Try not to fall in love with a house before the inspection, as you could uncover serious issues prohibitively expensive to remedy, forcing you to walk away.
Finally, try to enjoy the journey. Buying a house can be stressful, with so much money on the line, and it's not a process to take lightly. However, if you perform the proper diligence and zero in on a house that meets your needs and fits your budget, you can secure a home for your family for decades.
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