July 26 2018

Becoming Mentally Prepared for Your First Home Purchase

by Kelley

Becoming Mentally Prepared for Your First Home Purchase

Now that you have a better understanding of Becoming Financially Prepared for Your First Home Purchase, it’s time to become mentally prepared because there is far more that goes into curating your dream home than money. The home itself may seem like the perfect option for you and your family but there are several other factors that need to be considered in order to make sure you’re making the right decision.

 

Create a Wish List

 

Having the money without knowing what you want in a home is pointless so it’s important to really think about what you want short term and long term. What type of home do you want? Can you see yourself in a condo, townhome, single-family home, new construction, or custom home? Considering the type of home first is very important because depending on your choice, you may be limited on options for the remainder of your wish list. Another important thing to consider is what you want to get out of your neighborhood. Some homebuyers prefer master-planned communities that come with a community designed specifically for the residents which includes amenities and other convenient perks. If you have children or are planning to have children in the future that will attend public school, making sure you’re in the right school district may also be a priority. After you’ve checked off all the tough decisions, have a little fun and make of list of design features you want in your home. Keep in mind that when searching you may not be able to accommodate everything on your wish list so figure out what you can’t live without in order to create a more realistic list.

 

Where Do You Want to Live and For How Long?

 

Buying a home can be a great long term investment but unless you’re flipping a resell home for a quick turnaround, it’s best to own the home until you start seeing substantial equity which can take time. This means either finding an area that you want to live in long term or being prepared to find renters to occupy your home so the cost does not solely fall on you. If you plan to stay in the area long term, do some research before choosing a neighborhood by attending community events or visiting restaurants and shops in the area. This will give you a feel for the locals and the tempo of the location. Also, consider commuting options if you have to travel for work. Considering the traffic if you have to take freeways, distance from the airport or lack of public transportation may be deal breakers so explore the options before making an offer.

 

Window Shop the Market

 

One of the best ways to understand the current real estate market is to understand what is out there. Browsing listings for sale in the area you want to move can help determine what you want in a home and it could give you some insight on where to get the best bang for your buck.  Take it a step further and tour open houses. The peak season for most areas is during the spring and summer months so finding multiple open houses near your area should be a breeze.

 

Find the Right Team

 

Once you’ve determined what you want in your home find a team of professional experts that can help guide you to locking down your perfect home. The home buying process can be overwhelming but finding the right real estate agent will make the experience much more enjoyable. In addition to a realtor, you’ll need a mortgage professional and depending on what type of home you want you’ll need to find a builder. Often times finding the right builder provides you with everything you need for a one-stop shop so be transparent with what you need. Ask and you shall receive!

 

Be Patient

 

Buying a home is extremely rewarding but it takes time. Be patient, trust the process and enjoy the journey to home!

| To the top |

Pages

Archive