home

Are you in the process of searching for your dream home? You might have rented a place for years while you saved money. If you can relate to this scenario, you need to consider 6 things before plunging into a stressful and challenging buyer’s market.





Type of Home





Before you can successfully buy your dream home, you need to figure out what type of house you desire. You might be surprised at the number of options available to you. For instance, you will need to decide whether you want to buy a condo, a single family home, a duplex, or even a triplex. You will also need to determine whether you prefer a stand-alone home or an abode with shared walls. Determining how many stories the home should have is also important.





If you don’t know what type of home you want, sit down and compose a list of your desires and expectations. For instance, do you want to purchase a low maintenance abode? Do you wish to buy a home in the country with several acres of land? In addition to making a list, you might wish to visit different types of homes in order to ascertain what feels right to you. You should also consider often forgotten factors like mortgage insurance costs and whether the home qualifies for certain home warranty plans.





Size of Home





Before house hunting, you also need to determine what size of home you require. Along with the type of home, this piece of information will guide your home buying process tremendously. You need to decide how many bedrooms and bathrooms you need in a future home. You also should determine whether you require more than one sitting area. For example, would you like to have a family room and a formal sitting room? Is a home office important? After comprising a list of the rooms you will need, you can calculate an approximate estimate of the square footage you require in a home.





Location





Determining what location you want to live in is vital. For instance, you may need to live in a certain area in order to send your kids to great schools. You might also wish to live near shops, restaurants, public transportation, and parks. In order to buy a home in an expensive dream location, you may have to make some sacrifices on the type and size of the home.





Hiring a Realtor





Before looking at homes for sale, you need to decide whether to hire an experienced realtor or not. If you will be purchasing your first home, hiring a real estate agent can be advantageous. This professional will probably know exactly when new homes go on the market. A realtor may also be able to negotiate a better home price for you than you could secure on your own. Also, a real estate agent can help you work through the mountain of paperwork you will need to complete.

Finding the Right Lender

Just like hiring the right realtor, you really need to do your homework when finding the right lender. Whether you sit down with a mortgage broker, a bank or a credit union, be sure to current mortgage rates are that week before your sit-down. They will want you to think that you are “working with them” now, but you are free to continue shopping for the best rate. At the end of the day, you want the best rate, not the best lender, so don’t feel bad walking for a better offer.





Best Time to Buy





Certain times of the year are better for purchasing homes than others. For instance, the cold winter months are often great times for buying houses. During cold weather, other potential home buyers might put their searches on hold. This practice is usually due to two things. The winter months are often full of holiday activities. Therefore, home buyers may not have as much time to look for houses. Also, house hunters might be reluctant to brave the elements in order to look at homes.





Fixer-upper





While looking at homes, you might tour both newly built abodes and older ones. Buying a fixer-upper can sometimes be beneficial. For example, you can build equity in this type of home by making improvements to it over time. You can also remodel an older outdated home to your specific tastes. For instance, your master bedroom might be connected to an open bathroom.   Installing barndoor hardware and a rustic barn door would make two separate rooms. This renovation would also add character to your master suite.





Buying a new home can be a challenging and stressful undertaking. However, by considering the aforementioned 6 things, you will improve your odds of success.