Our Real Estate Blog
A home-buying wish list may sound like a cathartic way to imagine a dream home that's dripping with luxury everywhere you turn, but it's really a practical way to help homeowners narrow down their options. When buyers look at too many homes, they may find that each property starts to run together. Use this tool as a means of viewing just a few homes that will meet all of your criteria.
Questions to Ask
Wish lists start with the answers to the following questions:
- Would you be willing to purchase a home that's more than 10 years old? More than 70?
- Do you need to live near a bus or subway line?
- Can children be driven to school or will they need to walk?
- How much effort are you willing to put into repairs and renovations?
- Do you need a formal dining area or can a table be placed in the kitchen?
- Will you need to prepare for the home for those with physical disabilities?
If you're planning to host your elderly parents at some point, you may need to look for a one-story ranch for maximum accessibility. Similarly, if you're planning to have children, you may want to buy a home with carpeting to provide extra traction for unsteady feet. While a lender will have the ultimate say in how much you can afford, you have plenty of control over the home you choose within your budget.
As buyers sketch out their wish list, they should separate it into the absolute deal-breakers. For example, you may prefer a full two bathrooms but you'll settle for one full plus a half bathroom. Consider how large of a yard you want, the ideal type of HVAC system, and the type of home that will work best for you Some people prefer smaller homes so they can cut back on the amount of cleaning and maintenance they have to perform.
Room for Flexibility
If there aren't many homes that are meeting your minimum criteria, be prepared to be a little flexible along the way. You can always install carpeting or central air if you absolutely need to. You may also need to compromise on the age of the home, which is highly encouraged as long as the home passes inspection.
A wish list doesn't have to be the defining document for a home, but it can keep you from seeing homes that are absolutely not right for you. The more you can streamline your home buying journey, the less stressful the transition will be.
If you're on the lookout for your dream house, it helps to be persistent. In fact, there are many reasons to take a persistent approach to the real estate market, and these include:
1. You can pounce on the opportunity to acquire your ideal residence.
A persistent homebuyer should have no trouble finding lots of homes that match or exceed his or her expectations. Then, this buyer can take the necessary steps to submit an offer on his or her dream house and finalize a home purchase.
As a persistent homebuyer, it is essential to submit a competitive offer on any residence that you want to acquire. By providing a competitive offer, you can increase the likelihood of receiving an immediate "Yes" from a seller.
2. You can stay ahead of the competition.
When it comes to buying the best house at the lowest price, the early bird catches the worm. Thus, a persistent homebuyer may be better equipped than others to find and purchase his or her dream residence as soon as this house becomes available.
To stay ahead of the homebuying competition, it helps to assess the real estate sector closely. This will enable a homebuyer to identify his or her dream house in no time at all.
Furthermore, a homebuyer should create a checklist of dream home wants and must-haves. This list will allow a homebuyer to narrow his or her home search, making it easier than ever before to discover a great house.
3. You can boost the likelihood of a seamless homebuying experience.
No one should be forced to deal with a long, arduous homebuying experience. Fortunately, a persistent homebuyer can act quickly on available houses, ensuring this buyer can accelerate the homebuying journey.
For a persistent homebuyer, it often is a good idea to get extra help from a housing market professional as well. Thankfully, real estate agents are available who can provide comprehensive support to persistent homebuyers in any city or town.
A real estate agent understands the ins and outs of purchasing a house in a buyer's or seller's market and is happy to share his or her industry expertise with a homebuyer. By doing so, a real estate agent can provide valuable insights to help a homebuyer accomplish his or her goals.
In addition, a real estate agent offers plenty of support at each stage of the homebuying journey. He or she will learn about your homebuying aspirations, set up home showings and keep you up to date about new residences that become available. Plus, once you find your dream house, a real estate agent will help you submit a competitive offer right away.
If you want to pursue your dream house, it may be beneficial to take a persistent approach to the housing market. With the aforementioned tips, you can enter the real estate market as a persistent homebuyer who knows exactly what he or she wants to find. Take advantage of these homebuying tips, and you can move closer to acquiring your ideal house.
A home inspection represents a key stage during the homebuying journey. This inspection enables you to examine a house with a professional property inspector. And if you discover minor or major property issues, you can ask a seller to perform repairs. Or, you may choose to reduce your initial home offer or rescind your proposal.
Ultimately, it pays to be diligent during a home inspection. If you perform an in-depth assessment of a house, you can understand whether this residence is the right choice.
On the other hand, there may be property problems that you identify during a home inspection that you won't ask a seller to repair. These issues may include:
1. Cosmetic Problems
If you ask a home seller to perform cosmetic repairs, the seller may choose to walk away from your homebuying proposal. And if this happens, you could lose your dream house to a rival homebuyer.
There is no need to jeopardize a home sale due to a cracked floor tile, a deck that needs to be stained or other cosmetic problems. Instead, plan to perform cosmetic repairs on your own.
In addition, keep in mind that many cosmetic issues are quick and easy to fix and won't require you to break your budget. This means you likely will have no trouble completing myriad cosmetic repairs after you close on a home.
2. Loose Fixtures
A loose doorknob or light fixture can be frustrating. And as you walk through a house during an inspection, you may feel like repairing a loose fixture is a top priority.
Loose fixtures generally require simple hand tools to repair, and problems with these fixtures frequently can be solved in just minutes. As such, you may want to focus your attention on bigger and potentially more expensive home repairs as you determine which property repair requests to submit to a seller.
Of course, if a loose fixture creates a safety hazard, you should not hesitate to ask the seller to fix this problem. Because if a hazardous fixture remains in place, it may put your health and safety at risk.
3.Non-Functional Light Switch
A non-functional light switch may raise red flags as you inspect a house. But in many instances, this problem is minor.
If you notice a non-functional light switch during a home inspection, there usually is no need to worry. In fact, a property inspector typically can tell you whether a home's electrical system is safe to use and up to code.
For homebuyers who are uncertain about how to proceed with a residence following an inspection, it pays to consult with a real estate agent. This housing market professional can offer expert tips to help you make informed decisions at each stage of the homebuying journey.
Consider your potential property repair requests following a home inspection. By doing so, you can prioritize major property repairs and increase the likelihood that you and the seller can find common ground as you work toward finalizing a purchase agreement.
The homebuying process can be stressful, particularly for those who are purchasing a house for the first time. From the time it takes to find your "dream" home to the final closing, there may be many hurdles that you'll need to overcome to secure your ideal home. As such, it sometimes can be difficult for a first-time homebuyer to maintain a positive outlook during the most challenging times.
Lucky for you, we're here to help you remain calm, cool and collected throughout the entire homebuying cycle.
Now, let's take a look at three tips to help first-time homebuyers maintain a positive outlook at each stage of the homebuying journey:
1. Establish Realistic Expectations
Although first-time homebuyers would like to believe the property buying journey will be quick and seamless, it is important to realize that problems can arise without notice. However, homebuyers who understand the ins and outs of purchasing a house should have no trouble identifying potential issues and minimizing their impact.
For example, a homebuyer who defines his or her ideal residence can narrow a home search accordingly. This homebuyer also will be able to check out a variety of houses based on assorted property buying criteria and boost his or her chances of discovering the perfect residence without delay.
A homebuyer who establishes realistic expectations will be ready for the worst-case scenarios too. And if this homebuyer submits an offer to purchase a home that ultimately gets rejected, he or she will remain confident and be ready to restart the homebuying cycle from stage one.
2. Become an Informed Homebuyer
A first-time homebuyer who learns about the housing market can improve his or her chances of getting the best possible results.
Allocating the necessary time and resources to understand the differences between a buyer's market and a seller's market, for instance, can make a world of difference for any homebuyer, at any time.
Furthermore, an informed homebuyer may be more likely than others to get pre-approved for a mortgage. With a mortgage in hand, this property buyer can set a budget for his or her home search and increase the likelihood of securing a terrific house at an affordable price.
3. Work with a Real Estate Agent
When it comes to purchasing a home for the first time, why should a homebuyer leave anything to chance? Instead, a homebuyer can work with a real estate agent to reduce the risk of potential pitfalls throughout the homebuying cycle.
A real estate agent is happy to respond to a homebuyer's concerns and questions as the property buying journey progresses. This housing market professional will even help a homebuyer maintain a positive outlook, regardless of what happens. That way, a real estate agent can assist a homebuyer through both good times and bad and ensure a property buyer can purchase a first-rate house that matches or exceeds his or her expectations.
Take advantage of these tips, and any first-time homebuyer can keep things positive at each stage of the homebuying cycle.
A home showing is a valuable opportunity for a buyer, as it enables him or her to walk through a residence and find out what a house is all about. At the same time, a single home showing may be insufficient.
Ultimately, there are many reasons why you may want to schedule a follow-up house showing, and these include:
1. You can get responses to any unanswered home questions.
A second home showing gives you the chance to gain additional insights into a residence. Thus, if you failed to get answers to certain home questions during an initial showing, you may want to schedule a follow-up showing.
Of course, it often helps to craft a list of questions prior to a showing. This list will help you learn about all aspects of a residence.
2. You can analyze any potential problem areas in-detail.
If you want to get a close look at various home issues, you may want to schedule a second showing. That way, you can assess these problems in-detail and determine your next step in the homebuying journey.
Sometimes, it helps to bring a home improvement professional with you during a house showing. If you have a friend or family member who is a home improvement expert, for example, you may want to bring him or her along for a follow-up property showing. This home improvement expert then can provide comprehensive insights into the condition of the house.
3. You can determine if a house matches your expectations.
If you are still on the fence about a home following an initial showing, it never hurts to take a second look at this house in-person. Because if you attend a second home showing and find a house matches your expectations, you then can submit an offer to purchase this residence. On the other hand, if you discover a home is not a great fit for you during a second property showing, you can continue your search for your dream residence.
As you navigate the homebuying journey, it generally is a good idea to hire a real estate agent, too. This housing market professional will go above and beyond the call of duty to help you find a terrific residence that you can enjoy for years to come.
Typically, a real estate agent will teach you about the homebuying journey and offer tips to help you prepare for property showings. He or she also will attend a home showing with you and respond to your concerns and questions. Plus, if you want to schedule a follow-up home showing or submit an offer to purchase a residence, a real estate agent is happy to help.
When it comes to navigating the homebuying journey, it usually is beneficial to err on the side of caution. Therefore, if you strive to learn as much as possible about a home after an initial showing, you should schedule a follow-up showing. By doing so, you can perform a full home analysis and determine if a house is right for you.