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Ready to start searching listings and hitting open houses? Save yourself some time by first identifying exactly what you need and want in a home using our checklist.
You’ve been pre-approved and know what you can afford, so it’s time to start home shopping. But the hunt for your dream home will stall rapidly if you don’t know what that “dream” looks like.
It’s easy to talk in generalities about wanting a “big” house or an “older” home. But in order to better target your real estate search, you must think specifically about your dream dwelling. Will your “big” house be 2,400 square feet or 5,000? When you say “older” home, do you mean one built pre-1900, or pre-1980?
Before you visit another open house, sit down and make a list of your needs and wants — and yes, those are two different things. You may want a pool, but you probably could live without it. (Plus, it’s worth considering that having a pool could raise your home insurance costs.)
Know your finances
Getting your finances in order before searching for your dream home can make all the difference in a competitive market. Determining your budget and how much financial wiggle room you have can help put your must-haves more clearly into view. Ask yourself:
Are you pre-approved for a mortgage?
What’s your price range?
How much do you have saved for a down payment? What about future repairs?
Are you willing to do extra renovations or do you want a turnkey property?
Consider your current lifestyle and plan for the future
You may have a picture-perfect home in mind, or you may not know where to even start when it comes to imagining your future place to live. It may help to first consider your basic needs and non-negotiables in a home. Begin by considering where you live now — what are your favorite things about your home, and what do you need to change? Think about whether:
You need space for a future nursery or a home office
You need any special features for your pets like a fenced-in yard
You need wheelchair access or limited stairs
You need a space for a car or is street parking sufficient
Walkability is important to you
You plan on changing jobs in the next 1-2 years
Pick your preferred home style and type
You may have a picture-perfect home in mind, or you may not know where to even start when it comes to imagining your future place to live. It may help to first consider your basic needs and non-negotiables in a home. Begin by considering where you live now — what are your favorite things about your home, and what do you need to change? Think about whether:
You need space for a future nursery or a home office
You need any special features for your pets like a fenced-in yard
You need wheelchair access or limited stairs
You need a space for a car or is street parking sufficient
Walkability is important to you
You plan on changing jobs in the next 1-2 years