Your house hunt has begun. You’ve saved some money, met with a mortgage lender to get preapproved and are ready to start looking. But how will you know when you’ve found the right one? Here are some factors to consider when making your decision.
Location, location, location. There’s a reason this saying is so popular in real estate – it’s that important. You can change everything else about a house, or even tear the whole thing down and build a new one. But you can’t change its location.
Budget. You’ve obtained mortgage financing, but that’s only part of the price of a home. Energy bills, yard maintenance, taxes, new furnishings, HOA fees, general upkeep – make sure your housing budget takes into account all of the costs of home ownership.
Wants vs. Needs. Before you commit to a home, make a list of what you’d like it to have and what it must have. Prioritize and stay focused on those things that are truly essential. A beautiful house that’s too small or in the wrong location will be far less satisfying over time than a less flashy home that’s otherwise just right.
Instinct. More than anything, the perfect home for you will just feel right. You’ll walk in the door and picture your family living there. You know how you’ll use the space and you smile thinking about making it yours. That’s when you know you’ve found “The One.”