You’ve been pre-approved for a mortgage, and you’ve found your real estate agent. Now it’s time for the fun part – shopping for a home. You may already have in mind the type of home you are looking for… four beds, four baths, a large backyard, etc. However, there are a few things that you will want to think about before you make an offer.
The Price is Right
When it comes to buying a home, the price tends to be a make-or-break situation. Although you may be tempted to look at homes slightly above your budget, it can be a huge waste of time and can lead to home-buying heartbreak. So, stick with what you have been pre-approved for and below to avoid falling down an expensive rabbit hole.
Location, Location, Location!
It has been said before, but we will say it again: “You can change your home as much as you’d like, but you can’t change where it is located.” This is especially important to remember if location is a big deal to your lifestyle needs. Spend some time researching various neighborhoods and narrowing in on those that meet your needs. Proximity to downtown? Good schools? Etc.
Focus on the Big Picture
Although you may be focused on the present, your home is a long-term investment and should be suited for the long-term. Take a step back and think about where you want to be in 5 or 10 years. If you are looking to grow your family, maybe look for a home with more bedrooms and a large backyard. Your home should be a place that you can grow into, not grow out of.
Move-In Ready or a Fixer-Upper?
Along the same lines as price, you need to think about the type of home that is in your budget and the amount of work it is going to require. When looking at properties, it is important to assess their condition and determine what updates will need to be made before you can move in. These changes can come with a cost and should be factored into your overall budget.
What Are the Must-Haves?
Like we said earlier, you likely already have in mind the type of shopping for a home you want and that’s great! However, we encourage you to write down your home must-haves. These are items that will dictate whether or not you put an offer on a home. Maybe you can’t live without an updated kitchen or a spacious bonus room – whatever your must-haves are, you should communicate them with your real estate agent. By doing so, you will give them a better idea of what is most important to you and avoid wasteful efforts.
Making an Offer – What to Expect
Once you have found that perfect fit, you will be ready to make an offer. When doing so, you will really want to lean on your agent’s knowledge and expertise on the area. You will want to base your offer around similar comps, the cost of renovations to be made, what you can realistically afford each month, and other costs. Once you and your agent have come together on an amount, you will submit it in the form of a purchase and sale agreement, which your real estate agent will draft for you.
What’s Next?
In a dream world, your seller will accept and voila! However, be prepared for counteroffers and negotiations, as that is sometimes the name of the game. Luckily for you, your real estate agent is a pro when it comes to getting you a good value on the home.
Ready to start shopping for your dream home? Check out all of our current listings here and schedule a showing with your preferred Dickens Mitchener agent today. Don’t have an agent? Contact Catharine Pappas at (704) 661-2402, and she will pair you with an agent today.
