Once you decide to make the big step to purchase a new home, going inside prospective homes can really be an exciting time. However, it is important to make sure that you aren’t searching for a “Bigfoot.” I’m talking about that 100% perfect house, that checks every single one of your “wants,” and it’s at an amazing price. I’m here to tell you: it just doesn’t exist – unless you’re flexible. Here are some important things to keep in mind when starting the search to make sure you aren’t being unrealistic.
A lot of house hunting comes down to price. What kind of house does my budget afford? If you have been approved for a $250,000 mortgage, you can find a perfectly wonderful home. However, you will not find a home for $250,000 dollars that is 3,000 square feet, updated with gleaming hardwood floors throughout, brand-new stainless appliances, a huge backyard, new roof, air conditioning, and in one of Spokane’s most desirable neighborhoods. It’s just not going to happen. A big backyard and a minimum of 2,800 square feet might be non-negotiables for you – and that is completely doable. BUT it’s important to know that you will need to give a little in other areas to stick to your $250k budget. Perhaps the home is a little dated or the location might not be exactly where you ideally wish it were.
Stick to your budget
It might be easy to think: “oh, I’ll just go look at houses that are $300,000 and meet my criteria. That’s close enough!” But if you’ve been pre-approved for a $250,000 mortgage or that’s the price you’ve decided you are most comfortable at for monthly payments, you need to stick to that price range. You wouldn’t go test drive a 2019 Lamborghini when your budget only allows you to afford a Ford. I’m not knocking Fords! There are plenty of wonderful Fords, but don’t be testing out the Lamborghini’s or you’ll be bummed about the Ford. When you’re searching for your next home, it’s important to stay focused, and that includes being and staying within your realistic budget.
And finally, I suggest making a needs list and a wants list before you start searching. Needs are exactly that: non-negotiables; “I’m not buying the house unless it has X.” Needs tend to be things that are more difficult to change: location, square footage, lot size, whether there’s a basement or an attached garage, etc. Wants are “nice to have” items, but not deal-breakers: updated appliances, new carpet, number of bathrooms or bedrooms, landscaping, a pool. It’s okay to have a lot of items on your wants list, just don’t get too attached to them all and be willing to flex a little bit.
Buying a house takes time. And no house – even that perfect little rancher with the wrap-around porch and fenced-backyard that just came on the market yesterday! – is worth jumping into before you’re ready. Make sure you have all your ducks in a row, that you aren’t overextending yourself financially, and that your agent is on the same page as you…oh, and that you aren’t searching for a Bigfoot.