With the interest rate drop this week, I’m sure there will be many first-time home buyers wanting to take advantage of this opportunity to buy their dream home. There’s ample inventory both in existing homes as well as new builds so it’s a good time to act quickly.
People that have owned several homes usually have a pretty set idea as to what features they want, or more likely, what they DON’T WANT in a new home. First-timers may not have such a clear-cut idea.
In such instances, I recommend they develop three lists under the headings of: (1) Must have; (2) Like to have; (3) Don’t want. Even experienced home buyers may want to create such lists as it helps prioritize their thought process.
When creating your list, consider your lifestyle.
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Envision what your weekday mornings are like and the steps you go through from waking, to fixing your coffee, to getting ready to go out the door to get into the car for work.
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Then reverse the process when you come home from work or carry in the groceries.
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What do you do after having dinner?
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Do you work on your computer and need space for a mini-office or a full-blown den?
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Does the entire family crash in the Family Room around the TV?
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Or do you want a quiet corner to curl up with a good book?
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Do you entertain often or just at the holidays?
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Do you like open, high ceilings or is a traditional floor plan more to your tastes?
I often find that experienced buyers have definitive opinions for the “less glamorous” areas of a home, such as where the laundry is located, or the separation of the owner’s bath from the bedroom, especially if one needs to wake and shower on a different schedule than the other person. People with children or pets have access and visibility to the backyard high on their priority list, AND whether the door to the backyard requires entry and exit over carpet.
You’ll also need to consider your budget in developing your list. Be realistic.
Another thing to keep in mind is that it is unlikely you’ll find a home that is 100% perfect. You might expect 80-90% at best. Try to find a home where the 10-20% that isn’t perfect are those things that you can change later. For example, if you have your heart set on hardwood floors, and the home has carpet, you can change that in the future. But if you want a first floor laundry and the current laundry is in the basement, that probably is something that can’t be changed.
Give your final list to your Realtor®. The agent can enter your search into the MLS to retrieve homes that meet your criteria. Some of the criteria may require viewing the interior photos to determine whether the home will be appropriate or not. Having your agent work with your list will save a lot of tiring time viewing homes that simply aren’t a good fit.
You’ll find your dream home much faster with much less effort using this method.
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