Shopping for a new home can trigger so many emotions; it’s exciting and yet can be overwhelming at the same time. There are so many items to consider including finding the perfect location, determining your budget and the right floor plan to fit your needs. How can you make sure you’re buying the right home? With some expert tips and careful planning, you can avoid wasting time considering homes that do not meet your criteria and you can make an easier decision buying the right home.
Have you saved enough money for a down payment? The best way to begin your home shopping journey is to get pre-approved for a mortgage so you know how much home you can afford. Once you have saved enough to put down on a house, you must consider how much of a mortgage payment you can afford each month. You will also need to consider other monthly costs you will be responsible for as a new homeowner (maintenance, repairs, property insurance and taxes etc). We have mortgage specialists that can help you with creative ways of financing and down payment options. Just ask one of our sales consultants to refer you to one of our trusted Mortgage Professionals.
The best way to determine what belongs on your must-have list is to start drafting checklists to narrow down your home nice to have features, and your home needs. Buying a new home can be one of the largest purchases you will ever make; therefore, you might have to compromise on features you thought you “needed,” but realized it was more of a “nice to have.” Creating a detailed checklist can also help you stay within your budget guidelines and have higher confidence when making an offer.
Let’s begin by defining your must haves needs. A “need” is considered a dealbreaker. If you need four bedrooms because your family can’t fit into a three-bedroom home, then you will not waste your time viewing homes that does not meet that criteria. No matter how gorgeous a home is or what fantastic deal you found, a “need” is a feature that would very difficult to compromise on. A home “nice to have” is something that you would love to have in a home but can live without. You may want an open to below floor plan, but it’s not going to change your quality of life without it. You can always budget and build a home with this dream style layout later.
HERE ARE A FEW EXAMPLES OF EACH:
Here are a few important questions to ask yourself when creating these questions:
Now that you’ve asked yourself the tough questions and divided your home needs from your wants, narrow your list even further by ranking your “wants” column from highest to lowest priority. This will help to make your home buying process more efficient. By doing this exercise, you’ll realize things you can sacrifice in order to find a home that meets your needs and your top wants!
A few things to keep in mind:
Determining your home features list may take a little extra planning, however, it will help make your new home hunting journey a pleasant experience. Montorio Homes are designed with your preferences and lifestyle in mind, and our team of sales consultants is able to help align your home with your needs and wants. We are currently active in many communities in the Edmonton and surrounding areas including: Glenridding Ravine, Walker Summit, McConachie Heights, Beaumont and others.