Here are a few tips for home buyers that are shopping for houses. How to narrow down your search.
What do you need in a Home?
What do you want in a Home?
Before you even start shopping think about what you actually need in the home for you and your family. There is a huge difference in what you want compared to what you need. If you work from home all the time you may need a home office. If you work from home once a week you can also say I need a home office. Is a home office really necessary if you only work once a week from home? The bigger the home, the more expensive, so it helps to break down needs versus wants.
2. Be realistic about your finances
Look at your finances, determine what you can afford to spend monthly for your mortgage. Do you have money for a down payment? Do you have money for escrow? This will determine what price range of homes you can afford.
3. Talk to Lenders, get pre-approved.
This is a letter from a lender that you give to the sellers to show that you are serious about buying their home. It says that the lender is committed to lending you this much to purchase their home.
Once you determine that you are ready to be a homeowner talk with a Realtor about market conditions. This is one of the biggest investments don’t just wing it.
Nearly all home buyers – 91 percent – want a laundry room included in
their home, more than any other home or community feature, according to
NAHB’s report What Home Buyers Really Want (2019 Edition).
The report is based on a national survey that asks recent and
prospective home buyers (people who bought homes in the previous three
years or are planning to do so in the next three years) about the
features they want in a home and a community.
One question in the survey asks them to rank features using a four-tier scale of essential/must have, desirable,indifferent, and do not want. Figure 1
shows the top ten features with the highest combination of
essential/must have (unlikely to buy a home without it) and desirable
(would be seriously influenced to buy home if included). Not only does a
laundry room top this list, but when ranking features solely by the
essential/must have shares, a laundry room tops the list again with 54
percent of home buyers.
After a laundry room, the most wanted feature is ENERGY STAR windows,
with 89 percent of home buyers rating it as essential/must have or
desirable. It is important to note that two other ENERGY STAR-related
features make the top ten list: ENERGY STAR appliances was rated
essential/must have or desirable by 86 percent of home buyers and an
ENERGY STAR rating for the whole home was rated essential/must have or
desirable by 81 percent. The fact that these features made the top ten
list indicates that energy efficiency is very important to home buyers.
Two other features on the top ten list are outdoor: 87 percent of
home buyers want a patio and 85 percent want exterior lighting. Another
theme present is the desire for spaces with organizational
functionality: 85 percent view garage storage as essential/must have or
desirable while 83 percent feel the same way about walk-in pantries. The
other most wanted items include a ceiling fan (with an
essential/desirable share of 85 percent), hardwood flooring (83
percent), and a double sink in the kitchen (81 percent).