House hunting can be intimidating and time consuming. Just like any business owner would do, you have to make a plan. After all, isn’t failing to prepare just preparing to fail? Here’s tips to help you chart your course.
Talk To A Lender:
If you aren’t planning to pay for your next home with cash, you need to find out what you can qualify for. You also need to confirm what the payment will be and make sure that it fits into your monthly budget. Knowing your budget can make or break your house hunt.
Do Your Research:
Once you know what you can afford, you can figure out where to find it. For instance, $1 million won’t score you an oceanfront house in Newport Beach or Laguna Beach. I would suggest looking at home sales on the waterfront for the last six months to get a better idea of what the sales prices have been. This is also a great time to connect with a realtor who knows the market and can help adjust your expectations.
Location:
Assuming you want to buy a home in Newport or Laguna Beach, one of the best places to start with is neighborhood. Narrow down the area, school district or specialty location that are in your budget. For instance, if you are longing for a golf course home, you’ll want to hone in on homes in a golf course community.
Needs:
How many bedrooms do you need? How many bathrooms are necessary? These are great places to start. Almost anyone who says they need three bedrooms would love to have a fourth, but make sure to differentiate between needs and wants. Is a yard a must? How about a pool? Or garage? Making a list of home features is an effective way to feel in charge of buying a home rather than letting the house hunt control you.
Focus On The Goal:
Some people plan to buy a home and stay in it for the rest of their life, but it is far more common to move every few years. While it is important to find a home that you would be happy in for as long as possible, it’s not necessary to overwhelm yourself by trying to find a home for the distant future. As an example, if you are a single person, you don’t need to buy a four-bedroom home in anticipation of having kids down the road. You could opt to buy something that fits your current needs and save money for the future so you will be prepared when the time comes for a larger home.
So put on your boss hat and prepare a house-hunting plan. Soon enough you’ll be king of your castle.
By Holly Schwartz
Holly Schwartz is a realtor with Villa Real Estate who lives in Eastside Costa Mesa and has been featured on HGTV’s “House Hunters.”
