Step 4: Decide What You Want

Step 4: Decide What You Are Looking For

Series: 10 Steps to Home Ownership

A good number of new and existing homes are sold each year. There's no shortage of housing options, but with so many choices the challenge becomes finding the property which best meets your needs.

The housing market is complicated because the stock of homes for sale is always in flux. If it were possible to have a complete list of every home for sale at this very moment in a given community, such a list would become obsolete as soon as it was created as new homes become available and properties now for sale are put under contract.

Buyers are looking at a moving target in a marketplace that is never static. It is important to know as much as possible about the choices in preferred markets, and the way to do that is by working closely with your chosen Realtor who has a good lay of the land.

What are you looking for?

A home is more than just a collection of rooms you plan on using. Several properties -- each with four bedrooms, three baths, and the same price -- may well represent radically different designs, commute distances, sizes, taxes, interior dimensions, and exterior finishes. 

Each of us is different and so it's important to list the features and benefits you want in a home. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen) and design (is it something you can grow into? Is it a home where you can easily age in place?)

Next, it's important to consider your priorities. If you can't get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? How about a longer commute for a larger lot and lower cost?

Lastly, consider your needs in several years. If you'll need a larger home, maybe now is the time to buy a bigger house rather than moving or expanding in the future. If you expect your income to increase, perhaps you should consider a more expensive home financed with a loan program where monthly payments increase in the future.

Where should you look?

Your Realtor will definitely be able to help you with this. In fact, they should help focus you on an area or two. All neighborhoods and communities have a special nature that gives them identity and value. One community may be well known for historic homes while another offers both suburban living as well as easy access to downtown office areas.

How do you find a house?

Many people prefer to have their Realtor suggest properties while others search online. Many buyers prefer both approaches.

Regardless of your choice, it's important to target your search. By using basic measures such as general location and affordability, you can refine your search and focus on homes that offer the most desirable features.

As a guide, you should maintain a file with information on each of the homes you like. Make sure you note houses you have seen, what you liked, what you didn’t. Take photos to help you remember pro’s and con’s. Have several sections including: Love, Like, Dislike and keep great records of them. You don’t want to see the same house several times f you don’t like it or have a major problem with it.