Although it doesn’t feel like spring in the Midwest, the busy spring real estate market is underway. And with more competition, it’s important for prospective homebuyers to get their priorities in order before they start touring homes and neighborhoods. If you’re among those buyers, ask yourself:
1. What’s my financial comfort zone?
It’s essential to have a clear understanding of your budget. Beyond the purchase price, you’ll need to factor in expenses like closing costs, property taxes, homeowners insurance, and home maintenance, to name a few.
Reach out to a loan officer to discuss your financing options and get pre-approved for a mortgage. A pre-approval not only gives you a sense of how much house you can afford, but also lets sellers know that you’re a qualified buyer. This is important in any market, but especially in a competitive environment where multiple offers are prevalent. Don’t have a loan officer in mind? The GetBurbed team is happy to connect you with recommendations.
2. What are my home must-haves?
Think about what makes you tick. Are you a gardener who needs outdoor space, or a culinary enthusiast craving a chef’s kitchen? Make a list of your must-haves, whether it’s a space for a home office, sustainable living features, or a backyard for your very active dogs.
Almost every home purchase involves some degree of compromise, so it’s important to distinguish between your needs and wants. A good example: If you and your roommate need to be up and out early each day, having an extra bathroom would be nice, but may not be essential. Or maybe you don’t want to look for street parking every day – a garage could be the answer but may not be a dealbreaker. Define your priorities and share them with your real estate broker so they know exactly what you’re looking for. This will make your search more efficient from day one.
3. What is my long-term plan?
Certain life changes demand more space, from kids to pets to working from home. Think about your long-term plans and how they align with your housing needs. If you anticipate your new home being permanent, consider giving yourself a little wiggle room – an extra bedroom or convertible basement, for example. This will allow you to grow into your space if the need arises versus having to make another move.
4. What do I need at my fingertips?
Consider what local amenities will make your life more enjoyable. Are you dreaming of weekend strolls through a favorite park, or does lively nightlife sound more your speed? Are you raising soccer superstars – or passionate equestrians, gymnasts, or artists – who need easy access to local coaches, instructors, and teams? Are you okay with driving 40 minutes for a niche workout you love, or would you rather be within walking distance of a local studio? All of it matters, and like your home must-haves, it’s better to prioritize these needs ahead of your search.
5. What does my commute look like?
If you only head into the office occasionally, you might be fine with a longer commute. If it’s a regular occurrence, shorter – or at least easier – might be better. Think about how your commute will impact your lifestyle. And when you zero in on a community, neighborhood, or house, it’s worth test-driving the commute “door to desk” to see what it’s really like.
6. How much maintenance can I handle?
It’s also important to consider your willingness to tackle home maintenance or garden upkeep. If you’re more of a DIY enthusiast, a fixer-upper might be exciting. If not, a move-in-ready home or a low-maintenance condo might be a better fit.
With these questions answered – and your agent’s help – you’ll be ready to find a new home this spring market. Good luck!
Ready to start your homeownership journey? We are here to help every step of the way! Connect with a broker at GetBurbed, @properties now.
