If only the home buying process came with a fast forward button so you could skip ahead to the part where you’re all comfortably moved in. 

Unfortunately, that technology doesn’t exist – yet. However, the good news is that you have more access to resources and information today than ever before–you are much better prepared to make a wise home purchase decision . That being said, there are a myriad of questions you have to answer before the keys end up in your hands. 

Whether or not this is your first rodeo, buying a home is no light task and one that requires a healthy dose of self-introspection. The first step in buying a home is to look inward to identify exactly what your needs and wants are in relation to your current financial, personal and professional situation. 

That’s what we’re here to help with. Before you can pass GO, you must answer these 7 questions first! 

1. Why Am I Buying A Home Right Now?

There are countless reasons for buying a home. Maybe you’re tired of renting. Maybe you’re looking to upgrade. Maybe you’re downsizing. Moving closer to friends or family. Everyone’s ‘why’ is different – but you still need to uncover yours. 

Having a clear idea of your why will help you assess whether or not you are making the right decision. A common piece of advice, and as financial planner Anna N’Jie-Konte puts it, “you shouldn’t overcommit yourself long-term if your purchase is motivated by temporary relief – especially in a hot housing market.” 

With 44% of homeowners regretting their home purchase, the goal is for you to have an airtight decision and let that guide you throughout the process, because having buyer’s remorse on a home isn’t something that disappears quickly. 

2. Do I Actually Have The Financial Means To Buy A Home? 

Your financial situation stands right at the top of the things you must evaluate before buying a home. Take into account these three areas. 

• Consider Your Credit Score.

Is it good? This factor has the potential to greatly influence your interest rate, mortgage terms, even your ability to acquire a mortgage at all. As a rule of thumb, the higher your credit score, the better.

• Do You Have Enough Money For A Down Payment?

This is the purchasing amount that you must provide upfront when closing a deal, and it influences the type of mortgage for which you qualify as well as your long-term financial goals. The larger your down payment is, the more appealing the offer is to the seller and the higher  your chances are to get the house. 

• Beyond The Mortgage, There Are Also House Expenses You Will Need To Pay As A Homeowner. 

These include property taxes, maintenance, insurance and potential repairs. Are your savings and future income stable enough to account for these expenses? When calculating your finances, a general tip is that unless most of your life, including your hobbies, revolves around your house, no more than 30% of your income should be spent towards your home expenses. 

3. What Are My Goals For This House?

When you envision yourself in your new home, what do you see? Do you picture yourself raising a family? Flipping it? Will it be a vacation rental? Perhaps you want a home that moonlights as your workspace? 

Also consider whether most of your time will be spent in this house and whether or not you plan to be in this home for many years or just the short term.

Laying out your short and long-term objectives for your house will help you determine your budget and pinpoint which features you want to prioritize when you begin house hunting.

4. What Are The Things That I’m Willing – Or Not –To Compromise? 

From needing a ton of natural light to wanting a large kitchen or primary bedroom, everyone has some specific elements they absolutely want to see in their future home. But beyond personal preferences, there are some factors that property experts agree you should never compromise. Consider the following:

• Respect your predetermined budget to avoid taking on unnecessary debt. 
• Prioritize the location, especially when it comes to quality of life and safety, as well as your commute to work and the school district if you have school age children.
• Establish what you can tolerate or not regarding the home’s condition.
• Define your minimum criteria, what you can live with or without, when it comes to the floor plan.

Having a good sense of which features you’re willing to compromise on will help you keep an open mind, while at the same time being aware of what is non-negotiable.

5. Do I Want To Handle A Renovation?

As you mull over this question, you may find that it also answers whether you want to buy a previously owned or newly-built house. 

If you get stressed watching HGTV, or if it would be a stretch financially to renovate a home, you may want to stay away from a house that requires a gut job or too many touch-ups. One reason buyers prefer newer homes (or pre-owned homes that have already been remodeled  is precisely because they want to avoid renovations.

However, if the house requires minimal repairs and if you’re up for the challenge, go for it! Pre-owned homes typically offer better overall value and price and are often located in more mature neighborhoods with bigger trees.

Whatever your preference, carefully consider this question as you don’t want to find yourself in a home that you don’t enjoy.

6. What Am I Looking For In The Location?

Start by identifying the factors that are most important to you when you think about location. Do you want to live in the city or in the suburbs? What kind of feel and style are you searching for? Historic? Modern? New?? What about the school districts, access to public transportation or hospitals? 

You may also want to look into what new construction (if any) will be happening in the area. Are new developments going in that might interfere with your location or the traffic? Is there any risk for schools being rezoned? Even consider if this region is statistically hit by natural disasters. 

It’s also important to think about the desirability of the location. Investing in a property that is expected to become increasingly valuable down the road is an advantage that you do not want to overlook. This takes a good amount of research, asking the right questions and doing some forward-thinking. 

7. Am I Ready To Embark On The Journey Of House Hunting?

The search for a new home can be a challenging process. The current housing market is  quite competitive, and you may end up submitting offers on multiple houses before actually getting one. It’s important that you are mentally prepared and have the time and energy to devote to the process.  

As you ask yourself these questions, remember that we are here to support and accompany you every step of the way. Our commitment is to help make the process as enjoyable and stress-free as possible, so you can get to the fun stuff like decorating and selecting your furniture. 

Let’s get in touch and see what we can uncover for you!