January 26, 2024
Whether you’re starting out as a first-time homebuyer, are looking to relocate, or are changing up your space, here are the things you need on your radar as you begin.
8 Important Factors to Consider in Your Home Search Criteria
Whether you’re starting out as a first-time homebuyer, are looking to relocate, or are changing up your space, here are the things you need on your radar as you begin.
Before you start your home search, you need to come up with a plan to determine what is most important to you. For some homebuyers, location will be the most important consideration. For others, aesthetics and style will be paramount. For still other buyers, budget and financial considerations will take precedence. By thinking through your priorities ahead of time, you can make better decisions at each step of the homebuying process.
Setting your priorities comes down to understanding both your short-term and long-term needs. These include:
Determining your priorities is, as you can tell, a highly personal exercise. While your real estate professional can help you think things through, you’ll ultimately have to make many of these decisions based on your personal preferences and projections for the next few years.
Part of prioritizing for your home search involves determining what features are essential and which ones are negotiable. Think through your must-haves and nice-to-haves for each of the following:
Do you need to be in a specific location or can you branch out with your home search to similar neighborhoods? Are you limited in where you can live based on your commute or preferred schools or are you more focused on the type of home rather than where it is located?
Where can you look for more information?
Talk to your real estate agent about a variety of neighborhoods that fit your criteria.
Do you have school-age children or will you have school-age children in the near future? Are you focused on staying in the same school district they are currently in or are you trying to move up to a more desirable school district? Are your children homeschooled or do they attend private schools so that school district is a less important consideration for your purchase?
Where can you look for more information?
Check out the website of the local school system and check with the state department of education for information related to school performance.
Do you need to be near public transportation or a commuter rail station? Do you need to be able to easily commute to your workplace or do you primarily work from home, making this less important?
Where can you look for more information?
Check with the local transportation authority and drive the route from your favorite neighborhood to your workplace during the times of day that you’d normally be commuting.
Are you focused on a single-family home, condominium, co-op, or townhouse? Are you willing to forego a particular type of home in order to get the location, layout, or features that are most important to you?
Where can you look for more information?
Think through the way you and your family like to live and entertain along with any mobility issues that might help to determine the type of home and floorplan that would work for you.
Are you primarily interested in the look of the home you choose? Are you hoping for updates or upgrades to the home’s fixtures and finishes or are you more focused on the architectural style of the overall space? Do you want new construction or a historic home? Do you want it turnkey or are you willing to put in some elbow grease to transform it into what you’re looking for?
Where can you look for more information?
Drive around your favorite neighborhoods to find out what home styles are popular in the area.
How many bedrooms and bathrooms do you need in your home? Do you have frequent guests who will require their own dedicated space? If you have growing children or are planning to increase the number of people in your family, how will the next few years affect how much space you’ll need?
Where can you look for more information?
This will be determined by your individual family size and needs.
Is outdoor space important to you? If so, how much? Do you need a balcony for your morning coffee or are you looking for a pool, deck, and other outdoor features. Could your need for outdoor space be satisfied with common spaces like those you’d find as part of the amenity package in a resort-style planned community?
Where can you look for more information?
Think about how you and your family use outdoor spaces and determine what types of features you’d like as well as how the weather in your area would affect your ability to enjoy those outdoor living spaces.
How much home can you afford? How much of your budget do you want to allocate to your home purchase and how much do you want to reserve for other things, like travel or lifestyle expenses? Do you see your budget changing much in the years to come?
Where can you look for more information?
Work with your lender to put together a plan that makes sense for your budget.
Ready to get started with your home search? Let Newzip connect you with the real estate professionals who can help you plan and prepare for a successful home search, then see it through to a successful conclusion.
