Home Buying 101: Step 8: Shop for your House

This is the eighth post in a series of twelve on buying a home.  Click here for the other posts in this series. 

You’ve prepared yourself by putting your finances in order, shopping for a loan, getting pre-approved for a mortgage amount you can afford and hiring a buyer’s agent.  Now, you’re ready to find the house of your dreams – or at least the best house you can afford. 

House=Life

Buying a house is an expression of your personality and lifestyle.  If you are a private person who doesn’t like nosy neighbors or noise, then condo living isn’t for you.  Or, if you have small children, then you probably don’t want ot be in a secluded area where there are no other children for miles.

I begin my search for the perfect property with clients by asking them a lot of personal questions such as:

• What do you do for a living?
• How long do you anticipate living in this house? Or, what is your five-year plan for yourself?  Marriage, children, new job, etc?
• How many family members will be in the home? And what are their ages?
• What are your hobbies?
• Do you entertain or plan to have overnight guests?
• Do you consider yourself handy around the house?

Then, I ask questions about what towns or area buyers are looking for, things they like and dislike about homes they’ve seen.  I may ask buyers to describe the house they see themselves living in.  Lastly, I’ll ask clients for the details – number of bedrooms, baths, size, style, location and amenities. 

Then, it’s a process of matching needs to what is available on the market – both through the multiple listing service and for sale by owner properties.  An agent will suggest properties but many people like to look online for themselves and will ask to see certain properties.  But be aware that your agent has access to the most up-to-date listings – realtor.com and other advertising and lead generation sites may have houses advertised that are no longer on the market.

Buying a house will likely involve compromises – trading size for a better location or one less bathroom for a larger family room.  Sometimes, you may to spend more than you wanted or be prepared to do some work once you move in.

Here are some tips on looking for a house put together by Freddie Mac:

• Take pictures inside and outside the home.
• Bring a spouse, family member, or friend.
• Make sure the house fits into your budget.
• Ask about utility and maintenance costs.
• Think of commuting time and costs.
• Compare what you’d like to have against what you really need.
• Consider your monthly budget – can you afford the renovations and maintenance that you’ll need to do?
• Compare what you’d like to have against what you really need.
• Don’t make a “spur-of-the-moment” decision.

I’ll add two more tips:

• Allow plenty of time.  It typically takes about 1 month to complete inspections, get loan commitment and close on a property – that’s after you already found the house and have an accepted offer.
• Ask your agent for help.  Your agent may be willing to preview properties for you to save you time.  I’ve done this for clients who are out of town and I send them pictures.  They can decide whether to see the house or not.