4 Things to Consider Before You Think About Buying a New Home

Are you thinking about buying a new home? Even if it is not the first time getting your feet wet in the world of real estate, it’s important that you do your due diligence and research before jumping in again. There are so many factors that are impacting both sellers and buyers alike nowadays. Read on to check out some considerations before you think about buying a new home.

 

Evaluate Your Current Space

 

Thinking about your current property and asking yourself some questions can help you determine your priorities, needs, and wants when it comes to buying a new home. What is it about your current home that you love and aspects that you wish you had? If there is something missing from your list that you can have by doing a little work to your current home? Doing some renovations could make you fall in love with your space again, or help build equity when you go to list it, so you can get top dollar to put towards your next home.

Of course, some things aren't always cosmetic or can be easily changed, so if you have found that you have outgrown your current home, or it does not suit your needs, you will have a clear list of must-haves and home-buying deal-breakers to be on the lookout for a while house hunting. 

 

Think About the Cost

 

Taking a careful look at your finances is an important early step when it comes to buying your next home. Even if you have gone through the mortgage pre-approval process before, things could be looking a lot different from the first time around. Questions you should be asking yourself are: “Have your jobs changed, have you acquired any new debt?” It’s important to really look carefully at how much house you can afford to make the best financially sound decision.

Even if you plan to use the extra money you may be making from the sale of your current home, it’s important to not get in over your head when looking at properties. Think about what you would be comfortable spending in order to live the lifestyle you desire. With a new home comes new expenses from the seller’s fees from your current home to closing costs on your next home. Not only that, but if you are looking for a larger home, be prepared for higher utility bills, or HOA fees depending on the type of community you are looking at. 

 

Determine Your Ideal Timeframe

 

Timing is everything when it comes to buying a new home. Not only will you have house hunting to do, but you will have to nail down the logistics of selling your current property all at once. Figuring all this out can be stressful so it’s really important to think about what time frame will work best for your lifestyle. Think about your work situation, or if you are moving with kids, what you can do to manage the stress of moving or make the transition easier and less tense. Not only that, but it is very important to look at the current trends in the real estate market. There is a little more room for buyers to avoid intense bidding wars, but you may want to consider the rising interest rates carefully and when you feel most comfortable jumping into the market. 

 

Get Your Team Together

 

It’s time to get a support system by your side. Meeting with an experienced real estate team of buyer’s and seller’s agents can help you determine what your next steps should be. They can help you run through a pre-listing checklist, look at comps, talk listing prices and give you peace of mind by answering any questions and concerns. Not only that, but they can help you with your home search as well, by sending you the latest homes as soon as they hit the market. Having a team you feel is a good fit for you can give you the confidence you need in today’s dynamic and unpredictable housing market. 

 

BOTTOM LINE

Careful consideration and planning should be put into place before deciding if now is the right time to jump into the home-buying market. Any one of our agents can help you plan, find, and finance your new home without any pressure. When you're ready to hire an agent to help you buy and/or sell your home, trust The Mountain Life Real Estate Team powered by Keller Williams Realty Partners to truly partner with you on this journey. We would be grateful for the opportunity to earn your trust and your business!