KNOW YOUR BUDGET ANDT

Another factor to consider are the future plans for the area. New construction neighborhoods are popping up all over—depending on your needs, you may want to hold out for one of the new builds, or you might not want to buy right next to a future construction site. You should also consider the crime in the area, if there are any benefits such as recreation facilities, and if there are HOA dues that will affect your monthly payment.

Remember, your location also includes the lot on which the home stands. You can remodel and renovate a house to your every specification, but the lot will remain the same. Consider the lot location and size carefully when viewing homes. Does it get enough sunlight? Will the driveway be difficult to navigate when it snows? Is the yard large enough for your kids and dog to run around? Are you prepared for the amount of maintenance needed for this size yard? If anything about the location or the lot seems concerning or feels like a compromise to you, don’t hesitate to walk away. It will be easier to find another property in a better location or lot than to live with frustrations that could’ve been avoided.

Know your budget and the market. While this sounds simple enough, it can be a complex process. You need a clear picture of your finances to determine a down payment amount and the maximum mortgage payment you can afford. Your real estate team can help review various mortgage payment scenarios and point out sleeper costs, including HOA dues, homeowner’s insurance, and property taxes. “Home buyers need to have all their documents in order and hire a solid team to help them purchase a home. This team will consist of a local, full-time real estate professional, a full-time knowledgeable lender, and expert local vendors,” explains Ben.

The market, interest rates and inventory have been rapidly changing over the past few years, but real estate is cyclical. Depending on your circumstances, now might be a great time for you to buy, but not ideal for others. As Jennifer explains, “This market is healthy, but rates are high. … If you have substantial equity in your home, now is a great time to buy, and there are a lot of options available that you wouldn’t be able to capitalize on when the market is hot.”

YOU WANT TO CHOOSE A HOME THAT MEETS THE NEEDS OF YOUR CURRENT LIFESTYLE, STAGE OF LIFE, AND ANY FUTURE GOALS YOU HAVE FOR YOURSELF AND YOUR FAMILY.