Making the decision to purchase a new home requires attention, research, and much preparation. Oftentimes, individuals overlook the financial commitment that purchasing a home entails and can get caught up in the excitement of the new appearance and amenities. There are a few considerations to keep in mind prior to jumping into this lofty purchase to ensure that you can financially back this investment and keep up with the appropriate maintenance.
- Determine Your Financial State
Before you commit to purchasing a home, it’s important you have all the preparations in line to make this process as smooth as possible. One way to do this is to account for how much you have to spend and make sure that you have a mortgage pre-approval. Although you might be increasing your budget from your first home, this will help narrow down your search from the beginning and keep you within your means. Focus on available and realistic options that will suit your needs and fulfill your wants as well.
- Highlight Your Non-Negotiables
This is key when it comes to searching for your ideal or dream home—don’t settle. Keep in the back of your mind your non-negotiables and don’t let family, friends, or agents convince you to purchase something that doesn’t align with your goals. This is a huge decision and might require some extra patience and effort—but you will be glad that you didn’t move too quickly into a home that isn’t up to your expectations. Try not to overload your list as that can be stressful as well. Instead, focus on what is most important to you and make sure the home you purchase has the ability to meet those desires. It’s very easy to overlook small details that might end up becoming larger issues or inconveniences later on. Prior to visiting the homes, outline your home buying non-negotiables and stay close to that list throughout the process, you’ll be glad you did.
- Know Your Vibe
If you currently live in a busy city or own a large amount of acreage, ask yourself—is this the right place for you? There are benefits to both the suburban area or the city life, everyone has their preference of lifestyle. Before moving into your next home, it’s important that you are honest with yourself and your future goals. Does your work and lifestyle impact where you live? Would you live somewhere else if there were other factors involved? Make sure that you are making this change for yourself and that you will be happy to stay in a similar setting or looking forward to growing into a new environment.
- Research the Neighborhood
Taking the time to research and visit the home you are looking at is critical to help you feel confident in your decision. Professionals can provide you with the real estate information and you can review the facts about the home, but it’s up to you to do some of your own investigation as well. Visit the neighborhood yourself and if possible, have conversations with the neighbors and ask about their experience living there and how long since they moved in. Inquire about any issues when it comes to the location. Follow this up with some of your online research to make sure you have covered all grounds.
- Decide If You Will Renovate
If you have narrowed down your options and are considering what is the best fit for your situation, take renovations and home remodeling projects into consideration. Would one of the homes encompass everything you want but might need an initial remodel before moving in to get it up to your standards? Deciding this ahead of time might allow you to coordinate the details and get moving on any projects before you actually step foot in the home. Be sure you have all the correct information and don’t be afraid to ask questions upfront to make your process as smooth and convenient as possible.
- Assess Insurance Coverage and Assets
It’s easy to get caught up in the hustle and enthusiasm of moving into your dream home. With that being said, it’s recommended that you take some time to assess your insurance needs. When making any life change, it’s important to consider the future of your wealth and health. If you have yet to do so already, discuss the benefits of life insurance with a professional who can take into account your personal situation and get you the most coverage and the best rate. Life is unpredictable as you know, which is why it’s necessary to protect yourself, your loved ones, and your future. By allocating assets and finances to your family or friends in the case of an unexpected illness or death, your money and legacy can live on the way you intended.
- Get Organized
Moving to a new home is a great time to evaluate what you have and what might be last year’s trends. Take this opportunity to donate clothes, decor, or furniture, that you have outgrown or simply do not prefer anymore. This will allow you additional space and help you decide which new items to purchase that can complement your new, luxurious home. Starting over in this new home should be a reminder of all you have worked for and starting fresh will allow you to embrace all that your future has to offer.
As you realize, moving is a big step, and purchasing the home you’ve always wanted requires a unique set of preparations. By maintaining focus on your goals and desires, you can end up in the home of your dreams and enjoy this life that you have worked to create for yourself.