5 Focus Points to Consider When Buying a Home

Home buyers should make a clearly defined list of what they absolutely need in a home & their a seperate list of their wants.

A need list should include things like square footage, distance to work (location), number of bedrooms/bathrooms, and other qualities of a property that cannot be changed (or easily changed). A want list should consist of items that are desired; such as pools, a kitchen island, media room, or a covered patio.

Some homebuyers mix their needs and wants together when house hunting. Although every buyer wants to find the perfect home that checks all of the boxes on both their needs & wants list; conflating the two may result in a struggle to find a home within a set budget (especially in our current housing market).

So.. what are the top 5 things a buyer should focus on?

Location

This is the most important thing a buyer should focus on up front. Location affects the purchase price, your lifestyle, the community, your commute, the school districts, etc. The location of a certain property is permanent. It also affects your equity and homes valuation. Homebuyers should consider and determine exactly where they want to live when beginning their search.

Square Footage

Determine your living goals. Is the home you own now too large/too small for your family goals or lifestyle? Many homebuyers decide to make a move due to issues with their current residences available space. When focusing on this during the home buying process, choosing to maximize your home shopping budget by reviewing homes that offer the best square footage for your dollars, may be the best course of action. Even if a home requires renovations before it can be fully used/how you prefer it to be, it may be worth reviewing. Especially in todays market! This is true for both buyers looking to scale their living square footage, or downsize.

Some of these considerations can include:

• Properties Offering Unfinished Spaces

Unfinished spaces, such as garage apartments or lower level living quarters, can be converted into livable space. Or homes with large attics, that could be partially converted into living space.

• Larger Distressed Properties

These properties, especially if theyve been on the market for a while, can sometimes be purchased at a reduced price. Even in todays market. Although the home may need more renovation work, if the purchase price and renovation costs wont exceed what you are already planning on spending, then these types of properties are worth considering.

Interior: # of Bedrooms & # of Bathrooms

How many bedrooms & bathrooms do you need for your lifestyle and/or familial goals? Are you going to need more or less in the future for your kids or a flex room for a home office? Determine the right amount of bedrooms and bathrooms for your needs.

A larger home may have a higher square footage, but a smaller home providing the necessary number of bedrooms and bathrooms can appear larger with the right floorplan, and may be worth reviewing. Additional rooms, such as a media room, gym and game room are great, but the home will be more expensive.

Lot Size & Potential for Future Projects

Lot size, most of the time, cannot be changed. When purchasing, consider determining the lot size you will need. Homes with pools, covered patios and outdoor kitchens will cost more.
To stay within your budget, determining how much lot space you will need for future projects, can be crucial in your search & securing a home.

Costs & Comfortability

Its not the best plan to stretch yourself too thin, especially just for wants. After youve determined your needs and established a budget, you will also need to consider local taxes, monthly utility costs, HOA fees, and insurance costs.
A home outside of or at the top of your budget, that provides all the bells and whistles, may not be the perfect home in the end. Determining/considering the first (4) focus items can help identify what you truly need & establish a price range for those types of properties. Finally leading to the costs associated with living at said properties (again - utilities, taxes, HOAs, insurance, etc).

While we all want to live in our dream home, its important to keep in mind what you can and cant change in a property. Focusing on location, interior square footage, bedrooms, bathrooms, and lot size is a really great way to ultimately establish your home search. Especially in a market with limited inventory.

Wants like specific amenities, exterior features, cosmetic upgrades, etc. - can all be added later. Dont let your wants shy you away from a home that truly meets your needs - especially when it comes to factors like location, that you cant change in the future.

When beginning your home search, reach out to your trusted Lender to determine your budget and get pre-approved (if you need lender recommendations, contact your trusted Realtor first). After establishing your pre-approval, get with your trusted Realtor to go over your needs and wants. Youll be well on your way to making your next move!