What You Should Consider Before Starting Your Home Search

I have the opportunity to work with a lot of homebuyers who want to be prepared before they officially start their home search. There are several things that you can start to consider if you plan to purchase a home in the next 12 months.    

1) Have an idea where you want to live. 

It might sound like a simple thing to decide, but in Michigan we are lucky to have so many fantastic communities to choose from. If commuting for a job, school, or family is not a requirement for you, it can sometimes be hard to decide what locations to look in to purchase a home. Something I often recommend to potential clients who are struggling to narrow down their search locations is to spend time in each of the communities they are interested in. Go to local events, restaurants, and stores. Through doing these activities, there is a great chance that you may find which locations feel the most like home to you. 

2) Budget 

Speak to a lender and your accountant about what budget will be comfortable for you. Make sure to factor in all of your potential expenses when doing this so that your house payment doesn’t disrupt your lifestyle. Besides the necessities like food, vehicles, utilities, taxes, and of course your home payments, it can be easy to forget additional expenses like travel, restaurants, entertainment, etc.  

3) Timeline 

Considering your timeline is critical when planning your home purchase. After getting an accepted offer on a home, it typically takes anywhere from 25 to 45 days after to close. If you have a home to sell, a lease that is ending on a specific date, or are relocating from out of the area, discussing when to start your search with your agent can make the entire process a lot smoother.  

4) Criteria

Are there any specific features that you must have or are deal breakers for you when home shopping? If you don’t know yet, that's okay, but it can help to narrow down these factors first. Two of the biggest feature requirements I hear from my clients is having a basement and a garage.   

5) Condition

Do you want to do updates to the home you purchase or do you want it to be move in ready? A possible benefit of doing updates means you can customize features to how you want them and you can build equity, but having to do these upgrades may require additional funding upfront.

If you have a baseline idea of where you are at on these 5 factors, then you will be much better prepared for the buying process when you are ready to start your search.