Human emotion is what makes the house a home. Purchasing a home is one of the biggest financial decisions you'll make in your life. Finding the perfect home for you and your family can be exhilarating but also overwhelming if you don't know where to start. Whether you're a first-time homebuyer or you've purchased homes before, it's important to be prepared and know what to look for when hunting for your dream home.

What to Keep in Mind When Buying a Dream Home

So you have already made up your mind and are hunting for that prized possession that will have your mind, body, and soul. In this blog post, we'll go over 10 key tips to keep in mind to help you find and buy your ideal home. Following these home-buying tips will set you on the path to homeownership success.

Determine Your Must-Haves and Deal Breakers

Before you start looking at homes online or touring houses, make a list of features and amenities that are absolute must-haves for you. This includes number of bedrooms/bathrooms, location, yard space, garage type and size, office/workspace area, etc. Having this list will help you narrow your search and not waste time looking at homes that don't fit your needs.

On the flip side, make a list of deal breakers too. These are things you do not want in a home, like a busy street, a fixer-upper that needs lots of repairs, or a small kitchen. Knowing these ahead of time will also help filter out houses that won't work for you.

Get Pre-Approved for a Mortgage

One of the most important steps is getting pre-approved for a mortgage before starting your home search. This shows sellers that you are a serious buyer and gives you a budget range to work within when looking at houses. Pre-approval involves looking at your finances, credit, and debt and determining the mortgage amount a lender will likely approve you for.

Having a pre-approval letter also makes your offer more appealing to sellers. You'll know exactly how much house you can afford, and the sellers will know you are ready to move quickly if they accept your offer.

Find a Knowledgable Real Estate Agent

An experienced real estate agent who is knowledgeable about the local market can be invaluable when searching for your dream home. They can pull listings that meet your criteria and schedule showings, as well as provide insight into neighborhoods, market trends, and what homes are priced fairly.

Interview a few agents before choosing one to represent you. Make sure they have a track record of success selling homes in your area and that you feel comfortable with their style and expertise. The right agent will make the home-buying process much smoother. For example, when looking for Great Neck NY homes for sale it becomes pertinent to take the assistance of a certified agent.

Be Flexible With Criteria Like Layout and Decor

While your must-haves should be non-negotiable, try to be a bit more flexible when it comes to things like layout, backyard size, decor, etc. Oftentimes you can change cosmetic elements in a home fairly easily, but you can't change location, square footage, or layout. For your decor you you can take a look at thousands of free drawings, BIM models, and product specifications.

Keep an open mind when touring homes in person - don't dismiss a house just because the wall colors or kitchen backsplash aren't your taste. Focus more on the bones and structure of the home, as cosmetics can always be updated to match your style.

Thoroughly Inspect Potential Homes

Never skip the inspection period when buying a home. Always hire a professional home inspector to closely evaluate the property and flag any issues or needed repairs. Walk through the home yourself as well, looking for red flags like cracks in walls/ceilings, water damage, rotting wood, etc. Homebuyers should take special note of the foundation of the house as a faulty foundation would mean more expenses later on.

Making an offer contingent on inspection gives you the ability to ask the sellers to make repairs or even walk away if serious issues are found. Don't skip this crucial step.

Crunch the Numbers for Total Costs

Crunching numbers is key when budgeting for a home purchase. Factor in not just the purchase price but also closing costs, insurance, property taxes, mortgage payments, and maintenance costs. Leaving wiggle room in your budget for moving expenses and repairs is wise too.

Get estimates from lenders for total monthly payments including principal, interest, taxes, and insurance. Look at property tax rates in the area. Crunch all the numbers to ensure the home you choose fits comfortably within your bigger budget.

Make a Strong Offer

Making an appealing offer is important, especially in competitive markets. Offer close to or at the listing price if you can swing it. Submit any pre-approval letters, proof of funds, or other documents to show you are a serious buyer.

Request a shorter contingency period, be flexible on move-in timing, and avoid low-ball offers or asking for closing costs. A strong, competitive offer gives you the best chance of having yours accepted.

Act Quickly When You Find The One

The most desirable homes often sell quickly, sometimes within days of being listed. So when you find a home you love that checks all your boxes, move rapidly to submit an offer and get your foot in the door before other buyers scoop it up.

In hot markets especially like Great Neck NY, excellent homes won't last long. Work closely with your agent and lender to be ready to submit all needed documents and earnest money deposit to make your offer as appealing as possible to the seller.

Don't Let Emotions Cloud Your Judgement

It's easy to fall in love with a home's curb appeal, cool kitchen backsplash, or a big backyard. But don't let emotions or excitement make you overlook red flags or major flaws. Use objective analysis as you tour homes to make the smartest choice.

Crunch the numbers - don't pay more than you can afford in the long run just because you love how a home looks. Pay attention to inspection results - being objective now will save you headaches down the road.

Enjoy the Process and Celebrate Your New Home

Finding the perfect home takes time and effort, but soak up the journey. Enjoy touring beautiful homes, imagining the possibilities, and hunting for your dream home.

When you finally land the perfect place, celebrate with friends and family and start making the space your own. The journey to homeownership has ups and downs, but in the end, having a home you feel proud of makes it all worthwhile.

Conclusion

Buying a home is a big undertaking, but keeping these 10 key tips in mind will set you up for an informed home search and smart purchase. Determine your must-haves, get pre-approved, hire an agent you trust, and stick to a budget that works for your lifestyle. Use objective analysis, act quickly when needed, and enjoy the journey to finding your dream home. Follow these pointers and you'll be settling into your new place before you know it.

Author: Tamanna Bhardwaj

Cover image by John Fornander on Unsplash