Finding a home: A basic guide to purchasing a home

Finding a home can be thrilling yet stressful. A house is one of the most significant purchases you’re likely to make, so it’s important to do everything you can to ensure a successful search. You can find the dream home accommodating all the needs of you and your household. 

If you’re interested in tips on the house hunting process, here’s some info to help:

Old vs new house construction

When house hunting, you may be considering whether a new construction or an older home would be the best fit. Typically, newer construction homes are higher in price.  However, you may save money later down the road on upkeep and repairs. 

You may be considering purchasing an older home. You may find older models of homes have some unique exterior features not seen in newer homes. For example, an older home may have unique light fixtures you find to be desirable. However, the older the materials used in the home, the more likely they will need to be replaced sooner after purchasing. 

Be realistic when searching for a home

Thoroughly examine your budget when searching for a home. It’s best not to use all of your funds towards a large down payment to show lenders you have some financial wiggle room. What things are negotiable and what things do you stand firm on?

Be prepared to offer at the current asking price or more if you want to stand above the competition during a seller’s market. If you’re purchasing a home in a buyer's market, you’ll have more flexibility when putting an offer down on a property.  

Narrowing your search

The housing market moves fast. It’s good to make a list of the characteristics you seek in a home. Consider important factors like location and size of your property. Creating a budget can help in narrowing down the type of home you can afford. 

If you are in a seller's market, you may find houses quickly move off the market. Hiring an experienced real estate agent can help you pick out the best options in a timely manner. 

When searching for a new home, it’s important to stay level-headed. It’s best to not rush into the homebuying process. A local real estate agent can help you explore your options to find the best home fitting your needs.