Target your search - determine what you need

Once you have determined your purchase goals and know the amount of home you can afford to buy, the next step is to prioritize what you need and want in a property. This includes knowing not only the type of home (new construction, town homes, condo, etc.) you prefer, but also the location of where you want to live, such as a certain city or subdivision. The more prepared you are with clearly defined goals for your search, the easier is it to remain focused on your housing needs and price range.

Prioritize your needs

What is most important in your search for a home – price, size, number of bedrooms? Are you looking for a particular school district or neighborhood? Close proximity to work or school? A house in the hills or a waterfront view? While there are likely multiple criteria that will drive your search for the perfect home, it is important to know which factors are deal breaker must-haves versus those amenity items that you could take or leave. It also helps to keep repairs in mind as you evaluate your next home – are appliances or major items like air conditioning and the roof at or near the end of their life expectancy? These are often the hidden costs of home ownership that can cause unexpected financial stress.

Get ready to look

New homes come on the market every day and can sometimes sell quickly. Depending on your timeframe and urgency to buy, you should be prepared to make fast decisions and be accessible to view properties that match your needs. When able, try to find out why a seller is selling their home – if they are motivated to sell quickly, you may benefit by making an offer and completing a sale at a reduced price. Knowing the reason for selling can often help you and the seller both get what you want.