In This 8-part series, “How to Find the Perfect Home for You and Your Budget”, you will learn how to find a home that is the right fit for your lifestyle, needs and, most importantly, your budget. It takes you through every single step and shows you how to avoid buyer’s remorse.  Your first home is most likely the stepping stone for your next home so you’ll want to do it right and set yourself up financially to move up to your next home.

There’s a very specific formula and step-by-step approach that buyers, like you, should take to make sure they end up with the home that best fits their needs and budget. 

It requires some initial patience on your part so that each step is done right (and then you are prepared to quickly put in an offer with confidence when you reach that point!).

Don’t Skip These Three Steps

No one should rush out to purchase a home before they are ready since this is a big financial decision. Remember that slow and steady gets the “prize”!

1. You should have determine your deal breakers, “must haves” and lifestyle goals. That process was covered in a previous article from this series —Self Reflection Before You Search. Go back and read it again, and then you can move forward once you’ve answered the 12 questions.

Now you’re ready for the next three important steps. Do not bypass these steps since you’ll end up wasting time, getting confused and, ultimately, buying a home that you will regret.

1.  Be 100% sure you want to be a homeowner

Many people start looking for a home before they are truly convinced that buying a home is right for them. (Maybe their friends are doing it, they’re getting older, they’ve rented forever, etc).

They think that by just looking at homes, it will help them make that decision for them.  However, this is a sure recipe for making a big mistake! 

Before buying a home, you must first decide if you’re ready to commit to being a homeowner for at least three to five years.

This is a major financial and lifestyle decision, so ensure you’re fully prepared for the process. Searching for a home can be frustrating and time-consuming, especially in a tough market, but patience is essential. Don’t assume that finding the perfect home will automatically make you a homeowner. Instead, consciously decide that buying a home is the right move for you at this point in your life, both financially and emotionally. Once you’ve made this decision, you’ll be better equipped to commit to the journey, no matter how long it takes. Being sure of your choice will keep you motivated and focused, ensuring that you won’t look back with regret.

 Slow down to get the best fit for you

Often times, we spend so much time thinking about wanting to buy a home that once we make the decision to buy, we want to find a home ASAP. This is called immediate gratification syndrome. Don’t let it get the best of you!

It’s understandable that you’ve spent your whole life waiting to save enough money and feel settled in your job and life to buy your first home. But you can’t just wake up one day and go buy the first home you see. It’s truly a process … and you want to make sure you are making the best decision for both your financial life AND for the life you want to live over the next few years. 

Figuring all of that out and having a home that fits your goals does take time.

Buying a home is like finding a mate (LINK to buying home is like fall in love) and just because you decide you are ready to commit doesn’t mean you should marry the first person you go on a date with. 

Same thing with buying a home — once you’ve decided buying a home is the commitment you want to make, slow down to find just the right home for the life you want to create.  That takes time…. 

Take a deep breath, slow down and understand the process; you might just enjoy it more and you will find that perfect home!

Decide who will represent you

There is a lot more than meets the eye to buying a home.  Find someone who has experience with the type of home you want to buy, including your price range, location, and suitable loan programs.  Not every agent knows how to help every buyer. 

Start with getting recommendations from friends and family.  Think about where they bought and their price range.  Only ask people in your life who would be buying something similar.  Ask them what they liked and didn’t like about the agent they worked with. 

Once you have a list, reach out to at least two to three agents and ask them how they work and where they have sold homes recently and in what price range.  Then set up an appointment to meet them for an initial consultation. 

You don’t need to know everything about the home-buying process before you meet, they should be educating you about the process and what you need to know to make your first purchase successful.

Some internet research on your own is just fine

But your agent will get you up to speed on the current real estate market. The REALTOR® can provide insight on local neighborhoods, and advise you on mortgage options and home-buying assistance programs for first-time buyers. 

Be honest with your agent! You’ll get a sense if you and your agent will be compatible and well-suited together. Build a strong working relationship to attune yourselves to each other.

That way, your agent will “get” you and be able to also anticipate your likes, dislikes, and needs in a home even better than you may at this point!

This is important since you want your agent to guide you toward homes that will work best for you. Consider your wants, needs, and budget … and not waste time on homes that do not.

And, finally, make sure you want to spend hours in the car with them every weekend 🙂

Congrats, you did not skip these important three steps! Now you can move forward. It’s time to figure out how to pay for your new home!

Hope you are enjoying this series — How to Find the Perfect Home for You and Your Budget. Look out for next week’s article to learn the best way to budget for and finance your first home purchase.