Over the past year, the real estate market has been marked by unpredictability and, at times, overheated competition. This has resulted in some buyers bowing out after one too many disappointments while other potential buyers put off their home-buying plans, hoping that things would settle down.
Whichever type of buyer you are, you may be thinking ahead to the new year and planning to begin a search for a new home. If so, it’s vital to prepare yourself for the challenges—and opportunities—that lie ahead.
Financial Preparations
Preparing yourself financially will be one of the most important aspects of your homebuying plan.
Earnest money deposit, Closing costs, Application, origination, and underwriting fees, Home inspection, Pest inspection, Appraisal, Moving expenses, Market Research
Planning ahead for your home purchase gives you a great chance to do some research on your chosen neighborhoods. While this includes proximity to work and neighborhood amenities, it also includes tracking the prices of comparable properties in your target area.
Wish List Creation
Once you have honed in on your chosen neighborhood and put together your numbers, it’s time to take a look at your wish list for your next home. You may find that your preferences are out of step with homes in your chosen neighborhood or that you are underestimating the cost of some of the bells and whistles you have in mind. It’s important to consult with an agent or broker to make sure that your wish list makes sense for the neighborhood and budget you’ve targeted.
Mindset Shifts
The homebuying process can be mentally and emotionally draining, especially if you have had some difficulties in the past with a previous offer.
