Buyers go through a process of discovery to determine what is the right house to purchase and every buyer is different in what they are looking for in their new home. So what are the "right things" that a buyer should be looking for in a "new home" ?For each experience home buyer or first time buyer--there are four fundamentals of finding a new home:
The area. The region of town. The community itself. Even the street itself can be a factor for some buyers. This may include being in the "right" school district or may be related to how far you have to drive to get to work. For some buyers this is about being close to entertainment or recreation. Or maybe it is about getting away from the hustle and bustle of traffic and work. And then some buyers are very interested in the community's amenities. Each need is different and determining your need early on is important.
The lot. You may be looking for a large lot, a small lot, a lot with trees, a pool, backing to a green belt. A lot with a view or lake frontage are all factors that affect the desirability of a home for a buyer--and they all affect the price as well. It is all about supply and demand. If the demand is high and especially if the supply is low or equal to demand--you should always expect to pay a premium. Like houses in some of our premium school districts--demand can be much higher than the existing demand, creating a very competitive market for buyers.
The house itself. Of course the features of the house itself are a huge factor in any property purchase decision. New house. Old house. Big house. Blue house...uuuhhhh...Small house. Size of house and size of rooms. Game room. Media room. Condition of the home. Currency of design and architecture. Quality and condition of the flooring. Appliances. Ceiling heights. Fixtures. And many, many other features can be added to this list for any given buyer.
Budget. While this is ostensibly top-of-mind for every buyer when they start out looking, the budget normally loses focus compared to the wish list of features. Knowing your budget and understanding the limitations of that budget in light of all of the other items above that you want in your house is critical to effective house hunting. When you find the perfect home and it is 25% higher than your ceiling budget, you have a problem. There is usually a reason why the house that has all the features that you lined up on your wish list is considerably more than the house that needs some work and some repairs.
Mapping out how much a lot, a specific community and specific house features we can buy within our budget limitations will insure that when the right house does come along that you do not miss it--holding out for "something better". At your budget, that may in fact be the nicest home that you can afford--after all, you liked it a lot--you just had a moment of doubt and uncertainty about your list of features. Better to recognize the right house when it presents itself than to miss the chance of a life, only to regret it later.
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