Prioritizing Your Wants and Needs as a Homebuyer in Today’s Market
There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home, this may be top of mind for you. That’s because those higher rates impact how much it costs to borrow money for your home loan. As you set out to make a purchase this winter, you’ll need to be strategic so you can find a home that meets your needs and budget.
Danielle Hale, Chief Economist at realtor.com, explains:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, . . . Another key point is to avoid stretching your budget, as tempting as it may be given the diminished purchasing power.”
In other words, it’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home. And the best way to understand this is to put together a list of desired features for your home search.
The first step? Get pre-approved for a mortgage. Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like.
Here’s a great way to think about them before you begin:
- Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
- Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, a garage, etc.).
- Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).
Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.
Kalamazoo's Buyer’s Home Inspection Checklist: What to Look For
This checklist is a comprehensive overview of what to look for in a home inspection.
Grounds And Exterior Structure
- Foundation appears in good condition with no significant cracks
- No evidence of leaks from septic tank
- Drainage away from the house with no standing water
- Easily accessible crawl spaces to get to plumbing
- Exterior walls appear straight with no sagging
- Windows and door frames appear square
- Siding appears in good condition with no cracks or damage
- Bricks appear undamaged with no cracks in joints
- Paint is not flaking or stained
- Roof shingles are not missing or damaged
- Gutters show no decay and drain properly
- Chimneys appear straight and undamaged
- Detached garage, shed, fence and deck appear in good condition with no rotted wood or evidence of termites
Basement
- No evidence of moisture
- No evidence of water damage to above floor
- Sump pump operates properly
Attic
- No evidence of staining from roof
- Structure shows no damage or decay
- Adequate ventilation through soffit vents and end louvers
- Insulation is sufficient and installed properly
- Electrical splices are contained
Bathrooms
- Visible plumbing under sink is in good condition and shows no signs of water damage
- Adequate water pressure for hot and cold water at all fixtures
- Tub, shower and sinks drain smoothly
- Toilet flushes and fills properly
- Toilet is stable, with no rocking or stains at base
- No evidence of leaking around base of tub or shower
Kitchen
- Visible plumbing under sink is in good condition and shows no signs of water damage
- Working exhaust fan vents to outside
- Garbage disposal is operational
- Water flow to sink is adequate and drains properly
- Built-in appliances operate properly
Interior Rooms
- Floors, walls and ceilings appear straight and level without visible stains, cracking or damage
- Doors open easily and latch properly when closed
- Lights and switches operate properly
- Adequate number of electrical outlets in each room
- Heating and air conditioning vents in all rooms
- Fireplace has no cracking and shows no staining
- Fireplace flue has been cleaned and is lined
- Smoke detectors and carbon monoxide detectors are working and located properly
- Stairway treads and risers are solid
Electrical Systems
- Wiring is in good condition
- Service panel has normal capacity with cables attached correctly
- Cables are secured and protected
- No exposed electrical splices
Heating And Cooling Systems
- No gas odor
- Air conditioning and heating operate well
- Air filters are clean
- Flues have no open seams and slow up to chimney connection
- Cooling unit has no visible rust
Plumbing
- Visible pipes have no damage or evidence of leaks
- Water heater shows no signs of rust
- Water pressure falls within accepted range
- Hot water temperature does not exceed 125-degrees Fahrenheit
Where to Go From Here
Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial first step on your homebuying journey today. If you’re ready to find a home that fits your needs, let’s connect.