3 Tips for Choosing Your Next Home

So you’ve decided to sell up and move home. This can be an amazing opportunity for you and your family. However, with so many different options on the market, finding the perfect property and location is vital.

The last thing you want to do is lead with your heart and end up living with buyers’ regret or facing negative equity, which means owing more on your mortgage than your home is worth, because you got into a bidding war and paid well over value.

These tips can help you avoid both of these situations and find the perfect home for you.

Your Budget

Of course, you will know what you can go up to in terms of the property’s value to limit your choices, but you also need to consider how much you can realistically afford to pay out monthly. These include insurance, property taxes, commute costs, utility bills, food, etc. This is especially important if you’re moving to a new area or state, as you might be looking at higher costs than where you are currently. But with careful budget planning, you can ensure that you won’t struggle to afford to live.

Non-Negotiables

Next, identifying your property non-negotiables and your would-likes can give you a base to start your search. These non-negotiables are your guiding stars, helping you focus on what’s truly important. You might need a certain number of rooms, a good-sized yard for your pets, being within walking distance of your employment or good schools, or requiring certain amenities or features in the property to accommodate health conditions or lifestyle factors.

Then add in your would-likes but not deal-breaker points. These are the things you are willing to compromise on if required, showing your flexibility and adaptability in the search for your perfect home. 

Property Type and Neighborhood

Do you want a single-family dwelling? Or is apartment living appealing to you? Are you looking for a home in a Homeowners Association (HOA) area, which typically has rules and fees for maintaining the community, or are you avoiding the HOA at all costs? Where would you like to live (or can afford to move to), and what property do you need?

2460 Terrapin Apartments, for example, can offer a luxury living experience for residents with access to a concierge and plenty of amenities, while a family home in an HOA neighborhood can help you to live in an area that has standards maintained and denotes a certain level of commitment to maintain your home and property. You might prefer a single-level home, or you might be looking for a city property that is sandwiched between neighbors but offers you a more central location in the heart of the action, or moving to a waterfront cabin could be the perfect location for you. Whatever it is or wherever it is, know what you want and where you need to be to start your search.

While there are undoubtedly many more decisions to make when it comes to finding your perfect home, be it your first or fifth home, these three should be the most important ones to consider, and all other decisions should be based on these factors.