Make a List of Features to Buy a Home

Know your budget. This is the first thing you should do when considering the purchase of a new home. Be realistic and practical. If you're moving to another city or country, consider creating a new household budget that will take account of your new wage and the cost of living in your new town. Consider how much you can afford on a mortgage, insurance, taxes and utilities. You should also include the cost of the move and any other relocation fees. This should all be put into a new budget. Also think about how much your current home will sell for and whether you can afford to take on a larger mortgage. Make sure you also set the maximum price you could afford which will give you some room to negotiate should you find the right home.

Secure a mortgage before you start looking. This might be common sense, but some people are in such a hurry to look at properties that they forget that a mortgage can take time to be approved. If you gain pre-approval, not only do you know your budget, but you can make an offer, knowing it's approved and possibly beat out other offers.

Make a list of features. Everyone in the household should make a list of their ideal home, keeping in mind the reality of what you can afford. If you have children or teens, tell them what size of house you can afford and have them work within the size limit. After everyone makes their list of ideal features, have each person rank their priorities. What would you be willing to sacrifice to get something else? This is a great exercise to do whenever you're thinking of moving to a new space. Not only will it give you a better idea of your needs, but by having children provide their input, they'll feel like a part of the move and decision-making process.

After everyone makes their list and priorities, discuss the list until you can come to a consensus of what's important for the family as a whole. Keep this list with you whenever you look at a house, whether online or in person. Give the list to your real estate agent, too. It'll help them find the perfect space for you.

Know the neighborhood. Once you know you're budget, now you should start looking at possible neighborhoods, checking out the real estate prices in each area. Know the local market. This will help you decide if you can afford a specific area. Choose a few neighborhoods that are within your price range. Check out the local schools and make sure each area will work for you. You may find yourself having to compromise on some things. That's okay. At this point, you should remain as flexible as possible while still keeping in mind your ideal location and home. www.rhnws.com.au