Insider Tips: Make House Hunting Quick, Easy and Enjoyable

If you’re working your way down the path to homeownership, have checked your credit score, saved up for a down payment and gathered all necessary documentation, it may be time to start the highly anticipated step of house hunting! Few things are more disappointing than missing out on a home that seemed just right, so here are four house hunting tips to help make finding that dream home quick, easy and enjoyable.

Get prequalified before house hunting

Make an appointment with a mortgage professional, either online or in person. They’ll collect your personal information, run a credit check and tell you how much you are pre-qualified for. As the Consumer Finance Protection Bureau states, “sellers frequently require a prequalification or preapproval letter before accepting your offer on a house.” Getting prequalified can save precious time in the competitive home buying process and help ensure your dream home doesn’t slip away.

Find the right agent

Real estate agents are just as unique as the homebuyers they serve! Scour online reviews, seek recommendations from your network, call around and meet with at least a couple different agents before deciding on one. This person will represent your needs, wants and interests when it comes to likely the biggest purchase of your life.  

Know (and stick to) your budget

Once you’ve received your prequalification letter, work to set a realistic budget. Some buyers opt for something lower than the maximum amount their lender may provide, leaving some wiggle room for closing costs, maintenance work and other fees. Investopedia suggests the 25% rule, “which dictates that your mortgage shouldn’t be more than 25% of your gross income each month”, or a more flexible 31% suggested by the Federal Housing Administration (FHA). Remember not to buy more house than you can truly afford, and refrain from seeing homes outside your budget. If you tour homes that cost double what you’d like to spend, the houses within your price range may not seem quite as special in comparison.

Weigh wants versus needs

While the newest kitchen appliances and a stellar view are always nice, think about which amenities are must-haves versus nice-to-haves. The needs will determine whether a home is actually right for you, while a couple of wants may be the cherry on top. Needs will vary significantly from buyer to buyer and could include number of bedrooms, square footage, proximity to workplaces, school rankings, outdoor space, laundry access and more. Communicate both categories to your real estate agent and make a mental checklist for each and every property you visit.

House hunting can be a colossal undertaking but, armed with a few action steps, you may be able to save time, energy and get that dream home. Revel in the fact that you’re nearly a homeowner, and just enjoy exploring your own potential property!