Thinking of Purchasing a Home This Winter?

While mortgage rates are higher now than they were last year, you still may be thinking about buying a home soon. Higher interest rates will impact how much it costs to borrow money for a mortgage, so it's imperative to come up with a plan and be mindful of your "must haves" and "would like to haves" when searching for a home.

How should you proceed?

First, get a mortgage pre-approval.  This will help you better understand how much you can borrow, and will keep you from looking at (and falling in love) with homes you can't afford. Once you have this number in hand, you can focus on what you need now and what you'll need in the years ahead.  What are absolute necessities now? Can you renovate or update a home in the future to meet your list of wants?  Above all, you'll want to avoid stretching your budget too far.  So put together a list and stick to it!

• 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.).

Give us a call and we'll be happy to help you nail your list down, and then we'll get your home search going!