Looking for a new home can be the logical move when your current one just isn’t working for you anymore. However, you need to ask yourself if you’re moving simply because you can or if there’s a specific reason. If it’s just a matter of being time to make a change or you can suddenly afford something better than you have, that’s perfectly fine. However, knowing how your old home might not be serving you anymore can help you make sure the next one does.
Your Current Home Value
The value of your current home should factor greatly into the potential buying power you have for your next home. It may be worth a small investment in your home to increase the value before you sell. Carefully consider your options and talk to a real estate professional to see if the changes you make will help your home sell.
However, that might not be the case if you are currently renting or leasing a home that someone else actually owns. If this is the case, spend your time saving up money for a deposit. See what you can realistically save. Set goals that are S.M.A.R.T.
Where You Want to Live
You might have multiple location decisions to make here. That can include state, city, and neighborhood. When you research locations, make sure you look closely at the crime rates. You will also want to check the local education system if you have children. Remember, location is key. They say location location location. And they say it for a reason. So make sure you get the location you need and want.
Another thing to consider is the distance from “town.” If you’re retiring or do remote work, then you might be free to go anywhere you want to be. But if you need to commute you will need to keep that distance in mind. Houses in the middle of nowhere are rather cheap, but the gas and stress of commuting will add up.
New or New to You?
When looking for a new home, do you only want new construction or something that’s just new to you? Looking for new homes for sale is certainly possible and has its advantages. Making your own home means that it can be tailored to you your needs. And you can save money by not finishing the basement or waiting for other factors. A new home could also raise in value significantly. Plus you will also not have to worry about the things that come with an old home. Things like lead in the paint or old pipes will not bother you at all.
However, you should also know that you’re likely going to be moving further out from city centers where jobs and amenities are.
You should be able to figure out the square footage you need by the number of people who will occupy the home. Make sure you factor in pets, too, if you have more than one. That will help you figure out how much square footage you need on top of just how many bedrooms and bathrooms.
Your ideal new home should be perfect for you and your family. However, are you looking for a home that does that now? Or are you willing to find a project home that can meet your needs after some home improvements? Willingness to make a home your own can save you money on your home purchase but might take longer.
You might discover that not all of these apply or that they factor in more or less important than each other. Still, it’s crucial to know what really matters as you look for a new home so you can find the best possible circumstances for your family.