How to find the perfect home - The ultimate homebuyer’s guide

Buying a home is an exciting venture, but searching for the right property can be daunting; not only is there a great deal of financial and emotional pressure to get the purchase right, you’re faced with multiple choices in every aspect, from the location to the type of property and all the feature possibilities.

The excitement of house hunting can quickly shift to overwhelm, especially when faced with numerous potential listings, show houses to view and options to consider. To make the process more manageable and enjoyable, it’s essential to approach house hunting with a clear plan and all your financial ducks in a row.

1. Define Your Budget

Before you start the search, it’s crucial to know exactly how much you can afford. Start by calculating a realistic budget based on your savings, current income, and projected expenses. Most experts recommend keeping monthly bond payments under 30% of your gross monthly income. 

It’s also a good idea to get pre-approved for a mortgage using a bond originator like ooba. This helps you establish your price range and gives you a competitive edge when making offers as you can act faster having begun the process already.

In addition to the purchase price, consider other costs such as property taxes, homeowner’s insurance, and potential maintenance costs. These expenses can add up, so building them into your budget is essential to avoid stretching yourself too thin.

2. Prioritise Your Must-Haves and Deal-Breakers

Every buyer has a list of non-negotiable features that make a home feel just right. Take time to think about what matters most to you in a home. Some essential aspects to consider include:

• Location: Proximity to work, schools, public transportation, and amenities like grocery stores, parks, or hospitals.
• Size: Number of bedrooms, bathrooms, and square footage to accommodate current and future needs.
• Outdoor Space: A yard, patio, or balcony can make a big difference, especially for families or pet owners.
• Neighbourhood Characteristics: Safety, noise levels, walkability, and sense of community.

If you make a list of must-haves, nice-to-haves and deal-breakers it will keep you focused and help you eliminate homes that don’t meet your basic criteria.

3. Choose the Right Location

Location is arguably the most critical factor in finding your perfect home. Not only will it impact your daily life; a home’s value is strongly influenced by the neighbourhood it’s in, so carefully consider what you need and want in a community.

Here are some factors to evaluate:

• Proximity to Work and Schools: Reducing commute times can improve quality of life. If you have children, prioritise suburbs with reputable schools.
• Safety: Research crime rates in the area to ensure it’s a safe place for you and your family.
• Lifestyle Needs: Are you a city lover, a suburban dweller, or someone who prefers a rural setting? Consider the lifestyle you envision and explore areas that align with that vision.
• Future Potential: Look for neighbourhoods with good potential for appreciation. Areas that are up-and-coming often offer more value for money and a better return on investment.

4. Conduct Thorough Research on the Market

Understanding the local property market will make you a more informed buyer. Research the average prices in your chosen area, how long homes stay on the market and any recent price trends. Are homes selling quickly or sitting on the market for a while? Are prices rising, falling, or stable? Knowing these patterns can help you make an offer that is competitive but fair.

It’s also wise to work with a local estate agent who has a deep understanding of the market as they can offer valuable insights and guide you on whether to act quickly or negotiate.

5. Visit Show Houses and Schedule Viewings

Once you’ve narrowed down your criteria and chosen a few areas, it’s time to start seeing homes in person. Photos and virtual tours can give you an initial idea, but nothing compares to actually stepping into a home.

Here’s how to get the most out of your viewings:

• Take Notes: Note what you like and dislike about each property to help you remember them later.
• Look Beyond Staging: Many homes are staged to look their best during showings but pay attention to potential flaws or signs of damage that could lead to costly repairs.
• Test Key Features: Check taps, windows, doors and appliances. Also, listen for noises and observe the natural light in different rooms.
• Picture Yourself Living There: Imagine your daily routine and see if the home’s layout supports it. If you find it hard to see yourself in the space, it might not be the right fit.

6. Consider the Resale Value

Even if you plan to stay for many years, think about the home’s future resale value. Some properties are harder to sell because of location, layout, or unusual features. Look for homes in stable or growing areas with more standard layouts and amenities, which tend to hold value better.

7. Pay Attention to Inspections

When you’re ready to make an offer, consider a professional home inspection, especially if you’re buying an older property. A qualified inspector will assess the condition of the home and identify potential issues, from the foundation to the roof. Common areas to watch for include:

• Roof Condition: Roof repairs can be costly, so a sound roof is crucial.
• Plumbing and Electrical Systems: Ensure these systems are in good condition to avoid major expenses.
• Foundation and Structural Integrity: Cracks or uneven floors can indicate costly foundation problems.

If the inspection reveals serious issues, you can use this as a negotiating tool or request repairs before closing.

8. Be Prepared to Make a Competitive Offer

In a competitive market, the first offer you make might be your only chance to secure the property. To improve your odds, consider the following tips:

• Act Fast: If you love a home, be prepared to move quickly to make an offer.
• Make a Strong Offer: If you’re competing with other buyers, consider making a higher offer, especially if the home meets all your criteria.
• Limit Contingencies: Contingencies are important, but too many can make your offer less attractive.

9. Trust Your Instincts

Ultimately, buying a home is both a financial and emotional decision so don’t ignore your instincts. If you have a good feeling about a property and it meets your practical needs, it might be the one. On the other hand, if something feels off, don’t be afraid to walk away. If you rush into a purchase, you could live to regret it for many years.

Finding the perfect home takes patience, preparation, and persistence. By taking the time to define your needs, research the market, and carefully evaluate properties, you can make the home-buying process smoother and more rewarding. With a little planning and the right approach, your dream home is out there waiting for you.