What’s most important when buying a house?
Everybody has a wish list in mind when shopping for a home. Whether it’s a certain price, size, style, location, or otherwise, preferences are important.
But some criteria matter more than others, according to those in the know. For guidance, we asked several experts for their advice on what to look for when buying a house.
Here’s what priorities should rank highest and lowest in your search for a new home.
Verify your home buying eligibility. Start here (Jan 4th, 2022)
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The first step to buying a house
Before you start house hunting – or even thinking about your wants and needs in a home – it’s crucial to understand your budget.
One of the biggest mistakes a first–time home buyer can make is getting their heart set on a certain home only to find out they can’t afford it.
“I don’t know how many times I have had people come to me saying they made an offer on a house only to find out that they were way outside of their budget,” says Jon Meyer, The Mortgage Reports loan expert and licensed MLO.
“Most people have a general understanding of what to look for when buying a house… What most people really have no exact idea of is how much home can they really afford.”
“Most people have a general understanding of what to look for when buying a house as well as their own internal list of needs and desires,” Meyer continues. “But what most people really have no exact idea of is the qualifying for a mortgage part – how much home can they really afford.”
That’s why the first step in your home buying process should be to get pre–approved or pre–qualified with a mortgage lender.
The preapproval process involves a lender looking at your financials – income, credit, and debt – to determine how much house you can afford. They’ll also give you a preapproval letter stating how much you’re approved to borrow, which will give you the backing you need to make a serious offer on a home.
Get started on your mortgage pre-approval (Jan 4th, 2022)
What to look for when buying a house
There’s a lot to consider when buying a house, from the number of bedrooms and bathrooms, to the amount of outdoor space, to local amenities and neighborhood safety.
So how do you prioritize everything and decide which home …….