We wanted to take this time to concentrate on helping those hoping to purchase a home begin that journey.  The following points and suggestions will focus on those buying a home, although work for renting a property as well. In short, whoever needs or wants to move in the future will benefit from this article.

We talk about how to prepare for the process of buying a home in this article, however, we wanted to focus on the actual search part.  This tends to create the most frustration, depending on the market, location, and price bracket.  We work with a lot of first-time home buyers, which in the Central Florida area trend to the price range $250,000 and less.  With our current market, and lack of inventory, finding a home can stress some folks out. The following points may help alleviate some of that stress.

The List

Ask any of our past clients, and they will tell you, we give them homework! Thats right – we put our customers to work! They have to turn it in too! No grades though – you cannot fail.  At least, no one has yet… Anyway… we request a list.  We ask our customers to sit down (together if a couple) and come up with 15-20 things they would like when buying a home.  Many items seem obvious – close to work, 3 bedrooms, large yard, no crime, great schools, no HOA, community pool, screened in porch, lawn maintenance included… you get the idea.

Some of you may have thought to yourselves “Not possible. You can’t have a community pool without a Homeowners Association!” And that would constitute an astute observation.  To avoid this dilemma, we then ask our customers to prioritize the list, with the most important at the top. This step ensures that either the “No HOA” or the “community pool” supersedes the other in importance when evaluating a property.

The list may very well top the charts of importance when your family first starts their search for buying a home. We cannot stress enough the value of having a conversation with your significant other, or your children. This conversation will help to ensure you both understand what the other wants in their new home. While we expect the list to change as you see, learn, and experience the additional options available, we encourage another conversation before changing it each time!

The Finances

Another step we encourage all of our customers to embark on prior to actually starting the search includes applying with a lender if purchasing, or simply gathering documents if renting.  This step seems to concern many people, causing tension and fear when it should not. Everyone needs to understand what we like to call their “buying power”.  In the Central Florida area, most rentals require monthly employment income to exceed the monthly rent by 2.5-3 times. When looking to purchase a home in the Central Florida area, most sellers require a pre-approval letter accompany the offer. Each family must complete this step to understand their “buying power” and know what properties they can reasonably consider.

The worst thing that can happen in our opinion, and has happened many times, occurs when a family decides to start their home search prior to completing this step. They find a home they absolutely love, and fits their family perfectly. They decide to apply or make an offer, and start the step at this point. By the time they gather all the required paperwork, the property status has changed to “Pending” and no longer accepts applications or offers. Do not let this happen to your family! Take the proactive step and talk to a lender, and gather all of your financial documents.  Every family differs from the next financially, so speak with your REALTOR® to see what they believe you will need, or who you should speak to.

The Search

The final step we want to discuss in this article covers the actual search when buying a home. Now that you have your list that you and your significant other have agreed on, and you know your “buying power,” you have what you need to start the search. A word of caution here though – try very hard to not fall in love! A difficult request to adhere to, we know. And we certainly want you to know that you “love” the property. The tricky part comes when putting an application in, or sending an offer. If your family loves it, another may as well. So when you find that property, expect the worst and hope for the best. Set your expectations low so that if the seller leaves your offer on the table, or denies your application, you feel minimal frustration.

We also suggest that you never stop looking until you have keys in your hands! So many things can go wrong throughout the process, and while your REALTOR® will help you avoid a majority, life happens. Better to have an idea of other options out there than to start the process over from scratch if the deal blows up. When buying a home, absolutely nothing is guaranteed.

Summary For Buying A Home

We hope these points help your family – we certainly feel they have helped our customers. The list helps maximize the efficient use of your time, and ensures your family looks at homes with high probability of affinity. This lowers the chances of missing out on a home your family loves because they preview everything under the sun and do not get to that one home they love fast enough. Completing the finances step before your family begins their search avoids the dilemma of missing out and not having the ability to move on a home you find and love. Finally, the points we covered when searching we hope will assist you in setting reasonable expectations. All of the above will help lower the frustration that can accompany the home search process, and can ultimately help make the experience a pleasant one.

To Recap:

• • Compile a list of 15-20 attributes you and your significant other want in a home

• • With your significant other, agree on a priority for each of the attributes

• • Contact a REALTOR® for recommendations in regard to your finances
    • • Recommendation for a lender
    • Recommendation for the paperwork required to apply

• • Know you love the property, but do not “fall in love”!

• • Rely on your REALTOR® to provide information to assist you with avoiding major issues

• Keep looking until you have keys in your hand

We wish you the best of luck in your home search! Are you ready to find your #dreamhome?