How to Buy a House That's Right for You

"This one's too large. This one's too small. This one's nice, but it doesn't have a pool." It's perfectly normal to feel a little bit like Goldilocks when you are buying a house. While it can be tempting to pounce on a deal or settle for less than you really want, it's wise to be patient and wait until you find a home that "feels just right."  Here are tips from our REALTORS® at Wright-Patt Realty, Inc. to help you make your home buying decision.

1. Start by Making a List

The first thing you should do when you are buying a house is to make two lists. The first list should include the things that you need such as the number of bedrooms, square footage, special needs accommodations, proximity to schools, distance from work, etc. Your second list should include the things that you want--a hot tub, skylights, established landscaping, etc.

Separating your needs from your wants will help you filter properties and narrow your home search. As you review listings, give greatest consideration to the homes that satisfy your needs. Remember, many of the things you want the home to feature can be added down the road.

2. Square Financing & Budgets Away

Get your financing taken care of before you are ready to make an offer on a property. Having a pre-approval letter in your pocket will give you leverage during negotiations. It will also help you sail through the closing process as it reduces the potential that your loan application will be denied.

As you square the financing away, put a pencil to your budget at the same time. The loan you get approved for when you are buying a house might be significantly different than the home you can afford. When calculating your budget, it's always best to give extra padding to your expected expenses such as loan payments, taxes, utilities, and maintenance. Keeping your total expenses at 30 percent or less of your take-home pay will help you narrow your price range and give you some breathing room within your budget so that you don't struggle financially once you move into the home.

* If you are a member of the military, be sure to calculate the basic allowance for housing into your budgeting equation.

3. Have Inspections - Know What You're Buying

Keep detailed notes about each property you visit. Compare these notes as you narrow your list down in preparation for making an offer. These notes can help you formulate a list of required concessions that your realtor can present to the seller's agent in preparation for making a deal.

As you narrow your search to viewing the homes that made your short list, be prepared to look for potential blemishes that these properties may be hiding. When you are buying a house, you will want to give each home a thorough inspection.

A qualified inspector will help you look for damages that will need to be repaired. Some imperfections such as broken lights or marks on the wall can be easily cleared. However, other blemishes such as broken plumbing or a leaky roof will likely require repair and should be addressed through your REALTOR® prior to making an offer and/or closing on the property.

Our REALTORS® at Wright-Patt Realty, Inc. are ready to help you throughout the process of buying a house.  Contact us to help you navigate the real estate market in Beavercreek, Ohio and other communities surrounding Wright-Patterson Air Force Base.