If you are looking for a house in a fast moving market, where houses are listed and under contract within a matter of days, if not hours, you need a really clear vision of what you want in order to ensure that you are able to confidently make a quick decision on a house that is right for you.
#1 Check Your Monthly Budget
You are going to want to create a budget checklist that you can quickly run through for any house that you are interested in. This budget checklist should include the price of the house, your potential monthly mortgage payment, your mortgage insurance payment, and your homeowner's insurance payment. Add all of these items up and make sure that these items fit within your projected monthly budget. Be sure to include a line for homeowner's associate fees. You should also call up your car insurance company and see if your premium will increase or decrease based on your new address.
#2 Make Sure Repairs Are Affordable
Next, you are going to want to bring in a checklist list/ wish list for each area of the house. For example, if the kitchen has stainless steel appliances but you don't like the flooring or the counter tops, you will want to add replacing the flooring and counter tops to your repair and remodeling budget. You are going to want to mark down the repairs and remodeling you want to do inside and outside of the house.
You are going to want to research the general price to make all the upgrades on your list. For example, you'll want to figure out about what it will cot you to repaint a room of a home, put in new counter tops or replace the flooring. That way, when you are done looking at a house, you can go through your checklist and quickly add up, based on your estimate, how much more money you'll need to put into the house. If the changes you need to make to the house are too great,you can easily pass on that particular home. If the changes are reasonable, you can move forward with your interest in the home.
#3 Check Against Your Lifestyle Goals
Finally, create a checklist of the lifestyle goals that you want your home to help you achieve. For example, a shorter commute to work or space to build a garden or a large kitchen and dinning room for hosting family and friends. Once you are done looking at the home, check and see how many lifestyle goals the home will help you achieve. A beautiful home that will not help you achieve the goals and lifestyle you want for yourself is not going to be satisfying in the long run.
In a quick-moving market, having checklists will help you find the right home for you. You should have a budget checklist, a repair/remodel checklist and a lifestyle goals checklist for each home that you are interested in purchasing. Going through these checklists will help you determine if a home meets your monthly and long-term financial and lifestyle goals. Talk with a realtor like Jeff Glover & Associates Realtors for more information.