You don’t want to mess around on a decision as big as the place you’re going to call home. When you buy a house, you’re making a long-term commitment to that house and everything that comes along with owning a home.

How do you know when you’ve found a place that’s commitment-worthy? Sometimes, a place will feel like home the moment you pull up to the curb. More likely, though, it’ll take some time for you to find something you like, with the process perhaps becoming more and more frustrating with each “not quite right” house you view.

Fortunately, there are some things you can do and tips to keep in mind that can make the process a little smoother.

Figure Out Your Priorities

When searching for your ideal home, the location is going to be your most crucial factor, in most cases.

“Well, the old real estate saying is true, ‘location, location, location,’” a local realtor tells us. “I’ve had home buyers find their absolute dream house – but as I try to explain it’s not the right location, they scoff. Until they see it’s by a railroad, a rundown part of town or, worse, a (garbage) dump.”

One of the reasons location is so crucial is that you want your home’s value to grow over time. Even a great home might not appreciate as well in a less ideal area.

“A beautiful home overbuilt for the neighborhood is going to have a hard time appraising, a hard time maintaining value and can be a poor investment long term,” our realtor said.

A good location can give you more than just a higher likelihood that the home’s value will increase; it can mean a tolerable commute, an easily accessible downtown area with restaurants and shopping, access to good schools and more. Or it can mean the exact opposite if you’re looking for a home in a more secluded area, far away from the hustle and bustle of town. Finding the right location for your needs will likely make you much happier in the long run.

We recommend making a list of “non-negotiable must-haves,” such as being in a good school district, being near work or having a certain number of bedrooms. Next, come up with a wish list of things you’d like, and try to match up your needs and wants with your budget and what’s available in the current market.

When creating your own list of needs and wants, consider your lifestyle. Do you need a house with a lot of yard space? Do you spend a lot of time in the kitchen? You might not get everything you want, but having a list will help point you and your agent in the right direction.

Narrow Your Search to True Contenders

Starting your search online allows you to see all the available homes in your area and narrow down your search to homes you’re truly interested in, saving you the time of having to tour each one in person.

There are many resources and websites that allow you to search real estate listings in your area. The most helpful sites will be the ones that allow you to narrow down your search by your own criteria. Your realtor should be able to create a few searches for you to let you know as soon as relevant listings hit the market.

Consider Old vs. New

Do you see yourself in a beautiful older home or a more modern, chic abode? There are pros and cons to each, depending on what you’re looking for and your lifestyle.

You’re likely going to have to funnel more money into maintenance and renovation with an older home, which may have outdated and inefficient heating, cooling and plumbing systems.

Nelson pointed out that if a home is considered historic, you’ll be subject to any national and local guidelines for historic homes, such as not being able to make any additions to the home without approval from your local historical office. However, she said, there are a couple benefits to owning a home in a historic district, such as 5-10 year tax abatement deals, where you would pay a fraction of your normal tax bill for a fixed period of time.

Older homes can be good for people who want to be located in a well-established community that’s close to shopping and restaurants. They also tend to have better quality construction than more recently built homes.

On the other hand, newer homes tend to require less work, stress and money to get them into shape. This is not only true right when you move in, but likely in the years to follow as well, as more recently built homes generally require less maintenance and fewer repairs.

New homes are also more likely to come with updated technology built in, such as alarm systems, cable or smart thermostats.

However, the asking price for a newer home will likely be higher than for older homes of the same size. Newer neighborhoods are also often farther away from schools, shops, restaurants and other amenities than older neighborhoods. And if you’ve always dreamed of having a big backyard, you might be out of luck, as newer homes tend to be built on smaller lots.

Look at how well maintained the property you’re looking at is, whether it’s an old home or a more modern one. Think about any renovations you would have to make if you were to purchase it. Consider the actual cost of maintaining an older home, not just the asking price.

Be Realistic

The house you end up with, especially if you’re a first-time home buyer, probably isn’t going to be your dream house.

It’s imperative that you end up with a house you’re going to be happy living in, but you might also have to adjust your expectations if the home you want isn’t one you can afford.

For people who are new to the housing market or have smaller budgets, a starter home may be a more realistic and advantageous choice. Starter homes aren’t great if you need a lot of space, as they’re often fairly small, but they tend to be more budget-friendly. You also won’t need to spend as much money filling it up with furnishings, and you’ll likely have smaller utility bills when compared to larger homes.

It helps to know your budget from the get-go. While you may be itching to start house hunting and comparing kitchen back-splashes, you should first get approved for a loan so you know what price range you’ll be looking at. This will help narrow down your choices and make the process a little less overwhelming, and it will make you look more serious in the eyes of the seller, which can only help your chances if you decide to make an offer.

You also want to make sure you’re thinking about your future finances. Even though a house on the more expensive end of your price range might seem worth it, take the time to think about whether you’ll still feel that way when you’re making the monthly payments.

Find out what the area’s property taxes are and going to be moving forward. Many states have websites that help you calculate this. If you can, ask what the seller typically spends on utilities.

Keep in mind that home ownership very often comes with a menagerie of unexpected costs, some of them significant. If you spend all your money upfront on a large down payment, you may run into trouble down the line when your new house suddenly needs an emergency repair.

Make Sure It Checks Off Some Essential Boxes

Before you start picturing yourself hanging out in the spacious living room or grilling out on the back porch, there are a few crucial tests your prospective new home should pass before you even consider purchasing it.

• Check out the vital components: Take a look at anything that would be costly if it needed to be repaired or replaced. Examine the roof and check for any signs of damage or disrepair. Make sure the windows open easily and are in good condition. Find out what state the heating, ventilation and air conditioning (HVAC) system is in.
• Look at the plumbing: Look under sinks and behind toilets for signs of water damage or leaks. Be on the lookout for telltale discoloration of ceilings and walls as well. Check the basement for a mildew smell.
• Do research on the area: Is the pond behind the house prone to flooding? Is it a safe area? How far away would you be from the nearest hospital? Go online and figure out the vital stuff like the area’s safety rating, as well as the fun stuff like what restaurants are nearby and where the closest gym is.
• Test everything: Once you’ve determined that the house is a real contender, utilize your second walk-through to make sure everything works. Flip all the light switches and flush the toilets. Turn on the shower. Turn on the tap and taste the water.

Consider Your Homeowners Association

This can be somewhat of an afterthought for some home buyers, but the rules and regulations (and fees) associated with a community’s homeowners association (HOA) can make or break your enjoyment of being a part of that community.

Your real estate agent should be able to give you the lowdown on the HOA’s conditions, covenants and restrictions. You’ll want to know what its rules on paying fees are, as it’s possible for the association to foreclose on your home if you don’t pay your dues, depending on what state you live in. They can also impose special assessments, which can be expensive.

Be aware that some HOAs have very restrictive rules, like limiting what colors you can paint your house, not allowing you to plant a garden and prohibiting you from parking a boat or RV in your driveway. These rules can limit some of the freedom usually associated with being a homeowner.

If you find a particular HOA’s rules to be intrusive or conflicting with your lifestyle, look elsewhere. You don’t just want to be satisfied with your house, you want to be satisfied (or at least mildly compatible) with your neighbors as well.

Take Your Time (But Not Too Much Time)

It can be a delicate balance between taking the time to make sure a house is right for you and making sure you get to it before someone else does.

Look at all the houses that align with your budget, needs and wants. Weigh both the practical and emotional factors. Think about the pros and cons of the houses you’re considering but consult your gut as well. Sometimes, when it’s the right house, you just know.

While it’s time sensitive, you don’t want to rush this process too much, as this is one of the bigger financial decisions you’ll make in your life. But once you know what you want and completed your research, don’t drag your feet.

“In some markets, hesitating to make an offer means you lose out – quickly!” Nelson said.

Be as organized as you can throughout the process so that once you’re ready to make an offer, everything is ready to go.

You Found the Perfect House … and Now It’s Gone

Whether you lost a bidding war or the house was sold before you could make an offer, it can sting to lose out on the home you were already sold on.

When the process takes longer than expected and potential home buyers suffer one too many disappointments, they can become exhausted and just want to get it over with.

If you start to feel as though you’re not having any luck, be careful that you don’t become too lenient with what you’re looking for in a house.

Clients who are starting to lose faith in the process or are weary of looking for a home may begin to compromise on what they really want, according to a study. In this situation, it really helps to work with a realtor that you trust.

While it can be helpful to re-evaluate your wants and needs to make sure you’re being realistic, you don’t want to compromise on things that are necessary for you to feel satisfied in your home. Talk to your agent for guidance, as they’ll know whether your wish list is feasible for the market you’re in.

If you’re just coming off an unsuccessful sale, look for learning opportunities that could help make your next attempt successful. In this seller’s market, you’ve got to strategize your offer.

Make your best offer. Now is not the time to go low, especially if you know you’re going to be competing against other bids. If you can, make a complete, clean offer without any seller concessions, like help with closing costs. This will give you better odds of having your offer accepted.

Are you ready to start the house hunting process and find your next home? Check out our pre-approval page for ways to get started.

If you’re ready to start touring homes, we can connect you with a top-rated real estate agent in your area that we’ve worked with for many years. Just call us at 314-329-7314 or email us at info@carlsonstl.com.

Posted by: Carlson Mortgage – a top-rated St. Louis mortgage broker providing home loans in the state of Missouri. We are routinely ranked as a #1 mortgage broker in Missouri on Yelp, Google and Zillow. We can be reached at (314) 329-7314 seven days a week.

Our loan application can be found here or you can call us at 314-329-7314 to speak with one of our mortgage loan officers. Also, here is our pre-approval page, if you are looking to buy a home or need a referral to a top real estate agent.

Let us be your source for some of the lowest mortgage interest rates in St. Louis on first-time home buyer, conventional, FHA, Veterans (VA), Jumbo and condominium (condo) financing. Since 2004, we’ve been providing home loans and mortgage services in St. Louis that are tailored individually to your unique needs and to your financial situation. Our loan officers speak English, Spanish and Russian. Call us today to inquire about home loan interest rates, to get pre-approved for a purchase or a refinance mortgage, or if you have any general mortgage lending questions.