Shopping for a home is vastly different than shopping for anything else. Home buying is typically the most fiscal investment a good percentage of people make. There’s a lot more to it than just money, however. Finding the right home requires patience and open-mindedness and clear priorities. So how do you find the perfect home? While it’s a tough question to answer, here are some of the most important things to keep in mind before and during the process.
Mortgage First
The best possible way to begin home shopping is to get pre-approval for a mortgage before you start. Knowing how much of a home you can afford means knowing how much of a down payment you can afford right at the beginning. It will also help you determine how high of an interest rate you can comfortably afford. In the event you either cannot get approved or cannot get a suitably low interest rate because of bad credit, this will give you time to work on improving it. You’ll also have a much easier time saving for a down payment if you know exactly how much you will need to pay. Avoid the disappointment of finding the perfect house only to realize you can’t afford it. Starting pre-approved for a mortgage will save you time and frustration through the rest of the process.
Take Your Time
First-time homebuyers should not make this decision too quickly. While not everybody has the opportunity to plan years in advance, the more preparation you can do, the better equipped you’ll be to make the purchase. You should give each piece of the process the time it deserves. If you move too quickly you might not get the best interest rate or even the best home. When you’re prepared financially and otherwise, it’s still important to take your time in selecting the home itself. It might tempt you to make an offer on the very first house that excites you, but there are always other options to consider. Don’t rush the details and you’ll avoid a lot of potential frustration and unneeded stress.
Avoid Emotional Attachment
It’s also important to stay logical when shopping for a home. Try not to let emotional attachment to a home get in the way of thinking practically about whether it’s the right choice. If a seller is not willing to negotiate over price, you want to feel comfortable in walking away. If there are certain flaws that you feel you can overlook or spend more for because you love the house so much you might find yourself on a slippery slope to overspending your budget. Stay clear with yourself about your priorities and your limits, and accept that there will always be other houses. If you take the time to search logically, you will have a much easier time finding the best home for you—emotionally and practically.
While this advice is broad, keeping these basic principles in mind will help first-time homebuyers tremendously. Finding your first home is a big decision, but it can be easy as long as you stay logical and prepare.
About the Author
Kyung Kim
Hi, I'm Kyung Kim. I immigrated from South Korea to the United States in 1968 when I was 7 years old. I have seen my mom struggle with the English language and work hard to raise her four kids by herself. Still to this day, I don't know how she pulled it off, but she bought her first home in 1979 for $70,000 and because of that decision, she was able to live without worrying about her financial future. I want that for everyone, to feel the pride of home ownership and to build their financial wealth using real estate as part of their financial portfolio. I feel so blessed to play a small role in helping others reach this goal.
I live in Beaverton with my husband, Richard. My mom, who lived with us for several years, passed away in our home in February 2022. Her first home purchase in 1979 made it possible for her to live to the very end, without worrying about her finances. As of August 2022 with a little downpayment assistance, our four children own their own homes. Being in real estate, I quickly realized that if they didn't buy now, they may be priced out of the market in the future. Whether that would have been the case, we will never know, but what we do know is that they are all realizing some good, healthy appreciation in their home values.
As passionate as I am about people owning their homes, I'm also passionate about giving back to our community. I support Compassion First, a non-profit organization that provides aftercare for sex trafficked girls in Indonesia. My husband and I also feel called to financially support social injustice organizations.
I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
