Get Laser-Focused Before You Begin
There’s no denying mortgage rates are higher now than they were last year. And if you’re thinking about buying a home in Ottawa, this may be top of mind for you. As you set out to make a purchase this year, you’ll need to be strategic so you can find a home that meets your needs and budget.
In other words, it’s important to be mindful of what’s a necessity and what’s a nice-to-have when searching for a home. And the best way to understand this is to put together a list of desired features for your home search.
The first step? Get pre-approved for a mortgage.
And then, we start to prioritize must-haves, nice-to-haves and our dream state. Read more about this process in this article on my website.
Pre-approval helps you better understand what you can borrow for your home loan, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s out of reach. Once you have a good grasp of your budget, you can begin to list (and prioritize) all the features of a home you would like.
Here’s a great way to think about them before you begin:
Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, a garage, etc.).
Dream State – This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).
Finally, once you’ve created your list and categorized it in a way that works for you, that’s where I come in. I’ll help you refine the list further, coach you through the best way to stick to it, and together find a home that meets your needs.
The Bottom Line
Putting together your list of necessary features for your next home might seem like a small task, but it’s a crucial first step on your home-buying journey today. If you’re ready to find a home that fits your unique situation, I am here to help.
Send me a note and let’s chat, Liisa@LiisaVexler.com.
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