House Hunting Tips

Hunting for a new home can be stressful. Here are a few tips to consider when looking for your dream home.

Location, Location, Location

You've heard the mantra, "when it comes to real estate, its location, location, location." And the saying is true. When you think about it, you can change your home, but you can't change where you put it.

When analyzing location, look at factors that will add value:

  • A good school district
  • Close proximity to outdoor recreation
  • Scenic views
  • Convenient entertainment and shopping
  • Economically stable areas

Avoid areas with depreciating factors:

  • Industrial buildings
  • Railroad tracks
  • Heavy traffic
  • High crime
  • Economic depression
  • Hazards such as landfills, power plants, or transformers

Get Pre-qualified

Pre-qualification will tell you how much a particular financial institution is willing to lend to you.

The pre-qualification process typically requires completion of a mortgage application and will involve an in-depth review of your finances.

A pre-qualification will help to focus your hunting efforts, narrowing down your options to those that meet your pre-qualified loan amount. This step can also help with price negotiations, as you are pre-qualified for the loan.

Click here for a list of information needed for pre-qualified.

Use a Check List

It's important when house hunting to compare. You may find the perfect home on your first walk through, but it is a good idea to visit at least three to five properties before making a selection.

Be patient, you may need to walk through many, many homes before you find a winner.

So, how do you keep track of the pros and cons for each house in a process that could stretch over days or weeks? The best method is to use a checklist. With a checklist, you can record important information about each house and compare apples-to-apples.

Record items like:

  • The asking price
  • Estimated real estate taxes
  • Square footage of each room
  • The age of the home
  • Your likes and dislikes
  • Necessary improvements
  • Commute distance or time
  • Notes about nearby schools, entertainment, and shopping

Keep in mind that you will likely be making some compromises. Few buyers ever find a perfect home, but a checklist will help you determine the best one that you've seen for the money you can spend.

For a link to a sample checklist, click here.

Be Ready to Move Fast

Depending on your market, you may need to make an offer quickly. By knowing the location that you're interested in, the amount you are pre-qualified to spend and having a detailed checklist of the homes you've seen to quickly reference, you'll be prepared to act quickly when the right home comes along.

MidCountry Bank is your home loan expert. Call, click, or come in and one of our mortgage experts will help you find the right loan for you.

Let MidCountry Bank Be Your Powerful Ally in Your Homeownership Journey!

Apply Online Now

Minimum and Maximum loan amounts apply. Rates and programs subject to change at any time. Loans subject to borrower qualifications, property evaluation and credit approval. All rates and program guidelines subject to change without notice based on consumer eligibility and marketing conditions. All loans subject to credit approval and compliance with underwriting standards.

 

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