4 Questions All Home Buyers Should Ask Themselves

by Lysi Bishop Real Estate

Buying a home is one of the most exciting and biggest financial decisions a person can make. There is a lot to consider when choosing a home, and it can be overwhelming to know what to prioritize. Because let’s be honest, unless you are building a home from scratch or come across a unicorn property, you won’t get everything you’re looking for. 

First-time home buyers especially need to remember that their choices may typically be limited. It’s crucial that buyers answer these 4 questions when purchasing a home to help them find a home that aligns with their goals and needs.

 

1. What are my basic needs?

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Consider your basic needs in a home: factors such as the number of bedrooms and bathrooms, square footage, layout, and any detail that fits your lifestyle (i.e. office for remote work, classroom space for homeschooling, yard for pets, or garage). Identifying these non-negotiable needs will help you filter out properties that automatically don’t meet your basic requirements.

 

2. What are my long-term goals?

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Think about your future plans. Are you looking for a starter home that you'll eventually outgrow, or are you searching for a property where you can settle down long-term? Consider factors like school districts, proximity to work or family, potential for resale value, and the overall neighborhood's development trends. 

Many first-time home buyers would benefit from looking at their first home purchase as an investment in their future rather than their dream home. They can rent their first home once they outgrow it to generate income, or sell it to use the equity gained to purchase the next home.

 

3. What kind of lifestyle do I want?

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Think about the lifestyle you want to lead in your new home. Are you an outdoor enthusiast who wants to be close to parks, trails, or other recreation? Do you value proximity to entertainment and dining? Do you want to be at home making memories? Consider nearby shopping centers, public transportation, fitness facilities, schools, and commute times that align with your interests and daily routines.

Being clear on what you value being close to helps your agent focus on the areas that work best for you. Work with a realtor knowledgeable in the areas you want to be in. If you aren’t sure yet, schedule a relocation consultation to get to know popular areas. Click here for a complimentary guide to explore Boise!

 

4. What’s my budget?

Establish a realistic budget based on your financial situation, including your down payment, monthly mortgage payment, property taxes, insurance, and potential maintenance costs. Determine if you're willing to stretch your budget slightly for a property that offers significant value or features, but also set clear limits to avoid overextending yourself. 

 

By answering these four questions thoughtfully, you'll be able to create a comprehensive "must-have" buying list that prioritizes your needs, aligns with your long-term goals, enhances your desired lifestyle, and falls within your budget. This list will serve as a valuable guide as you navigate the home-buying process and evaluate potential properties.

 

 

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