Dear Olivia,
I’m actively searching for a new home, and while there have been a couple that I really liked, so far, nothing has screamed “dream home” to me. Aside from the usual stuff like price, square footage, and location, what else should I know before making an offer once I find the right home?
Sincerely,
Searching for a Dream Home
Well, you have three of the biggest criteria locked down – price, square footage, and location. By using those metrics, you can really narrow down your home search and zero in on properties that you can afford, that have enough space, and that are in a location you like. Your Realtor can help you find some hidden gems, too!
Aside from that, there’s a few “bonus” components that you should know about before making an offer. Let’s review three of the top things to know.
Get the Lowdown on Utility Expenses
When shopping for a home, you might find one that ticks all the boxes. But unless you know what to expect in terms of the monthly utility payments, you won’t truly know if you can afford the property.
For example, what if the home has original single-pane windows, baseboard electric heat, and exterior walls that don’t have much (or any) insulation? That’s a scenario for a nightmarish heating bill in the winter and a big cooling bill in the summer.
I’ve seen properties that have utility bills that are nearly half the monthly mortgage payment. That’s a big chunk of change! Most homes don’t have energy expenses that are that high, but it’s still necessary to know what you might expect to pay for electricity, gas, and so forth. Ask your Realtor to find out that information before you submit an offer.
Look Around the Property and Imagine Your Life There
This is really an exercise in the theoretical, but it’s still a worthwhile activity.
When you think you’ve found the home for you, ask your Realtor to tour the home a second or third time, just so you can really get a feel for how you might live your life in the home. Think about where you’d put furniture, if the kitchen really has a good layout, and whether there’s enough storage. Walk through every part of the home and try to identify anything that might not work for you.
Then do the same outside. Is the yard big enough or is it too big? Is the garage large enough to park your vehicle and have space left over for doing projects? What does the neighborhood look like? Is the view out of your front window a good one, or is the house across the street a disaster?
I’d recommend visiting the home at different times of day, too. If you visit a property on a Saturday morning, you might not realize all the noise that comes from the nearby school each weekday morning and afternoon. The point is that being purposeful about exploring the property will help you decide if it really is the best fit for you or not.
Ask About the Property’s History
Before submitting an offer, ask your Realtor to find out what they can about the history of the home. Sometimes, you’ll learn information that is extremely valuable to you when you submit your offer.
For example, by asking how long the home has been on the market, you might discover that it’s been listed for several months with little or no interest. This would be great news for you, and might mean that you could make a lower offer on the property. On the other hand, if the property has seen a lot of interest, you might need to prepare yourself for making a full-price offer, if not an offer that exceeds the listing price.
This is just one example, but you get the point – asking questions about the property’s history will only give you more firepower for making an informed decision.
So, as you look for your dream home, keep these tips in mind and maintain an open dialogue with your Realtor. There’s plenty of other questions to ask and information to gather, but together with your Realtor, you will find your dream home!
If you have further questions, please don’t hesitate to contact me at my office at 307-856-3999.
~Olivia