6 Steps for Prioritizing Your Wants and Needs in a Home

Ready to start touring homes? Save time by using a house-hunting checklist to document your visits and keep everything organized as you search   You’ve been pre-approved and know what you can afford, so now it’s time to take your home search to the next level. But the process can stall if you don’t know exactly what you’re looking for—or more importantly, what your non-negotiables are. It’s easy to talk in general terms, like wanting a “big” house or an “older” home. But to focus your search, you need to be specific. Does “big” mean 2,400 square feet or 5,000? Does “older” mean pre-1900 or pre-1980? Before you attend another open house or tour with an agent, take a moment to create a list of your needs and wants. For instance, while you may want a pool, it might not be a dealbreaker if the perfect home comes along without one. Your priorities may evolve as you explore different options. For example, proximity to the beach might seem essential at first, but after seeing the price of beachfront homes, you might decide a short drive to the water is more realistic. Unless you have an unlimited budget, you’ll likely need to compromise along the way. Here are some steps and tips to help you figure out what you like and don’t like about your current home, so you can find more comfort and joy in your next one. You can rank home features as “Must Have,” “Like to Have,” or “Don’t Care” and refer back to your list during home tours. 1. Learn What You Can Afford Before you start your home search, it’s crucial to understand your budget. Knowing how much financial flexibility you have will help clarify your must-haves. Consider these questions: Are you pre-approved for a mortgage? What’s your price range? How much do you have saved for a down payment, and what about potential future repairs? Are you open to doing renovations yourself, or are you looking for a move-in-ready home? 2. Consider Your Current Lifestyle and Future Plans Think about your current needs and how they might change in the future. Start by assessing what you like about your current home and what you’d want to change. For example: Do you need space for a future nursery or home office? Is a fenced yard necessary for your pets? Do you need wheelchair access or minimal stairs? Do you require parking, or is street parking enough? Is walkability a priority for you? Do you expect a job change in the next year or two? 3. Choose Your Preferred Home Style and Type Once you’ve nailed down the basics, think about the kind of home you want. Consider these factors: How many stories do you prefer? Are you looking for a townhouse, condo, or single-family home? Could you live in a historic home? How many bedrooms and bathrooms do you need? Do you want a guest room or an office? What type of flooring and architectural style do you like? Do you enjoy maintaining a yard, or would you prefer a smaller outdoor space? 4. Choose a Location While you can update the interior of a home, you can’t change its location. As you search, keep these questions in mind: Do you prefer an urban, suburban, or rural setting? How important is access to highways or public transportation? Do you need a great view, or can you live without one? Are you comfortable with traffic noise? Are there parks or community activities nearby? Are the property taxes or HOA fees within your budget? 5. Get to Know the Neighborhood Once you’ve found a home you like, it’s important to explore the surrounding area. Ask yourself: Are you happy with the neighborhood? Does it offer the right balance of activities or peace and quiet? Are basic amenities like grocery stores and healthcare conveniently located? Is the commute manageable? 6. Document Your Home Tours As you tour homes, it’s helpful to jot down notes and keep track of your thoughts. Consider the following: Is the space adequate or too much? How is the layout, and do the fixtures and finishes meet your expectations? Is there enough natural light? Does the home have curb appeal and adequate parking? Tracking your notes for each home will help you compare and make informed decisions. Keeping your priorities in mind can help ensure that your next home meets both your needs and your wants.  

New Construction: A Guide to Buying a Newly Built Home

How is buying new construction different from buying an existing home? When purchasing a newly built home, you'll likely get modern designs, up-to-date construction standards, and brand-new appliances. Since many new homes are sold before they're fully finished, you may even have the chance to personalize some features, like upgrading the tile or choosing the color of the carpet. Plus, you won't be moving in with a list of projects and repairs waiting for you. Here are some tips to help you through the process of buying a new construction home. Finding a Brand New Home How do you find a newly built or under-construction home? A good real estate agent can be a valuable resource, as they often know about new developments in your area. Keep in mind, new construction isn’t always part of a large development—some builders work on a few homes at a time in established neighborhoods. Watch for construction in areas you're interested in, and ask your agent to contact the developer. Have the Right Team on Your Side Builders in larger developments often have their own sales team, but you should have your own agent to represent your interests. The same goes for lenders—builders may have preferred lenders they ask you to get pre-approved by, but you usually still have the option to choose your own. Research the Builder It's important to know who you're buying from. Look up reviews on the builder’s previous projects. Do they have a reputation for quality work, or do they cut corners? Ensure they’re financially stable so you don't risk losing your deposit if they can’t complete the home. Also, ask about the warranties offered on the home. Understand What You're Buying When purchasing new construction, you may be buying before the home is finished. Usually, you’ll tour a model home to get a sense of the layout and design options. Be cautious—model homes often feature both standard and upgraded finishes. Make sure to ask for a detailed list of what comes standard and what costs extra so you know exactly what’s included in your purchase. Negotiating with Builders Builders are less likely to negotiate on the sales price, as it can affect future sales. However, you can negotiate on other things like upgrades, closing costs, or other perks. If you’re buying in the early stages of a development, you may get a better deal since builders often offer incentives to get things moving. But be aware, buying early also carries some risks, like price fluctuations or unfinished developments. Deposits and Contracts When signing a contract for a home under construction, you'll need to provide a deposit, which could range from a few thousand dollars to 10% of the purchase price. Make sure your agent explains the contract in detail, including if and when you can get your deposit refunded. It should also include a projected completion date and outline what happens if there are delays. Managing Delays Your contract should specify what happens if the home isn’t completed on time. Ensure everything is in writing and don’t rely on verbal agreements. A written contract holds everyone accountable and can protect you if things don’t go as planned. Inspections and Warranties Even though the home is new, you should still get an inspection. An inspector can help ensure everything is up to code and that there are no hidden issues. Most builders will fix any problems that arise during inspection, but make sure you know your rights. Additionally, new homes often come with warranties for appliances and a builder warranty for the home itself. Review the warranty details before signing the contract to understand what is covered and for how long. By following these steps and working with a knowledgeable real estate agent, you can make the process of buying new construction smoother and more rewarding.

The Real Costs of Owning a Home Can Exceed $14K a Year

Adding up all the costs of homeownership can give you a clearer picture of what you can truly afford. Here’s what you need to know to plan your budget The best time to get a clear sense of the costs involved in homeownership is before you start looking. The “hidden costs” of owning a home can add up to over $14,000 annually for the average homeowner in the U.S., and even more in expensive cities like San Francisco and New York, where it can exceed $22,000. These costs—around $1,180 per month on average—include utility bills, homeowners insurance, and maintenance. While most prospective buyers are familiar with major expenses like mortgage payments and property taxes, it’s important to account for smaller costs too. Knowing them ahead of time can help prevent financial surprises. What are the costs of owning a home? Understanding all the costs involved in homeownership can impact both your budget and the type of home you choose. While a big yard or larger home may seem appealing, it’s essential to factor in the ongoing maintenance costs. Some buyers may opt for more affordable alternatives, like smaller homes or newer constructions that require less upkeep. The total costs of homeownership include purchase costs, ongoing fixed expenses, and maintenance. Common ongoing costs are: Mortgage payments (principal and interest) Property taxes Insurance HOA fees (if applicable) Utilities Maintenance In high-cost cities like San Francisco, New York, and Los Angeles, these “hidden” costs can top $22,000 annually. In more affordable locations like Las Vegas or St. Louis, they can range between $9,800 and $11,800. Factors affecting homeownership costs Besides your location, factors like the age of the home, its condition, and local contractor costs can make homeownership more or less expensive. Other considerations include the materials used in construction, home warranties, and ongoing fixed costs like: Monthly mortgage payments: For example, with a 10% down payment on a $350,000 home and a 30-year fixed-rate mortgage at 7%, your monthly mortgage payment could be around $2,251, including private mortgage insurance. Property taxes: These vary based on location and home value. Homeowners nationwide pay an average of $2,827 annually in property taxes. Homeowners insurance: Typically, homeowners spend about 0.5% of their home’s value annually on insurance, which averages $146 per month for a $350,000 home. Maintenance costs of owning a home Regular maintenance is crucial to keeping your home in good condition and avoiding unexpected repair costs. On average, home maintenance and upkeep can cost about $6,413 annually. These costs vary depending on factors like whether you have a yard, the size of the home, and whether you need to hire professionals for tasks such as: Gutter cleaning Lawn care HVAC maintenance Roof upkeep Utilities, such as water, electricity, and garbage collection, can also add to your monthly expenses. For example, homeowners in Hartford, Connecticut, pay some of the highest utility bills, averaging $4,443 annually. How to prepare for hidden costs Get a home inspection: A thorough inspection will give you an idea of potential repair costs and allow you to plan accordingly. Set up an emergency fund: It’s wise to save 1-2% of your home’s value each year for unexpected repairs. Plan for improvements: Identify what needs immediate attention and what can wait, and be realistic about what you can do yourself. Consider a home warranty: A warranty can cover some repair costs during the first year of ownership, providing peace of mind. By considering all these factors upfront, you’ll have a better understanding of the true costs of homeownership and can make a more informed decision about whether a home fits your budget.    

This Seasonal Home Maintenance Checklist Is Essential for Keeping Your Home in Top Shape

Plus, six tasks to tackle every month Tackling a seasonal home maintenance checklist isn't exactly how most people want to spend a Saturday. No one’s excited about flushing out the hot water heater. But for many of us, our home is our biggest investment, and maintaining it is essential. Ignoring small tasks, like letting leaves fill the gutters or paint peel off the shutters, can lead to costly repairs down the road. Home maintenance can feel overwhelming, especially for first-time homeowners used to having a landlord handle it. But it doesn't have to be daunting. Break it down into monthly and seasonal tasks. Staying on top of small things regularly will help your home run smoothly all year. Spring Maintenance Inspect trees: Look for dead branches or signs of illness. Call an arborist if needed. Clean gutters: Prevent roof leaks and water damage by clearing them at least twice a year. Freshen exterior paint: Fix peeling or flaking areas before summer weather causes further damage. Check HVAC: Have a professional inspect your system, clean ducts, and service the furnace and A/C. Wash the house: Clean windows and scrub the exterior to remove winter grime. Check the deck: Replace rotten boards and refinish if needed. Fertilize your lawn and trees: Feed your plants now that they’re waking up after winter. Summer Maintenance Water plants and foliage: Keep your landscaping hydrated during the hot months. Check sprinkler systems: Look for leaks, clogged lines, and check timers. Oil garage door opener: Keep the chain and hinges well-oiled to extend the lifespan of the system. Check for leaks: Inspect toilets and dishwashers for any signs of water damage. Prune trees and shrubs: Remove dead branches to promote healthy growth. Seal tile grout: Prevent water damage in your kitchen and bathrooms. Fall Maintenance Fertilize garden: Give your plants a last boost before winter. Clean gutters: Remove leaves to avoid clogged gutters and potential roof leaks. Inspect chimney: Get your fireplace ready by having a professional clean and check it. Check HVAC again: Service the furnace before winter, and inspect ducts and vents. Clean dryer vent: A clogged vent not only makes the dryer work harder but is also a fire risk. Seal air leaks: Caulk gaps around windows, doors, and pipes to keep moisture out. Winter Maintenance Cover the air-conditioning unit: Protect it from the harsh winter weather. Clean fridge and freezer coils: Dust buildup can make your fridge work harder. Inspect the roof and gutters: After storms, check for damage and leaks. Prevent frozen pipes: Let faucets drip on cold nights and keep the thermostat set at 55 degrees if you're away. Monthly Tasks Clean furnace filter: Helps your HVAC run more efficiently. Vacuum heat registers and vents: Keeps airflow strong and efficient. Test smoke alarms and fire extinguishers: Ensure these safety devices are ready to work. Clean garbage disposal: Use ice cubes and baking soda to remove food buildup. Clean faucet aerators and showerheads: Soak them in vinegar to remove mineral deposits. Inspect your home’s exterior: Look for loose shingles, cracked bricks, and overgrown trees or shrubs. By keeping up with these small, regular tasks, you'll save time, money, and stress in the long run.