Increase Your Buying Power

Dated: November 2 2020

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There are a lot of people who are thinking about moving in the next year. 

Some want to take advantage of historic low mortgage rates, some want to become homeowners for the first time, and others are looking for some kind of upgrade from their current residence. 

No matter the reason, if you are serious about buying (or finding a new rental), here are five things you can do now to prepare for a new home. 

Ask Yourself These Questions

Think about your current home, including what you love and what you’d rather do without. This way, when you go to create your wishlist, you’ll know what you are looking for. Ask yourself these questions to get started: 

  • What is my home’s best quality? Worst?

  • What is my favorite room?

  • Does the layout work for me?

  • Is there enough space for my needs? 

  • Is there a room I wish I had? (i.e., home office, game room, guest bedroom)

  • Is there an outdoor space? If so, do I utilize it? Enjoy taking care of it?

  • How do I feel about the parking situation?

  • How do I feel about the community or neighborhood?

Create Your Wishlist

The search for a new home becomes easier when you know exactly what you want. Review the answers to the above questions, and create your wishlist. You can separate this list into three sections: 

  • Must-Have 

  • Would-Be Nice to Have

  • Do Not Want

A charming location or incredible staging can often throw buyers off from what is really important to them. By creating your list, and keeping it handy when looking at homes, you’ll be able to walk away from tempting properties that don’t fit your needs. 

Start Searching Online 

Thanks to technology, you can start searching for homes (to buy or rent) at any point. We recommend going online and searching for properties to get an understanding of what is available within your budget and home features that stand out to you. 

Get Your Finances in Order

If you plan to buy a home, there are numerous costs to consider, including your down payment and closing costs. Meet with a mortgage lender to review your financing options, determine how much you can afford, and get preapproved. This is essential before you start making offers. 

For those who are gearing up to rent, make sure you have enough saved up for first and last month’s rent, realtor fees, a security deposit, and moving costs. 

Talk with an Agent

It’s crucial to find an agent you like and trust! A skilled real estate agent will guide you through the entire process of buying or renting, help you navigate the market, make a competitive offer, and negotiate.

If you are ready to start searching for your next home, contact us!

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Jill K Biggs

Jill Biggs leads the top-producing real estate team in Hudson County, N.J., a booming market located just outside of New York City. With more than a decade of experience serving Hoboken, Jersey City a....

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