Are you ready to wade through a local inventory of new homes for your dream property? If you're on the hunt for the perfect place to call your own, take a look at the top tips to help you find the home of your dreams.
Choose a Type of Home
What type, style, or location is right for you? Some buyers only search for golf course homes, others prefer waterfront homes, while some other property shoppers are open to anything in the local or their chosen area. List what you want in a home—including everything from amenities and room number to the exterior aesthetics.
Decide to Renovate—or Not
Do you want a move-in ready home or are you willing to renovate the space? If you expect to bring your furniture, decorative accents, and clothes to your dream home, unpack, and begin your new life, you need a move-in-ready property. But if your dream home has specific finishes that you choose and install, you may have a larger selection of properties to renovate.
If you do plan to renovate your new home, decide what you want in the structure before you start a property search. This may include the number of bedrooms, number of bathrooms, bonus rooms, overall square footage, property/home layout, ability to upgrade existing systems (such as HVAC and electrical), and the exterior part of the property.
Plan a Realistic Budget
Now that you've decided to renovate or not to renovate, it's time to set a budget. A move-in-ready home may cost more than a fixer-upper. But this doesn't necessarily mean you'll spend more overall to buy a home that already checks all the boxes on your dream list. If you want to partially or completely renovate the space after you buy the home, set a home improvement budget. This may require you to talk to contractors and get estimates for the work.
After you have ballpark figures for the home renovations, add the price of the work to your property price limit to create a realistic budget. If you're not entirely sure about the renovations you want to make or there are property-specific changes (such as wall removal or addition), you may need to create a general budget that has extra room for increased home improvement expenditures.
Whether you choose a move-in ready or ready-to-renovate home, you may also need to factor in other expenses. These could include a homeowner's association or other related maintenance fees. Contact real estate agents to learn more about new homes.