As the sun rises on another beautiful Sunday here in Ventura County I can’t help but think of all the people planning on hitting as many open houses as they can, hoping for that magical moment to happen. Yes, the dream of home ownership is still alive and well, but following these 5 steps will allow it to happen much faster and leave you much happier.
1. Don’t Be a “House Hunter”
Most of us have lost an afternoon or two watching House Hunters on HGTV. You either love or hate the show I’ve found and either way, you watch it. The newlyweds, the retirees, and the nuclear family tour 3 homes and then pick a winner. The draw of the show is watching the soon-to-be homeowners traipse through the contenders who make a Hollywood-sized effort to dissect every last detail and after an episode or hundred you start to see patterns in their observations.
Oooh, granite honey.
Oh my gosh, what were they thinking with this paint?
Babe, where are you going to put your clothes?
I’d really prefer stainless steel appliances.
Here’s a few more fun ones when you have time.
The unfortunate truth is that the show and others like it may have created a monster. A maniacal home buying creature that expects that every home be perfect, match every criteria they put forth, and of course, has stainless steel appliances.
Obviously, I’m kidding a bit here but the fact remains, buyers must have an open mind when searching for and eventually, surviving escrow to buy a home. In my experience it is the moment that my clients start looking at homes less like a hopeless wish list and more like a life event that the perfect-imperfect home appears.
2. Don’t Think Too Far Ahead
I do see buyers from time to time get hung up on the long term. I’m not saying I blame you for looking 30 years ahead, but mortgage aside if you get too caught up in what the future holds, you can definitely miss out on great opportunities right in front of you. At the speed the market is moving these days there really isn’t time to speculate what the market will do 5, 10, 20 years down the road. You rather have 5, 10, maybe 20 minutes to pull the trigger or risk the perfect property passing you by.
Now, I’m not saying to take this process lightly and throw caution to the wind as no matter how you slice this will be one of the biggest purchases of your lifetime. However, pondering deeply on whether this home will be good rental after you’ve moved on to the next property really doesn’t change what’s happening now. Agonizing over what the next few years will bring to the neighborhood does nothing but cloud your judgement at a time when it has to be on its A game.
Your not a philosopher or fortune teller, you’re a home buyer and there are great homes out there for you…right now.
3. Don’t Get Hung Up on a Neighborhood
Location. Location. Location. Yes, the tried and true adage that has been handed down for generations of real estate investors. However, do you notice that there isn’t a ‘your’ in front of it? Every nook and cranny of a city has a feel or vibe that will resonate with you or not.
Remember high school? The campus was naturally broken into sections and when the lunch bell rang you would see certain groups gravitate to an area they felt represented them.
The athletes were near the gym, the Freshman stuck close to their block of lockers, and the Seniors hung out closest to the parking lot. Their ‘neighborhood’ was based out of necessity and convenience, not data. It was a feel thing, which is all we know how to do at that age. There wasn’t any analysis of the school itself, because hey, you had to go there anyway and you might as well find a corner that you and your friends could hang out in every day that didn’t make you late for Biology class.
Now as “grown up” buyers you must get back to this finding our corner in the community not based on aptitude tests or social status, but rather what makes you feel right. Some of you might be more comfortable in an up and coming gentrifying neighborhood or a classically established family-centric township but remember to talk to your 16-year old self, the one that didn’t come with a bunch of preconceived notions about the neighborhood, before you rule out a potential home.
4. Home Must Fit Your Lifestyle
When you start looking for homes focus more on the critical features that really align with your how you live, day by day. Envision your new home as a highly efficient factory. Conveyor belts running in perfect time, products being assembled piece by piece, boxes being loaded on to trucks delivering out to the masses. Your home is going to be just like that in order to work for you. I know you want the game room or home theater, but that might not be very practical in the long run. Here are some basics your home/factory needs:
- Must be strategically located – Living too far from work will take a toll on you. Do your best to stay as close to your job as you can so you can spend less time commuting and more time enjoying your newly purchased home. Secondly I recommend that you find a home that is nearby fun not-work stuff. If you love to hike, make sure some trails are nearby and if you love to dine out don’t be afraid to stay near a city center with plenty of eateries to choose from.
- Must be functional – Is there enough bedrooms and, most importantly, bathrooms to prevent a traffic build up in the morning? Are the kitchen and eating area geared for optimum production? This of course will all depend on what your specific needs are but I can’t tell you how often I see buyers get hung up on a particular feature of a home that makes no sense for them (i.e. pools, big yards, fireplaces, wine cellars, and the like). Stick to the script and you’ll be happy you did.
- Must be financially viable – Any good business knows how to keep costs manageable while keeping productivity and profits on the rise. You should be no different. If you don’t have money for a project, don’t buy a home that needs a lot of work. The laborious process will leave you and your pocketbook feeling empty. Make sure that your monthly mortgage payments, HOA (Homeowners’ Association) dues, taxes and insurance give you some wiggle room to do a major home project or two a year without breaking the bank.
5. Trust Your Gut
This is the message I drive home the most when working with buyers. Yes we are talking dollar and cents but we are also talking about a home. This home will become the backdrop to your every day life, where memories are made, and families grow up. These things are too important to leave only to logic. Your gut should have the biggest say. You know that same part of you that tells you that Arabian prince doesn’t need your financial help or that Nigerian check is no good? That is the same part that will tell you if this house is the one or not.
“Back to reality shows Sam, really?” Sorry, I can’t help myself but think about all the shows that place a contestant in a sea of potential candidates to choose from and film them twisting in the wind trying to choose just one. Let’s just say every dating reality show and even Say Yes to the Dress play on this formula. And what happens at the end of each show? They choose the one that won their heart, not their head, usually the one that was there from the beginning. However, because the selection was so vast and the clock was running out, the poor contestant does nothing but second guess him or herself, all to the audience’s delight.
The moral of the story? Listen to your inner voice, the one that has been steering you right this whole time (okay, most of the time) and block out the rest of the noise that does nothing but blind you to what you should have been seeing all along, the home of your dreams, right in front of you.
Did I miss anything? Feel free to share what works for you in the comments below.
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