What are you looking for in a house?
Did you make a wishlist for the holidays?
From a very young age, when we write our first letter to Santa, there is something super fun about making a list of our most desired items. It’s not only fun, but it also helps us prioritize our thoughts and figure out what’s important to us. That’s true whether you are making a grocery list, a Christmas list, or a list of what you’re looking for when buying a new house.
Whenever we work with a real estate investor here at Regalway, we always want to know what is on their wishlist before we start to look for the right property. And if they don’t know where to start, we have some advice to create a new home wishlist that will help them find the right property for them!
Your Current Needs for A New Home
A great way to start making your wishlist is by taking a look at what you already have.
Presumably, you will need a home that also meets all of the needs that your current one does. So, if there are features of your existing home that you couldn’t live without, such as a dishwasher, en-suite bathroom, central air, back yard, etc., it should go immediately on your list.
Taking stock of your current needs is also a great way to figure out what you DON’T have yet. If you think, “In-floor heating for the bathroom would be amazing,” it should go down on the list. Even if that isn’t a necessity, put it down. Remember, it’s a WISHlist. You can organize all of the items in terms of their importance on the wishlist a bit later.
Your hopes for an investment property
Making a wishlist for an investment property is very different than the list for a new home. Your goal is to make money, rather than living in it. Think about the investment in a much more practical way: how much is your absolute max to invest, how much cash do you have to put down, are you intending to fix the property up (consider the time investment), or are you looking for a rental?
Regalway Homes can put things into perspective if this is your first investment. Don’t get bogged down in the details, but consider the practical first and then think about location.
Location
Obviously, one of the most important things about a new property is where it’s located. If you found the perfect place, but it’s two towns away from where you work, it isn’t going to be an ideal purchase (unless, of course, you were looking for a passive real estate investment opportunity). The location option may be extended on investment properties, but staying close to home can make your life easier.
When working with a real estate agent, be sure to limit the areas where they are looking for your perfect property. If you’re looking for an investment, the area could probably be quite a bit larger than it would be if you’re looking for a new home, as you won’t be living there.
Then, once you know the town or city where you want to live, it’s time to narrow it down to the city's right neighborhood/area.
When looking at neighborhoods, there are countless factors you need to consider. What amenities are close to your prospective house? Is there a grocery store nearby? How about schools? These considerations are huge if you are looking to flip or rent the new property. You may not need to worry about good public schools, but it’ll be easier to find a good renter if the school district is A-rated.
Of course, it isn’t only about amenities. What’s the crime rate in the neighborhoods where you’re looking? Are the property values of the homes around the one you’re looking at approximately the same? Heck, maybe even knock on the door of some of your prospective neighbors to introduce yourself. It might be nice to discover who you would be living beside before you buy the home, after all!
Do You Want a Fixer-Upper?
At Regalway, we are experts at advising home flippers. It’s one of the best ways to turn a profit from passive real estate investment if you know how and have the time. We are very honest and upfront with unsure investors, so get in touch!
Think About the Future
Purchasing a new home can be a remarkably exhausting and stressful endeavor, mostly if you’ve never done it before. Presumably, you’re looking for a house that you can live in for years. That’s why, when making your wishlist, you should be looking past your current needs into the future.
For example, do you want children or imagine an aging parent living with you? If so, having an additional bedroom or two in the house is going to be a necessity, even if you don’t need them right now. By doing so, you could be saving yourself a lot of time and stress since you won’t be forced into moving out of your otherwise perfect home into something that will fit your new needs in the future.
Refine Your List
Once you’ve created your wishlist, it’s time to get it into some sort of order. After all, not all wishes are equal.
Create a new list, ranking the importance of each item on your wishlist. The ones at the top of the list should be the absolute essentials, the things you can’t live without. After that, it should be things that you are looking for, but you won’t be heartbroken if you can’t find a place that has them. The list should then start to go into the things that would be nice but aren’t at all essential.
This ranked list will be invaluable for a real estate agent or investing partner when trying to find the perfect home for you.
So, have you created your wishlist and know the exact type of home you’ve always wanted? If so, it might be time to give us a call! At Regalway, we help people passively invest in real estate and purchase homes. We are committed to finding the property that will fit your needs.
If you’d like to learn more about us, we invite you to book a consultation with us today! We’d be delighted to take a look at your wishlist and determine how you can find the best possible match for your new home or investment!
Regalway Homes | info@regalwayhomes.com | +1 844-977-2679