Lancaster PA Real Estate Blog

Lancaster PA Home Buying Tips

Do you Need it?  or Want it?

Whether you are buying your first home in Lancaster PA, or your fifth, the process of buying a home can be an emotional period, not to mention a a detailed and time-consuming venture laden with difficult choices. You want to ensure that the home you purchase meets your needs now, and in the future.

When you consider all that buying a home represents, you'll want to ensure that you don't pay too much for a home that will meet your needs. By becoming an educated buyer and working with a professional Realtor, you will be able to avoid some of the pitfalls inherent in the home-buying process. It is important to know what your "wants" and "needs" are before you begin shopping (and what the difference is between a want and a need), taking your time to shop for the best home to meet your needs, choosing the right Realtor, and remaining objective while viewing potential homes. With this information, you'll be closer to finding your ideal home.

1. Before you shop for your Lancaster PA home, develop a "needs" vs. "wants" list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired or want. However, when it comes time to buying a home, the desires cost more. While it's nice to think about having a beautifully landscaped backyard, or a finished basement, perhaps even a luxurious master bath, these are usually considered bonus items, which can add considerably to the price of your home. Do you want these items?  Or need them?

It's a good idea to develop a list of needs and wants. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, or wants, as bonus items.

If buying a home with a spouse or significant other, are your needs and wants the same?  What I like to do with my buyers is to ask each individual to create their own list - needs on one side and wants on the other.  List them all, every single need and desire.  Then look at your list closely -- and cross of half of them!  Yes, cross them off!  Not an easy task to do, I know - but those items that remain on your list obviously become the items you cannot do without.  Now, compare your remaining items with that of your spouse -- are they the same?  Hopefully, most of the items that remain on each of your lists shows that you are looking for the same thing when you buy a home and that you both feel these items are important.  That's a great accomplishment!  Everything else that has been crossed off becomes an extra bonus - but concentrate on the list of needs that has remained. 

With such a home-buying list in your hands, you're less likely to be caught up in the excitement of the pursuit. You'll have a good idea of what you are both looking for, within you price range, and if you happen to find a home for sale in Lancaster with your needs, in addition to some of your bonus items, then make an offer!

Believe it or not, I have done this little process of making my buyers create a list and then comparing them very often, and very successfully.  Over the past several years, only once did I have home-buying couple who refused to cross off anything on their list!  And, their list did not match at all!  They both had completely different needs and wants, and it took them over 3 stressful years to find a home to suit them.  Unfortunately, they missed out on a number of great deals, not to mention the increased prices of homes from year to year.  Lesson learned:  Be flexible! 

2, Get pre-approved prior to home-shopping for your Lancaster PA home

I am sure you would never leave for the mall or supermarket, without your wallet and/or knowing exactly how much you can comfortable spend for the week.  The same is true when buying a home.  Review your finances, and figure out how much you can comfortably spend monthly on your home payments, taxes and insurance, utilities, etc.

I keep harping on it, but I feel every buyer should be an educated buyer.  Visit your financial or lending institution prior to searching for a home.  Easier said than done, I know.  A home buying calculator on a website is a good place to get a ballpark idea, but you will never truly know until you speak with a lender.  This is the only way you will know exactly the amount of mortgage you can receive and feel comfortable with. Speak with me directly about being referred to a lender if you do not have someone to talk to.  Most Realtors, myself included, work with a number of lenders who we feel can benefit your needs the best.  Not every lender will, or can, meet your needs.  I have different lenders for different type of buyers, and can recommend the one who I feel would be the best at finding a loan to meet your needs.  Self employed?  First time buyer?  Relocating?  Buying without first selling your current home in Lancaster PA or elsewhere?  I have specific lenders in mind for each situation.  Shop around a bit, but be careful to not have too many inquiries on your credit report.  Speaking with two or three lenders at the most would be ideal. 

In addition, being pre-approved tells Lancaster sellers that you are a serious buyer for their home. Depending upon market conditions, a seller may lean towards an unconditional offer. You willll have less negotiating power if you are not pre-approved for a loan when submitting an offer, and could miss out on your perfect home. 

Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you'll be one step closer to purchasing your dream home.

Would you like more Lancaster PA home buying tips?  Click HERE to receive additional tips emailed to you directly regarding your Lancaster Homes for Sale needs.

After all, my Priorities are Simple....
...They're Yours.

For Lancaster PA Real Estate Information,
www.jeanniesellslancaster.com/

For more information on Homes for Sale in Lancaster, or questions and/or concerns about buying or selling a home in Lancaster County PA, please contact Jeannie Kontis at (717) 330-5137 or email at Jeannie@JeannieSellsLancaster.com.

Search for Lancaster Homes for Sale at www.JeannieSellsLancaster.com

Jeannie Kontis, RealtorⓇ, is a member of the award-winning Bob Wells Realty Group of Long & Foster Real Estate, Inc, and serves buyers and sellers of real estate throughout Lancaster County.