So, you’ve been on the hunt for the perfect home, but instead of finding only one option, you’ve found two! What do you do next?
For most people, cost will likely be the first deciding factor. But if you are still on the fence, we’ve outlined six important elements we hope will help with the decision-making process:
First and foremost, compare the location of each home. How close are they to the important amenities that you use most? Visit both homes during daytime and evening hours to get a feel for neighborhood noise levels, traffic, and general atmosphere of safety.
If you love the “bones” of both homes but know they will need significant upgrades, are you prepared to put in the work? Or is one of them more move-in-ready than the other? It is also important to consider whether the renovations are worth the time and expense to add to the value of the home.
Two houses with the same purchase price could have very different associated expenses! Research estimated property taxes, especially if each house is in a different town. If you are looking at condos, be sure to compare condo fees. Another factor to consider is the home’s efficiency, and how pricey it may be to heat and cool the home.
Size and Storage
Depending on your current living situation, moving could mean scaling up or down in your stuff. Will your furniture fit in the new location, or will it feel like you’re in a dollhouse? When touring the two homes, pay attention to closet, basement, attic, and garage space. Think of the seasonal items and holiday décor (among other things that you may not want to unpack right away) that you will want to be able to store safely in your new space.
Current Owners' Décor
Falling in love with the current owners’ décor is an easy trap to fall into. You have toured two homes and love them both. But are you really in love with the blank slate of the home, or is it the current owners’ décor or the realtor’s staging? Remember that it will be your furniture filling the rooms, so it is most important to love the home itself rather than the current style. Of course, after moving in, you can restyle the home in any way you want!
Even if you have no plans of reselling your new home for many years, it is always important to think about the investment you are making. Consider the two properties’ potential resale value and don’t be afraid to ask your realtor’s opinion for this as well.
We recommend writing down the pros and cons of each potential new home, including ranking each category in order of their importance to you. Be honest with yourself about what your top priorities are!
Going through this process can really help visualize the pros and cons and help lead to a sound decision, especially if you and your partner are torn between two locations. Remember, your Norcom Mortgage loan officer can get you pre-approved and lock your interest rate with our JumpStart Pre-Approval Rate Assurance program while you take time to make this important decision. Happy house hunting!