Because there are so many options for real estate in Southwest Florida, from luxury condos to affordable single-family homes, you have a wide range of choices for your next home. And one concern that my clients often have is staying within their budget as they look at all their options.
Of course, in today’s market, this is a concern across the country, as home values strengthen. For your next home purchase, you want to ensure you’re making a decision that’s right for your lifestyle and your pocketbook. In reality, your home purchase is one piece of your financial wealth, but an immensely important one.
On that note, after buying and selling properties for decades, I know there are a few parts of the process that are sometimes overlooked by buyers. And today, we’re taking a look at some of them.
Set your price range before even looking at properties
If you’re anything like me, you probably love to browse homes online. For many of my clients, it’s a fun process that let them dive into what their options are. However, before you start looking, I recommend reviewing your financial situation and setting a maximum range of prices that match your situation. When you do an online search enter your price-range to keep things realistic.
Call moving-related companies
Whether you’re renting a U-Haul or a dedicated moving company, you need an estimate of what your relocation will cost. By calling the companies, you can put together a pricing sheet that lets you make the best decision for your finances, while also allowing you to track this expense.
Take stock of your furniture
This one might seem a little odd at first, but once you think about moving into your next home, you’ll see why it’s included in this list. For my clients, moving into their new home is an exciting time, and this is the case for most buyers, whether they live in Southwest Florida or San Diego. Often times, they also like to swap out their old couch for a new one. Or add some trendy curtains. Or maybe purchase a new, bigger TV. These purchases can add up quickly, so even though you might not have decided on your final look, you at least have a sense of what pieces you might want to upgrade.
Make a list of needed improvements for the first year
Unless you’re buying new construction, there’s a chance you might need to make an improvement or two in your first year owning your new home. Of course, there’s also the typical maintenance that comes with owning a home. Once you’ve started touring properties, it’s best to start assessing what you might have to spend that first year.
Set your schedule for the big move
If you’re only moving across town, you might be able to get your move done in a weekend. However, for Southwest Florida property, buyers come from all over the country, which means added time for the move. During this time, you might not be working, which can impact your financial situation, even if slightly. So, I like to recommend factoring this into the mix.
Taxes, insurance, closing costs, and utility deposits
And finally, there’s these 4 budget items that are overlooked too regularly. By researching and anticipating these, you’ll be able to ensure that you stay within your budget. People are often surprised how quickly these 4 minor factors can add up when it comes to buying their next home.
Are you considering Southwest Florida for your new home? I’d be happy to tour properties with you that meet your budget and your lifestyle.
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service