Finding a home: A basic guide to purchasing a home

by Ann Hayward 04/17/2023

Images of houses and a telescope

Finding a home can be thrilling yet stressful. A house is one of the most significant purchases you’re likely to make, so it’s important to do everything you can to ensure a successful search. You can find the dream home accommodating all the needs of you and your household. 

If you’re interested in tips on the house hunting process, here’s some info to help:

Old vs new house construction

When house hunting, you may be considering whether a new construction or an older home would be the best fit. Typically, newer construction homes are higher in price.  However, you may save money later down the road on upkeep and repairs. 

You may be considering purchasing an older home. You may find older models of homes have some unique exterior features not seen in newer homes. For example, an older home may have unique light fixtures you find to be desirable. However, the older the materials used in the home, the more likely they will need to be replaced sooner after purchasing. 

Be realistic when searching for a home

Thoroughly examine your budget when searching for a home. It’s best not to use all of your funds towards a large down payment to show lenders you have some financial wiggle room. What things are negotiable and what things do you stand firm on?

Be prepared to offer at the current asking price or more if you want to stand above the competition during a seller’s market. If you’re purchasing a home in a buyer's market, you’ll have more flexibility when putting an offer down on a property.  

Narrowing your search

The housing market moves fast. It’s good to make a list of the characteristics you seek in a home. Consider important factors like location and size of your property. Creating a budget can help in narrowing down the type of home you can afford. 

If you are in a seller's market, you may find houses quickly move off the market. Hiring an experienced real estate agent can help you pick out the best options in a timely manner. 

Red white and purple infographic

When searching for a new home, it’s important to stay level-headed. It’s best to not rush into the homebuying process. A local real estate agent can help you explore your options to find the best home fitting your needs. 

About the Author
Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]