It’s an exciting time when you’re looking to buy a new house, especially if you’re going to be a first-time homeowner. But don’t make the mistake of going for the first house you see available on Zillow in the Lake George region.
Below, I’ve broken down three easy steps to take when you’re at the beginning of the house buying process. Read this before you begin, so you have the best chances of buying a house you love, in the area you desire, at a price that is financially sound for you and your budget.
Step 1: Narrow Down the Region & Neighborhood
Chances are, you already have an idea of where you’d like to make a home, which is a great starting point. Maybe like me, you vacationed in the Lake George region as a kid and came to love it enough to move here. Or perhaps you need to move to be closer to family, or for a new job.
Regardless of your reasons for wanting to move to a specific area, once you have a general idea of where you’re going, you can start to get more specific. For example, if you’re looking at Lake George, take a look at other municipalities in the southern Adirondacks like Bolton Landing, Warrensburg, or Lake Luzerne.
Are you looking to retire? Perhaps a waterfront home on Lake George in Bolton Landing is for you. Are you seeking to put down roots with your family? Queensbury and Glens Falls are both close to Lake George, with great school districts and neighborhoods filled with kids.
As you start to narrow in on the town or village, you can hone in on the neighborhood. Drive through the neighborhoods where you’re seeing the houses for sale online to get an in-person feel. Are there children out playing? Are the neighbors mostly retirees with perfectly manicured lawns? Scope out the vibe of the neighborhood so you’ll know it’s a solid place to buy a house for you and your family.
It might go without saying, but working with a skilled realtor helps immensely in determining if an area is right for you. We have all the inside knowledge on local neighborhoods, houses, and happenings!
Step 2: Determine Your Budget & Price Point
You will want to get into the finance part of buying a house pretty early on in the process. You’ll need to figure out what your budget is, what your cost of living will be once you’re in the house, and what the maximum amount is you’re willing to offer on a home.
Ask yourself questions like, what size down payment can I afford? What size mortgage can I get pre-approved for? What type of monthly payment will I feel comfortable living with, that allows for the lifestyle I want?
Do note, that your maximum amount you’re willing to offer may not be the final number you put on a given house. You may find a home you fall in love with, but it’s not worth all you can afford because it may need some work or upgrades. But you’ll know how much you have for the total investment you’re about to make.
Read more on how to know if you can afford a house >>
Step 3: Put Together Your Must-Have List for the Home
You’ll inevitably need to compromise on a few features when you buy a new home. Maybe it doesn’t have the kitchen island you’ve always dreamed of, but you love the walk-in closets, proximity to your work/school/grocery store, and it has a huge backyard, so you decide to live without the island for now. Or perhaps you’d like a fireplace in the living room, but ultimately you decide that’s more of a wish list item instead of a must have.
Here are some ideas to get you thinking about your priorities:
- A certain number of bedrooms
- A certain number of bathrooms (full and half)
- Lake access or lake views
- Fenced-in yard
- Sidewalks
- Distance from lake/parks/stores/family members
- A finished basement
- Appliances included with sale
- Hardwood floors
Keep in mind that your must-have list isn’t necessarily the be all end all, and it isn’t set in stone. Depending on what’s available at a given time in the region or neighborhood you’re looking in, you may need to adjust. But having that list is a great way to start setting the expectations for you and your real estate agent. Plus, some must haves or wish list items have the potential to be added later on, such as hardwood floors.
Ready to start talking about buying a home in the Lake George region?