Creating the Goal List to Find Your Perfect Home

My McCombs MBA education taught me that creating a “box” for innovation can increase an individual’s ability to be creative. The idea is that when you create boundaries for your mind to stay within, your brain will move into productive thought faster than it would without this structure. I have deployed this method in multiple industries and have proven its effectiveness. The intent of this article is to leverage this innovation approach to create your goal list for your new home purchase.

Goals are important for finding the perfect home. Your goal list will be what guides your real estate agent through the thousands of listed properties to find the perfect fit for you and your family. The clearer you are at outlining what is important, in order of importance, the faster the agent can move to capitalize on opportunities for you. This is critical in a market like Austin’s where the listing inventory is so low that houses are sold literally within days of being available for purchase. The goals we like to use with our clients are listed below. Each goal is important; however, the importance of each will vary based on your personal situation. Giving thought to these areas will set you and your agent on the pathway to success.

1. Budget: How much you intend to pay for a home is the main driver of a home search for most buyers. Dave Ramsey would say to spend no more on housing annually than 25% of your gross income. There are other resources that promote up to 35%. Regardless of your knowledge resource, you will make a decision that is right for your family. The price range you create to search within will have a maximum price you will pay, as well as, a minimum price (or amount of value) you would consider. The price range that is established segments the listed properties and ultimately focuses your search on fewer parts of town. Budget is a great place to start your goal list.

2. Timeline: Timeline is the preferred date you would like to be living in your home. This goal is driven by several life circumstances. The ones we hear most are when someone’s lease is ending, when they are expecting a new baby to be born, or when they are starting a new job. There is no perfect answer on how far out you should be looking. In Austin, it takes 30-45 days to close on a property after you have an offer accepted, so it can be as short as a two-month process. I recommend starting for home search about four months out. This gives you plenty of time to speak with a lender, educate yourself on neighborhoods to limit your search areas, and view homes to decide on what you like. Though everyone’s style is different, timeline should be on your goal list.

3. Location: How many times have you heard the phrase, “Location, Location, Location,” on real estate television ads or shows? Location does drive value, and the phrase above has validity because no two pieces of real estate are the same. When creating the goal you have for the location of your new home, consider characteristics such as what schools are in the area, the distance of your drive to work, the crime rate of the neighborhood, and family living in the suburbs versus city life in the major metros. Companies, such as Walk Score, have started and become very successful because of how important location is in finding the right home. Location is critical for choosing the right home and should be in your top three on your list of goals.

4. Layout: The layout of your future home is very important. You’ll want to make sure it fits into the flow of your life. If you have four kids, do you really want to buy a home with one bathroom? The number of bedrooms and bathrooms, the floor plan, and other characteristics, such as garage space, should all be considered during your goal setting. Additionally, think about what is important to regarding the home site/lot. Do you want room for a pool, a flat driveway, or a cul-de-sac lot for the kids? You are the only one who understands how your family prefers to function, so all of that information must be communicated to your agent so they can search effectively through all of the listings. The more you let your agent into your circle of trust, the better they can find the perfect match for you!

5. Lifestyle Preferences: Lifestyle preference is a very broad category, but one that is easily glossed over if not considered thoroughly. Characteristics such as lot size can factor into whether you could add a pool or build onto your home in the future. Additionally, if you have kids or pets, you would want to consider space for their outside play activities. Your neighborhood homeowner’s association could limit what types of pets you can have or whether you can build a shed in the backyard. There are a number of different “what if” scenarios that could end up being a bad surprise if your goal list doesn’t include lifestyle preferences.

6. Updates: You may know that you want new construction for your home and that will be at the top of your goal list. For those that choose to buy a resale property, homes will vary on a full spectrum of recently renovated to severely outdated. You need to decide where on this spectrum you want to be and make that clear in your goals. If you are handy, you might not mind old carpet on the floors. If you are looking for minimal maintenance, you might want newer flooring and appliances. Think through all of the different aspects of home updating and ensure you communicate the must haves to your agent.

There are thousands of homes available for purchase in Austin. The goal list you create will be what your agent uses to identify real opportunities for you to consider. The list should be everything that is important to you, in order of importance. When done correctly and with manageable expectations, the likelihood of a great agent finding a home that is a good fit is very high.