House hunting is exciting and equally draining. It can take months to get a space that fits all your needs within your price range, and in a location that suits you.
Whether you are looking to rent or buy, the process is similar the only difference is the money and time. Renters looking for the perfect apartment will be looking for 2 to 6 months if they are unwilling to settle, whereas folks looking to buy could take a year or two and a lot of savings.
Whether you are looking to rent or buy, make a list of your needs concerning location, price and usage of the space. In a competitive market for renters, you need to know what you want and if the apartment you are going to see meets those requirements. If you know what you need before going to see it, it cuts down decision time because the market is competitive. Taking too long to decide about renting is how it gets swooped up by someone else.
The buyers market is a bit different, it is all about making the right offer and not necessarily who does it first.
So the real question at this point comes down to are you looking to rent or buy?
Are You Looking To Rent Or Buy?
Deciding if this is the moment to rent or buy your home is a lifestyle choice. First things first, are you in the financial situation to rent or buy?
Renting is the option for folks who are trying to save up for buying a home later, and it takes a few years of serious savings to have enough for the downpayment. Buyers should have enough for their downpayment without breaking their savings, you never know what could happen it is important to have 3 months of savings just in case of an emergency.
After considering your financial situation, decide what lifestyle you are looking to invest in. If you see yourself changing jobs or going on a world trip, it might not be the best time to buy in case you have to move locations.
Speaking of moving locations, is the area you are looking to live in a place you see yourself staying in the long term? Buying a house is an investment, it is more permanent than renting which allows you to pack up and go much more easily. Deciding to buy is investing in your future, in that home and city. Be ready to be taking that step if you are looking to buy, and if not then stick to renting until the moment feels right.
Location is important for life planning and satisfaction.
Location Is Important
Whether you have decided to rent or buy, at this point you have decided to house or apartment hunt in your city of choice. Now within that city, where do you see yourself living?
If you work in the city center, driving in and out during rush hour can be draining and add time to your commute. Look for a central location, that is well connected to the rest of the city. The city center can be full of people and overpriced but finding a location that is easily accessible with public transportation brings the price down and allows you to be close enough to work.
Location is also a lifestyle choice, some people feel tired of city life and want to live somewhere with a yard or more space. You have to decide to keep being a city dweller for convenience or move to the suburbs for more space, peace and quiet.
Find a Space That Fits Your Needs
A highly undervalued aspect of house hunting is understanding how you use that space before you move in.
This is especially important for apartment hunters because not all apartments are set up for easy living. Many older buildings don't have an elevator, or the studio has a terrace but the kitchen is only a stove. There are a lot of tradeoffs for city living, especially if you are trying to live on your own without a roommate on a reasonable budget.
When investing in buying a home, there are more options in terms of spaces set up for living, but you should be confident of how you want to live in the space before making a big investment. For example consider the closet space, if you need more storage where would it go? If you live with your partner is there adequate space for both people and guests? If there are children involved will they have enough space to play?
There is a lot to consider when looking for the right living space within your budget and location goals. Be patient, and don't settle. The right place will come around when you least expect it.
