Acquiring a new home is generally one of the biggest investments you make in your life—and not just financially. The process also requires an investment of time and attention to ensure you make the best decision.
If you’re in the market to build or buy a home in the greater Portland metro area, you are in for an exciting yet demanding journey. Doing your due diligence during the planning and preparation phase, however, puts you in the optimal position for creating the future home you envision.
Tips for Portland Homebuyers
During the planning process, here are three important steps new homebuyers should take while looking to acquire their next residence:
1. Choose the Right Floorplan
You can decorate a home however you want and remodel any rooms at an existing home that you don’t love, but changing the floorplan is immensely hard work. That’s why it’s critical you think carefully about what sort of floorplan or configuration best suits your family’s needs and priorities.
A few of the factors that will influence your decision include:
- The size of your immediate family
- How often you like to entertain or host guests and extended family members
- The areas in which your family tends to congregate
- What workspaces are necessary to support your particular lifestyle
Some other things to take into consideration are your need for privacy and the types of furnishings you want for each space. Additionally, the lot on which you’re building your new home may influence what sort of floorplan is optimal.
2. Know Your Neighborhoods
Your home itself is not the only factor that will impact your quality of life. Where it is located in the Portland metro area is also a serious consideration. Get to know the distinctive neighborhoods in the city and surrounding suburbs, as well as their advantages and disadvantages.
Some of Portland’s unique neighborhoods include Foster-Powell, Oregon City, Buckman/Sunnyside, King/Vernon/Sabin, Rose City Park, Pearl District, and Maplewood/Ashcreek/Crestwood. As you're researching these places consider what features, attractions, and public amenities are most important to you. Do you want to be in a certain school district? Do you want to be able to walk to public green spaces and outdoor recreation sites? Where do you work and what is your preferred way to commute? Do you enjoy vibrant nightlife or would you like a quieter neighborhood? Additionally, if you are looking to build rather than buy, you must choose a neighborhood that has open lots on which to develop your new house.
3. Get Pre-approved for a Loan
Another way to make progress toward the purchase of your new home is to get pre-approved for a loan. Most new homebuyers must get a loan to cover at least part of their big investment. Knowing what you will need to do can help speed up the approval process. For example, in order to get pre-approved for a home mortgage, you need:
- Good credit
- Proof of your assets and income
- Employment verification
- Other documentation, such as your driver’s license and social security number
Even before you go to an open house for a property or meet with a Portland home builder, you should begin the process of getting a mortgage. Sellers and contractors expect you to have a pre-approval letter, and they may even be willing to negotiate on the price of your new home if you can demonstrate your ability to obtain the necessary financing.
Buying a New Home in Portland
Another important step toward building or buying your new home in the Portland area is to find the company you want to work with throughout the process. Renaissance Homes has new houses that are already available on the market or our team can work with you to create a custom home on open land from Hillsboro and McMinnville to Silverton and Mt. Hood Village.