When you’re in the market to buy a new home, attending open houses is an essential part of the process. Typically scheduled for weekends and evenings, an open house lets potential buyers view a property without the need for an arranged appointment.
Because an open house offers a casual atmosphere compared to a private showing, buyers often feel more comfortable exploring the property, rather than rushing through. You may find it easier to feel the overall “vibe” of a place and see if you can picture yourself living there.
Finally, by going to an open house and observing the attendance, you may also be able to gauge the level of interest other potential buyers are showing in a given home. The insights you gain can help you decide on an effective purchase strategy if you ultimately decide to make an offer.
So, how do you make the most of an open house as a buyer? Here are some tips:
Before You Start
A little pre-planning before you actually head out your door can save you a lot of hassle later. With that in mind:
1. Do Your Homework
Before stepping into an open house, it is crucial to be well-prepared. Understanding the neighborhood is just as important as knowing the property itself. Research schools, crime rates, local amenities and public transportation. If possible, visit the area at different times of the day to get a feel for the environment. That way, you will only be going to open houses in neighborhoods where you know that you would like to live.
2. Stay Within Your Budget
Do you know what hurts more than wasting time looking at a house that you hate? Falling in love with a house you can’t afford. Before you start attending open houses, figure out “how much house” you can afford to buy. This includes not only the purchase price but also property taxes, maintenance costs and any potential renovations.
3. Create a Checklist
It’s easy to get excited about a home and lose your focus on the things most important to you. Sit down and make a list of the features that are “must-haves,” “nice-to-haves,” and “deal-breakers.” Taking this checklist with you will help you stay focused during your visit and ensure that you don’t overlook important details.
4. Plan Your Time
Open houses often occur during the weekends, and you might have multiple properties to visit. If so, you need to take steps so that you don’t get overwhelmed. Map out your route so that you can estimate travel times and allocate at least 30 minutes to an hour at each property. This will help you avoid rushing through and missing something important.
Once You’re There
When you arrive at the open house, it’s time to focus on your goals and your feelings (because house buying is probably equal parts practicality and emotional). Do the following:
1. Trust Your First Instincts
Pay attention to your first impressions. How do you feel when you walk up to the door? How do you feel walking through the door? Does the house feel like a home? Trust your instincts but balance them with objective observations.
2. Give the Exterior a Good Look
Before entering the house, take a good look at the exterior. Check the condition of the roof, siding, windows and landscaping. Look for signs of neglect or necessary repairs. Look at the trees to see if they need to be trimmed, the fences to see if they need to be repaired and the sidewalk to see if it is well-maintained.
3. Examine the Interior Carefully
Inside, go through each room carefully. Here’s a basic checklist to guide you:
-
Structure and layout: Look at the overall structure and flow of the house. Does the layout work for your needs? How does it compare to your “must-have” and “nice-to-have” lists?
-
Lighting and ventilation: Check the natural light and ventilation in each room to see if you’re comfortable with the comparison.
-
Storage space: Look at closets and storage areas to ensure that there is enough space for your belongings – and consider your family’s actual needs.
-
Condition of fixtures: Inspect the condition of fixtures, appliances and ceiling fans. Are they modern and functional, or do they need replacing? Do the appliances stay with the house?
-
Walls and floors: Look for cracks, stains or signs of water damage on the walls and floors.
Often, a little wear-and-tear on a home isn’t a deal-breaker, but you do want to make notes of what you would have to repair or replace if you were to buy, since that can figure into your offer.
4. Ask Questions
Don’t hesitate to ask the seller’s REALTOR® questions. Here are some important ones:
-
How long has the property been on the market?
-
Are there any offers already?
-
What is included in the sale?
-
Are there any known issues or recent repairs?
-
What are the average utility costs?
Some of these questions may be provided on an information sheet, so look at any you are offered over carefully and see if there are additional questions that come to mind.
5. Take Notes and Photos
Document your visit with notes and – if permission is granted for you to take them – photos. This will help you remember important details and compare properties later.
After the Visit
Your work isn’t done once the open house is over. If you’re ready to buy and a home meets your basic qualifications, consider the following:
1. How Do You Like the Options?
Review your notes and photos to compare properties. Is there one that stands out in your mind more than others? Are there several you could one day call “home?” Are you disappointed in the whole selection, and does that mean you should consider looking in a different area?
2. What’s the Potential?
When considering a specific home, think beyond its current state. Look past its “bones” and consider its potential for improvement. Consider whether these renovations are feasible within your overall budget. Most homes are not “move-in ready,” and will at least need a new paint job on some of the rooms – but some homes need a lot more work. Consider what kinds of renovations you’re practically and financially able to take on.
3. What’s the Resale Value Like?
You always have to think ahead about what would happen if you one day decide to resell a home. Even if you plan to stay long-term, life circumstances can change. Look for features that appeal to a broad range of buyers and consider the neighborhood trends.
4. Do You Want a Second Look?
If you’re seriously interested in a property, schedule a second visit. This time, take a closer look at specific details and bring a trusted friend or family member to get an unbiased second opinion.
Remember, finding the right home takes time and effort, but with a strategic approach, you’ll be well on your way to making an informed and confident decision for your purchase. Happy house hunting!
