The Buying Process Part 1

 

Are you in the market for a home?  If it’s your first time purchasing a home, you may wonder what to expect during the buying process.

 

Do your Homework– when you know what you want, you’ll have an easier time finding it.

*Where do you want to live? Drive around the neighborhoods and write down what inspires you about the homes that catch your attention.

*What do you want in a home? List the features of your ideal home, including the number of bedrooms, bathrooms, kitchen size and style.  Also, note your ideal yard size, commute and proximity to schools or or other amenities.

* What are your deal breakers?  What features or characteristics do you want to avoid or would make you pass on a particular home?

 

Since buying a home is a process of elimination, not a process of selection, you may have to prioritize the items on your list to find the right home for your needs.  Consider how much you’d be willing to give up for each item on the list.  Would you consider a home that has a smaller yard than you want if it’s closer to work and great schools?  You may not find a home that is one hundred percent to your liking, so decide which features you are willing to negotiate on.

 

Get prequalified for a mortgage, if your’re planning to finance your purchase- This will help you determine how much house you can afford.  Use an online affordability calculator to get a general idea.  Your lender will use your financial information to determine how much they’re willing to lend.  Later on, when you reach the preapproval stage, you’ll be asked to submit paperwork, including bank statements and your W-2, to help your lender verify your finances and credit.  If you need a mortgage broker, give me a call.

*Make sure your credit is in great shape.  Get a copy of your credit report and check your score.  If you see any errors, be sure to get them taken care of before you apply for a loan.

 *Avoid making large purchases.  While it’s tempting to shop for big-ticket items for your new place, wait to make them AFTER the sale closes, especially if you plan on using credit cards.

 

Start your home search- In addition to meeting with me to discuss your options, look online and drive through your desired neighborhoods to view homes on the market.  When you see one you like, call me and we’ll schedule a showing.  To save time, refer to your must have/deal breaker list to narrow down which homes to view in person.

*At each home, test the plumbing to check out the water pressure, turn the light switches on and off, open and close doors and make note of areas for repair inside and out of the home.

*Ask yourself if the home fits your needs.  Will you have to undertake renovations to make it fit?

*Take note of the area:  Are the homes well maintained?  Is there heavy traffic and high demand for parking?  What amenities are nearby?

 

To Be Continued…