Personalized Real Estate Solutions
Once the decision has been made, here are the steps to take to ensure you’re prepared for the exciting road ahead.
Get the financial house in order first. We can’t stress this enough- – it will save you and enormous amount of time, aggravation and headache. Determine what your budget will comfortably allow and stick to it. Don’t spend yourself into a “house poor’ situation.
Make sure you have some liquid assets available to you. You will also need some for out of pocket expenses like earnest money deposit, appraisal fee, closing costs and inspection report.
Make sure you know all the facts about your credit, before being surprised by a lender. You can get a free copy of your credit report, by contacting one of the major credit bureaus: Trans Union, Experian and Equifax. If something doesn’t look right, you have a chance to correct the issues; before contacting a lender.
Familiarize yourself with the loan process, before you begin your search. You will want a lender that is there for you throughout. Get preapproved for a mortgage. This will not only give you a clear idea of how much a lender will approve for you, it will make your home buying process a great deal easier (and save a lot of time later).
Make sure you are getting a good deal on closing costs, a good rate, loan and program to fit your situation.
Determine your minimum requirements, as well as any desired additional features–your needs and wants. Also, determine the desired location (schools, work, public transportation, etc.) Don’t just buy a home for your present needs. Make sure to take into account future considerations
As you are looking, use a scorecard to compare homes. A scorecard is a great tool when it comes times for comparisons (and for remembering which home had which features).
Maintain your perspective- -and your cool! You may find an acceptable house on the first day- -or the tenth. The important thing is to get the home that is best for you.
This is an extremely important part of the buying process, after your offer gets accepted. Whether or not you plan on asking for repairs or funds to fix them, I cannot tell you how important this is. Having an inspection lets you learn about the issues the property currently has and prepares you for upcoming issues, that you may not have been aware of otherwise.