Congratulations, you’ve decided to buy a house! Now what? Many home buyers wonder where to begin the search for their perfect home. A few simple steps will ease your mind and help you prepare to snatch up that great deal as soon as it hits the market.
1) Build A Great Team. The beginning of the home buying process can be a little overwhelming. Surrounding yourself with a team of professionals to answer your questions and keep things moving can go a long way toward making this an exciting, enjoyable journey. Your REALTOR® can help you locate a Lender, Title Company, Home Inspector and other pros to make your transaction smooth. Remember that your team works for you and wants to help. Don’t be afraid to communicate your needs and ask all of your questions.
2) Set Your Budget. There are several ways to go about this, but what I like best is to have an idea of what monthly payment is preferred and what down payment is available. Once you have that information go sit down with your Lender and find out what you qualify for and what type of loan product best fits your needs. You and your Lender will work together to set your final budget by factoring in interest rates, loan term, local tax rates, mortgage insurance premiums and insurance costs to arrive at a monthly payment that meets loan program requirements and your goals.
3) Decide When You Want To Move. I know you’re thinking “right now!” but don’t forget to consider timing. Do you have a house to sell, a lease or a big event that needs to be considered? Look at your calendar and set a move-in goal that is comfortable for you. If the perfect house comes on the market, can you afford buy it now and finish out your lease? How does your lender feel about it?
4) Decide What You Want. Buying a house can be somewhat like sitting in the car on date night trying to pick a restaurant. If you think ahead of time about what features you want and need in your home, you will narrow down the choices and save yourself a lot of time and frustration. Ask yourself a few key questions:
a. “How long do I expect to stay in this house?” If you’re expecting some life events in the near future, like growing your household for instance, the home you buy needs to accommodate both today’s needs and the needs that you expect to arise in the coming years. Ask yourself: “What does my life look like five years from now?” and shop accordingly.
b. “What are my top three needs?” Think beyond the number of bedrooms and bathrooms a home offers. Do you need an office, high speed internet, a fenced yard, a workshop, a place to store your RV or boat? Identifying your needs is an important step in locating the right home.
c. “What are my top three wants?” A home will likely be the largest purchase you make, let’s make sure you get the house that meets your needs and gives you what you want. A chef’s kitchen may not be a need, but, if you love to cook, it could make your home purchase even more thrilling. Don’t just settle for a house that meets your basic needs, look for the one that has the little extras that add joy to your life. Remember, you’re not just hunting for a house, you’re looking for a place to make your home.
The most important factor in the home buying process is to enjoy yourself. Taking a few simple steps ahead of time will relieve your anxieties and make the whole process more gratifying. We would love to be part of your home team!