BUYING A HOME IN 12 STEPS
1. WHAT ARE YOUR GOALS
To stop paying rent? To build equity? To move to a bigger home? List what kind of home you would like and where you would like it to be. Be specific; separate“ must haves” from“ want to haves.” Consider area, community, schools, neighborhoods, community services, and commute time. Think about home styles( two story, townhome, condo, etc.), how much space you need now and in the foreseeable future. Make a note of desired kitchen size, and number of bedrooms and bathrooms. Do you want a newer home, or an older home to fix up? Knowing exactly what you want makes house hunting easier.
2. SELECT A REAL ESTATE AGENT
By having a buyer’ s agent, you will have someone representing you. Have your buyer’ s agent help you set up a plan of action through an analysis of your needs and finances, the current housing market, homes available in your price range, and lenders’ mortgage options. It is absolutely critical to know your finance options, what you can qualify for, and to determine the monthly payment you will feel comfortable with for the time period you will be living in the home. Your buyer’ s agent will also help you when determining a price to offer, and will put you in the best negotiating position.
3. GET PRE-QUALIFIED
There are many loan programs available, so make an informed decision on what is right for you.
Many factors will influence your decision, such as:
• Do I have money for a down payment?
• Are First Time Home Buyer Programs really the best course for me?
• How long am I planning on living in my new home?
• Is my income or family size going to change significantly in the near future?
• Should I use conventional or government backed financing?
4. SEARCHING FOR HOMES
Think carefully about each house you view.
Ask yourself the following questions:
• Is there enough room- both for the present and the future?
• Is the house structurally sound?
AN ORIGINAL PUBLICATION OF IDAHO LEADS | 5