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 , not the seller . 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 see .
Ask yourself the following questions :
• Is there enough room - both for the present and the future ?
• Is the house structurally sound ?
AN ORIGINAL PUBLICATION | HUGHES REAL ESTATE GROUP OF SILVERCREEK REALTY GROUP | 5