Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture! At the same time, it’s an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family’s needs now, and in the future.
You want to ensure that you don’t pay too much for a property! You can become a more savvy buyer learning some of the pitfalls inherent in the home-buying process. You need to determine your wants and needs in a home and then prioritize them. If possible, take your time to shop, choose a great Realtor, and remain objective as you view potential homes. With this information, you’ll be closer to finding your ideal home. See related information, Buy a Resale Home or a New Home!?
1) Develop a Needs & Wants Lists
Everyone has a picture of an ideal home, and it would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. It's nice to think about having a beautifully landscaped backyard, or a screened-in porch, in the end, you will start considering your needs more important than your 'wants.'
Once the lists are complete. begin with items you really need like adequate space, a backyard and number of bedrooms and baths. For most, basic needs should be considered first, and then consider additional desires, like type of counter top, fireplace in master, etc.
With these lists in your hands, you will be less likely to be caught up in the excitement of the pursuit! You’ll have a good idea of what you need, and if you can afford those additional items.
2) Get Pre-Approved Prior to Looking for a Home
This is actually the most important thing you can do! Since I was a loan officer in the past, I am very picky which financial or lending institutions my buyers get involved with. You need someone whom you can trust as well, and who will not give you that most ugly phrase, "NO PROBLEM!" I see this so often, and then right before closing, there IS a problem! I would like to recommend reputable lenders that I would feel secure with referring you to them. Yes, I do have a lender in my office, but I will not push you to use any one of the lenders I would refer you to. Always make sure that they have reviewed your documents prior to accepting a pre-approval from them. Often, you will not think to tell them over the phone some item that is important but you think it is insignificant! Then, get a commitment in writing. This will be attached to your offer and it tells the seller that you are a serious buyer and can afford the home. I will talk to your lender about the wording of this commitment so that it best represents your interest! You’ll also have less negotiating power if you have to wait for mortgage approval. Of course, I can not work for you without the pre-approval!
You also need to explain your needs and wants with your lender so that they can best help you decide which mortgage program is best for you!
These are just 2 of the things to keep in mind when purchasing a home. The following are some articles which you can have emailed to you:
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