House Hunting: Does Your Dream Home
Really Exist?
Whether you're buying your very first home, or have moved
many times, careful planning is the key to a happy
experience. In preparation to buy, consider these points:
Are You Financially Ready?
Can you really afford to buy? Calculate your current living
expenses, pay off any current debts, and begin to budget for
your dream home. Talk with several mortgage lenders to help
you assess your finance sand find out if and how much you
are qualified to borrow.
Determine The Prime Location For Your New Home
Location is of much greater importance than you might think.
How far are you really willing to commute to your place of
employment? How good are the local schools, shopping
centers, public transportation and other public amenities?
Will your new home be next to a vacant lot or a commercial
property? What are the neighborhood's zoning
classifications? Make sure that both you and your partner
(if you have one) agree on the location that is right for
you, then move slowly. Consider how long you intend to live
in your new home and you will know that the decision cannot
be made overnight.
Do
the Research
The more research you do prior to buying your home, the
better off you'll be. Learn all that you can about the
community that you've chosen to search for your new home in.
Find out what types of mortgages are available. Shop around
for the best rates from mortgage lenders. Choose and contact
one or more real estate agents. Drive through your selected
neighborhoods to get a feel for them.
Get
Pre-approved For a Mortgage
Apply for a mortgage before you go looking for a house.
You'll know how much you can spend and save yourself the
problem of finding your perfect dream house, then
discovering that there is no way you can afford your
dream.Rather than guessing or estimating how much you can
afford to spend, ask a lender or financial adviser to give
you a full assessment and a letter stating how much you're
qualified to borrow. This will increase your chances of
getting the property you want.
Make Sure You Understand
Read everything before signing including the fine print. Get
an attorney or financial adviser to read through any
contracts and documents and make sure he or she explains
everything to you. Ask questions now to save yourself grief
in the end.
Create Lists
Before beginning your search make a list of all the features
you desire in a home, the absolute "must-haves", and the
items that would be an added plus but are not necessary.
Include a list of desired neighborhood features. Give your
real estate agent a copy of the list and have him or her go
through their listings for only homes that fit your
requirements.
Start Searching
Once you've located desirable neighborhoods, start your
search. Wear comfortable clothing and shoes and view as many
homes as you can. Remember to carry paper and pen to jot
down notes about each house that interests you. When viewing
houses, it's easy to get confused as to which house had
which feature at the end of the day. Be prepared not to find
the perfect house the first time out.
Review and List-Down Your Questions
At the end of a day of looking at houses, gather up all the
notes you've written and review them. You might find that
you can drop several off your list of possibilities without
a second thought. Others, there are bound to be additional
questions about. Write these down to ask your real estate
agent. Continue this process until you've narrowed down your
choices. if the right house is not in your pile of notes,
start again. Remember that buying a home is a life changing
event. It's better to take your time, be patient, and not
have regrets later.
Make a Sound and Reasonable Offer
Once you've settled on THE house, it's time to make an
offer. You can submit your offer through your real estate
agent. Then, it's sit back (more than likely nervously) and
wait for the offer to be accepted or declined. If the offer
is accepted, it's off to your mortgage lender. If it is
declined, you can either submit a revised offer, or keep
looking.
Good luck in your house hunting!
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