7 steps to buying a home
1- Mental preparation- Are you ready to take on the responsibility of a mortgage. Real Estate ownership is a longer-term commitment of 5 years or better. Financial discipline is a must! A Mortgage professional will review the standard ratios on income and debt set by the (FNMA) Federal National Mortgage Association. Stick by those guidelines.
2- Mortgage Prequalification- Get with a professional mortgage representative that will take their time to discuss each cost associated with a mortgage origination. Of course, a 15-year or 30-year mortgage with a fixed rate would be most predictable. Don't exceed the normal FNMA guidelines regardless of any special mortgage program being offered.
3- Needs Analysis- What do you really need in a house? Ask yourself, do I really need a basement? Do I need a garage? Is an eat-in- kitchen a must have? Most buyers are quite flexible in these areas. There are "wants" and "needs". Once you have found out the most important needs in a home, prepare to relay that to a good real estate agent.
4- Real Estate Agent- Look for an agent that likes to show homes! You may see an agents name repeated on many signs in a neighborhood. Don't assume they are the best to work with. Many agents prefer to just "list" homes instead of actively running buyers around from house to house. Go to real estate open houses on a Sunday and visit the agents. See whom you feel comfortable working with. Ask them questions about the inventory. Ask them their availability on weekday early evenings or weekend days. That will give you an indication of their availability. (By the way, when you see the Realtor logo, be assured that the real estate agent answers to higher authority.)
5-Seek out towns that "feels right"- Have the Realtor take you to the local "downtown". See how it "feels". Check out the local food store, mass transit stations etc. Buyers can quickly establish a pecking order on which towns they prefer.
6-Ask around for a good home inspector- Check with your lawyer, ask friends and family who have had recent experience with home inspectors. Ask your Realtor for three recommendations. Make sure the inspectors are insured, licensed (if applicable) and members of the American Society of Home Inspectors (ASHI.)
7-Don't be afraid to make offers- If you see a home that you like and know it can easily be modified to your needs, don't be afraid to make an offer. Regardless of any history of bids rejected, make the offer. No one knows the financial position of a seller from day to day. Make an offer that works for you. I am not advocating, "bottom fishing" with ridiculous offers, however, if a property has been on the market for a long period time, its evident is rejecting the price.
Your Home Purchase
Congratulations! You have decided to purchase real estate. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. Whether buying a house, luxury estate, or land for your future dream home, you can't go wrong owning real estate.
Using our web site, you will find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step, to help you determine which property is right for you.
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