#1 | Find A REALTOR® You Like And Trust.
- Your home is likely to represent one of the largest investments in your life. The process will be exciting and rewarding and will also require time, due diligence and commitment. To ensure you feel good about each step, it’s important to choose a Real Estate Agent who you feel puts your interests first and foremost, keeps in continuous communication and makes you feel comfortable.
#2 | Find A Trusted Lender And Get Pre-Approved.
- Ensure you know how much home you can comfortably afford. Consult a trusted lender to learn about the different financing options available to you. When you find the right one, have the paperwork processed so you are ready to buy as soon as you find the right home.
#3 | Refrain From Major Purchases.
- To determine the amount of home you can afford, a lender will use your debt-to-income ratio. This ratio is the % of your pre-tax income spent on debt. A debt ratio includes: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. Taking on more debt just before a home purchase will likely impact the loan amount your lender will finance.
#4 | Prepare For Patience.
- A colleague once related the home buying and selling process to an airplane flight. It takes a little time to prepare for the flight, then you quickly board and take off, seemingly without a hitch. It’s smooth sailing and pretty views for a while, then some turbulence hits. Soon enough the clouds part and you prepare to land (sometimes a ride of its own). It takes some time to de-board and then…your home. And so delighted to be there. The moral of the story is that, yes, buying a home is a process – but one worth all the time and energy it takes. Most important is that you find the right home, at the right price, in the right location. Then, it’s time to sit back, relax and enjoy.
#5 | Ask Questions & Invest In A Home Inspection.
- Asking the right questions now may save you a lot of money in the long run. After all, the seller knows the property better than anyone. Be sure to find out the last time services were performed on the roof, furnace, and water heating. Furthermore, bring in a licensed home inspector before you buy. If any potential issues are found you can try to negotiate a better price, or – if necessary – determine it’s best to walk away.