Steps To the Buying Process (Short Version)
STEP ONE – What Is My BUYING POWER?
This is the first question you need to ask before stepping in the car or clicking FIND ME A HOME. You will need to determine what your Payment Tolerance (how much you want to spend per month) as well as the amount of money you will need for a down payment. If you are self-employed, you will need to consult with a lender to determine what programs are available to you as well and your limitations. Once you have determined your buying power, then your lender can guide you to the target price for your new home purchase. Now, your real homework begins.
STEP TWO – Where Do I Want To Live?
Before you try to figure out if you want a single family detached home, a apartment style condominium or an attached townhouse style home, you will need to ask yourself, “Where do i want to live?”. The driving factors to the LOCATION are ease of work commute, family proximity, schools (even if you don’t have children, schools drive value in some cases), community setting or more secluded locations, large homesites, or neo-traditional. From this perspective, your Realtor ® can assist you in determining the values for the home types mentioned prior in this paragraph.
STEP THREE – What Are the Home Values?
Ask your Realtor ® to assist you in determining the home values in the area you are looking to live. Doing this will provide a realistic perspective of the prices for the homes. Additionally, your Realtor ® will be able to pull information such as incentives and other critical information that you can use when you are ready to negotiate the purchase of your home. You also want to ask your Realtor ® to provide for you a search engine watch link to the neighborhoods you are targeting to keep you up to date on the sales and closings of any homes in that neighborhood.
STEP FOUR – Hire a Realtor ®
By now, you will be ready to start your home search in earnest. Make sure you constantly reach out to your Realtor ® to discuss any changes in your work situation or change in plans. In most cases, good Realtors ® are a patient bunch. Don’t feel if you are wasting their time by asking too many questions. PLUS – make sure they work hard for you. They are there to help you make one of the most important decisions in your lifetime. Good Realtors ® are worth their weight in gold and don’t let anyone else tell you otherwise.
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