There are many steps to take once you decide to purchase a new home. Each step can be critical and the overall process can seem daunting. If you follow each step, the process can be smooth and complete. Certain items need to be completed before others in order to keep the process moving along without unnecessary delays.
Pre-Approval & Financing
Just like shopping for a home, you will want to shop for a mortgage. Talk to a few banks/mortgage lenders to find out who will work the best for you. These conversations consist of interest rates, types of loans and timelines for completion. While meeting with a mortgage lender, a pre-approval letter needs to be obtained to determine the price range you can afford. By doing this first, you will save yourself a lot of time researching and visiting an abundance of homes and hone in on the home of your dreams. This pre-approval letter will also be necessary to include with any offer that is submitted on a home.
What & Where
Once you know what you can afford, now you need to decide where you want to live and what type of home you want to reside. You can find more tips about these decisions to be made in the Decisions section on this site.
Choosing a Realtor
Now that you have all this information and you have made some decisions you will need a realtor to help you get through the buying process. This process includes researching, finding a home and continuing through to settlement. There are many attributes that are needed in any realtor you may choose. Along with experience, knowledge and competence, the realtor must have compassion for your needs. Every buyer has different expectations from the realtor they choose. The relationship with a realtor must consist of good two way communication. This will be beneficial in discussions pertaining to what you are looking for in a home as well as what you are looking for in a Realtor. If he/she doesn’t listen to your needs they probably won’t find the house that you will make home.
Miscellaneous
During the buying process there will be other decisions such as which inspector to use, what title company to settle with etc. A Realtor will be able to help you with these and other decisions along the way.
Decisions, Decisions, Decisions…
Deciding to buy a home is a very important and exciting decision. When beginning the process towards obtaining your dream home many decisions need to be made from the start and along the way. These decisions include Area of Town, Type of Home, Style of Home, Amenities and Features.
Area of Town
This can involve many different issues from community environment/surroundings, proximity to frequent destinations, schools or shopping.
Type of Home
Do you enjoy yard work? Do you want a relatively care free home? Are you upsizing or downsizing? These types of questions will help you decide how much space you need or want and whether you want a Single Family Home, Townhome or Condo.
Style of Home
Now that you know what part of town and what type of home you would like, now you need to decide what style of home are you interested in finding. Outside of Condos, homes come in different architectural styles. Do you like Ranchers, Colonials, Victorians…?
Amenities & Features
This is the area of most detail as it encompasses all the different areas of the home. This includes items of need or want in your home such as, Garage, Basement, Granite Counters, etc. A good suggestion is to determine the importance level of each item. You can do this easily by creating 3 different lists…Must Have…Would Like to Have…Would be Nice to Have. See sample below…
Must Have |
Would Like to Have |
Would be Nice to Have |
3 BR 2 BA |
Granite Counter Tops |
Jacuzzi Tub in MBR |
1 Car Garage |
2 Car Garage |
Stainless Steel
Appliances |
Basement |
Fireplace |
At
Least ½ Acre of Land |
Separate Dining Room |
Deck |
Crown Molding |
Gas Stove |
Island in Kitchen |
|
Hardwood Floors |