Thinking of buying a home? Homeownership can be a rewarding decision, both financially and emotionally but before you hit the streets to go home shopping, there are a few things you should know. Here are 5 tips to get you started:
1. Do Your Research: there are plenty of options when it comes to homes, but do you know what is the best option for your lifestyle? Would you like a big two-story with a yard to keep up, or a downtown loft with a door man? Are schools important? What about the commute time to work? Before you make a commitment to a mortgage be sure to weigh your options and what is the best choice for your personal needs and quality of life.
2. Set Your Budget: once you have decided that owning a home is the right choice for you, getting qualified for a loan is a must! Consult with a reputable mortgage company to explore your financing options. You will need to understand the monthly commitment and down payment requirements, and it is important that you know what you are comfortable paying each month. Take the time to prepare a budget for your household so you know where your money is being spent each month.
3. Have a Written Plan: perhaps you still need to save a bit of money for your down payment, or maybe there is a waiting list for a specific school you want your children to attend. Having a written home buying plan will help you navigate the big decisions involved, and help you avoid buyer’s remorse after the purchase is made. Make a list of what are the most important aspects of owning a home, and set a goal deadline to make it happen.
4. Think Forward: unfortunately there is no crystal ball when buying a home, so it is important to think about your life in a year from now, even five or ten years from now. How will this home fit those changing needs? If you have to make an unforeseen move, how easy will it be to sell the home? Or do you see yourself owning more than one home with investment properties? Who else is involved in the purchase? Do you need to plan for children, or grandchildren? Take some time to weigh all the factors that could impact your decision in the future.
5. Hire a Professional: buying a home is a big deal, and likely the biggest financial commit you’ll make so why would anyone think of doing it without professional help? Hiring a REALTOR® to represent your home buying needs will reduce stress and ensure that you make a smart financial decision. Plus REALTORS® have access to properties that are not listed for sale on search engines like Zillow or Realtor.com, and they can set you up with a home search that comes directly from the Multiple Listing Service (MLS) which is the only real-time feed of homes that are for sale in your area.
Thinking of buying a home? Give the Bourland Group a call today! We have the local real estate experience and market knowledge to help you locate, negotiate and purchase the perfect home – Joe
The Bourland Group