Buying a home is an important decision that will have a major effect on your lifestyle. It is probably the biggest financial transaction you will make, or at least the biggest that you have made this far. There are some specific considerations to take into mind before taking this major step:
*Be realistic--There are no perfect homes. Decide what is important to you and make sure you find a home that has the features you need and want. You may need to compromise on some of the items on your wish list.
*Decide on a price--Get preapproved for a home loan, not just pre-qualified. As I stated in last week's posting, preapproval shows the buyer that you are ready and able to buy. When deciding on a price, consider not only the amount of the loan the lender will allow, but also what you feel comfortable spending every month. Take an honest look at your budget, and once you have decided on that budget, keep it. Have a number in mind as your absolute maximum and do not go over that number under any circumstances. A good broker will not pressure you into spending more than you are willing and able.
*Choose carefully--buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that you will reasonably be able to maintain, in both utilities and repairs.
*Don't Delay, Act!--Finding the right home could take a few hours or it could take a few months. When you find the right place though, you will know. If you like a particular home, chances are that other people are going to like it too. Since you already have your preapproval certificate, you are in a strong and ready position to make an offer. Your broker will work to get you the best possible price and terms.
Wednesday, December 12, 2007
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