TIME TO BUY BUT HOW DO I GET STARTED?
For a successful purchase, you need to be READY, WILLING AND ABLE.. (One who is legally capable, willing and financially able to consummate the transaction.) Once those are realized, we move on to the next steps in the buying process.
Unless you’re planning to pay cash (no financing required), which few can afford to do, the very first consideration is to Pre-Qualify for a loan. This will help determine your price range and help you prepare a budget and give your Realtor a starting point. Your will be provided with a pre-qualification letter from the lender of your choosing. This may give you leverage when you place an offer against multiple offers.
Although random house hunting may be very interesting, it’s not the most ideal way to locate the right home for your family. Aside from wasting a lot of time and energy, you run the risk of buying what you really may not want or missing out on the perfect home to fit your needs and desires. My team can help you qualify your needs and pre-select certain homes that fit these needs.
Your family’s basic needs (Criteria) should be defined along with your desires, which are those nice extras beyond your basic needs, that help give your home more value while you live in it and when you eventually sell it.
If you are looking for a stepping stone investment, you should realize that although a certain home may not have every feature that you desire, you should be willing to make some compromises based on the economics involved. Separate your “needs” from your “desires.” The new home should satisfy your needs until you’re ready to move on to another home as your family structure and financial position changes.
If you are looking for a long term or forever home, you have the discretion of investing accordingly, then you will want to make sure that it suits your present needs and that it can be adapted to your future needs and desires.
Choosing the neighborhood. Certain factors such as conveniences to work, schools, shopping and public transportation will likely determine the general area for house hunting. It’s important to know as much as possible about the neighborhood. Is there adequate police and fire protection and is there a fee for their services? If the area is under planned development (known as a PUD), which is common today, there will be protective covenants, conditions and restrictions.
When making an investment in property, one should also know what the past history of the property has been in that general region and what the projections are for the future. Get all the facts possible on the neighborhood before you fall in love with a particular house.
House Exterior. It is in your best interest to know how much property is included, the amount of frontage and depth of the property. How much maintenance does the exterior require? How about the landscaping? If you like mature trees, gardens or prefer an easy maintenance lawn?
Roof condition, furnace, air conditioner, appliances? You may want to have an expert inspect the house, which would be at your expense but usually worth it. In some cases, if there are problems, adjustments can be arranged in the purchase price to compensate for these repairs.
The General Appearance, Style and Floor Plan of the House may be important to you. As you consider the houses you’re seeing, picture your family living in the house, doing the kinds of things you normally do and the kind of entertaining you like to do.
Besides just considering the number of rooms, also consider their sizes. Large rooms are not always an advantage, small rooms are not necessarily undesirable. Another important feature may have to do with the number of stories.
Compromises are usually involved since very few people can afford all of the things on their wish list. Weigh those compromises carefully and decide how really important they may be to you. You may also find that you may have to give up some features that you previously considered important in order to have some other advantages in a particular home.
Are you READY, WILLING and ABLE to buy? Please feel free to contact me and we’ll discuss your situation, hopes, dreams and realities. I will be happy to help you.