Friday August 30, 2013
Many will agree that house hunting is a very exciting time. It’s understandable that the prospect of owning a new home can leave one eager and with a high level of anticipation. That’s why it is important to sit down with a clear head and go over how you will conduct your homebuying strategy moving forward- before you actually start looking at homes.
1. The best way to start planning is by first creating your budget. Evaluate the amount of money (after taxes) that you earn each month. Compare this to the amount you spend on your debts and other expenses. Your housing budget lies within the difference between these numbers.
Once you determine the maximum amount you can spend on a mortgage payment each month, you'll have an easier time house hunting. (Although you will still need pre-approval from the lender.)
2. Because you will likely be touring multiple homes, make sure to keep an accurate record of each one so that later on you can accurately compare each one to the rest. You can do this with a printable, home-hunting checklist such as this one provided by KeystoMyHome.org. In addition, make sure you keep a copy of the MLS listing for each home. This way, you not only have the hard numbers, but also your thoughts and feelings on particular aspects of the home not included in the MLS listing.
3. In a similar fashion, make sure to create a list of home features that you require, would prefer and want to completely avoid. For instance: the location of the master bedroom. Do you require it be located on the first floor, would you like it to be located on the first floor or do you want to avoid all homes without a first floor master bedroom? You will find that this step is very helpful when you would like to narrow down your options. It is also wise to perform this same action with a community’s location. Is there a desired specific school district your home must be served by that is a non-negotiable? How far are you willing to commute to work? Your home’s location should also play a large role in your decision.
What other questions can we answer for you?
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