How to Buy a House: in 3 Steps

STEP 1: KNOW YOUR FINANCIAL SITUATION

 Check your credit

• Your credit score definitely affects your mortgage interest rate; you should try to improve it as much as possible.

Research home sale prices in your area

• Talk to an expert (me) about sales prices and other homeownership costs, like insurance and maintenance.

Consider the down payment

• You can put down less than 20% for different loans, but you’ll have to pay private mortgage insurance (PMI).

Consider all the costs involved 

• When owning a home, you will also need to consider that you will be paying property taxes and insurance premiums; you may also have to pay for flood insurance, closing costs, moving, and more.

STEP 2: START YOUR HOME SEARCH

Know what you want & don’t want

• When purchasing a home, you should expect to live there for at least a few of years – even up to five or even ten, and you should try to accommodate for your future needs. Consider how many bedrooms and bathrooms you’ll need, if you want a big back yard, etc. And of course – keep the location in mind! Do you know what town you want to live in?

Decide what your deal breakers are

• A deal breaker is a feature of the home that you realistically can’t fix, and that is unlivable for you.

Search accordingly

• Once you understand your wants and your deal breakers, I can set up a personalized alert anytime a home meets your exact criteria.

STEP 3: OFFER SMART AND CLOSE STRONG

Try to think competitive,  but also be reasonable

• I can help you make a competitive offer, and consider using some concessions to sweeten the deal.

Hire a home inspector

• Attend the inspection and listen carefully to what the inspector has to say about the condition of the house.
• Don’t be afraid to questions about common problems.
• Decide what to ask the seller to fix, and what you feel comfortable with fixing on your own.

Think beyond the closing

• Keep up with the real estate market so you know how your taxes and insurance could increase, and maintain your home so it remains a good investment.