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.
- 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.