Buying
a home will probably rank as one of the biggest personal investments one can
make. Being organized and in control will contribute significantly to getting
the best home deal possible with the least amount of stress. It’s important to
anticipate the steps required to successfully achieve your housing goal and to
build a plan of action that gets you there.
Before
you can build a plan of action, take the time to lay the groundwork for your
decision-making process.
First,
ask yourself how much you can afford to pay for a home. If you’re not sure on
the price range, find a lender and get pre-approved. Pre-approval will let you
know how much you can afford, allowing you to look for homes in your price
range. Getting pre-approved also helps you to alleviate some of the anxieties
that come with home buying. You know exactly what you qualify for and at what
rate, you know how large your monthly mortgage payments will be, and you know
how much you will have for a down payment. Once you are pre-approved, you avoid
the frustration of finding homes that you think are perfect, but are not in
your price range.
Second,
ask yourself where you want to live and what the best location for you and/or
your family is. Things to consider:
·
convenience
for all family members
·
proximity
to work, school
·
crime
rate of neighborhood
·
local
transportation
·
types
of homes in neighborhood, for example condos, town homes, co-ops, newly
constructed homes etc.