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| Unlocking Real Solutions To Your Real Estate Needs | ||
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How To Buy A Home
Deciding to buy a home of your own is one of the biggest steps you can take. Tax savings, pride of ownership, security for retirement and having a place to call your own are among the advantages enjoyed by homeowners. How do you get started? Save yourself a lot of time and trouble by following these steps:
Select Your Lender
Your bank or credit union is a good place to start looking for a home loan. Ask your friends, neighbors, or co-workers. I highly recommend Carrie Beyer at 1-562-889-6199 or Daniel Piumpunyalerd at 1-818-640-8210. Both have helped me on many occasions and I have been very happy with their service. Be selective. Your lender should be able to explain the various loan programs offered and answer your questions. There is a home loan program available for almost everyone with income and a decent credit rating. If your credit rating is not decent, you may want to use a Rent To Own program to get yourself into home ownership.
Get Your Loan Preapproved
Preapproval is important for several reasons. Your borrowing power may be higher than you think. Instead of buying a smaller home now and moving up later, you might be able to buy that larger home now. Being preapproved for your loan will prevent "sticker shock" later, too. The payments on the maximum loan you are able to obtain may exceed your comfort level. This is a perfectly natural reaction and it’s best to determine your comfort level now rather than later. Lastly, your preapproval for the loan gives you a very powerful tool to use in negotiations with a seller.
Determine Your Wants
Armed with your preapproved loan and having determined your comfort level it must be time to start looking at houses, not quite. Now it’s time to separate your wants from your needs. Every home purchase is a trade off between what you want and what you need. The perfect home for everyone simply doesn’t exist. Ask yourselves, "What are the most important things we need in our home" and write them down and discuss them with those you trust the most.
Some people want big kitchens, some people don’t want to clean big kitchens. If you have hobbies or a home business some extra room separate from the main living areas may be the most important quality in a home. Gardeners want large lots like a painter wants a big canvas. Other people hate gardening and would be better off with a condominium where they write a monthly check and someone else cuts the grass.
Viewing Homes
Once you've decided to see more than just the front yard here are some things to consider.
How is the Floor Plan? We tend to dwell on square footage in this business and neglect floor plans. Does the layout work, envision your day in this home, how does it start? Don't dwell on "Rooms". Do you have to have a large kitchen in this age of less cooking and more fast-food? What used to be called the family room has morphed into the media room. How much time do you spend watching TV? Do you entertain? If so, a nice sized outdoor patio me be more valuable to you. Today, we can't live without a home office or computer room. Would it be easier to add phone jacks to an extra bedroom, remove the closet doors and declare it a home office than to pay more $$$ for a newer home equipped with one. Buyers should take notes on the properties they visit. Ask specific details on the home and write down the positives and negatives. This will help you to recognize what's important to you. And if you are visiting many properties, it helps you compare the properties later without wasting time trying to figure out which one is which.
Last Word on Locating a Home
The perfect home for you remains to be built. As our lives unfold, what we expect from our homes continually changes. When you find the home that's right for you, you'll know it. Don't give up, your financial future is at stake. If you find that you honestly can't find a home to buy that meets your needs, remember this, "Rent goes on forever, a mortgage can be paid off."
What that means is to maintain your renting lifestyle you'll need to continue working to pay that rent. However, when you finally pay off that home loan, it's done, pay your property taxes and insurance. Your reward is this stability and piece of mind. If you are tired of losing money on rent and want a place to grow your family, then you owe it to your families financial future to purchase a home as fast as possible. Home prices are down throughout the nation, you can get you're best deal now. |
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