January 31, 2011 10:31 am
RISMEDIA, January 31, 2011--When trying to find a new home, a well-thought out strategy is always beneficial to have. By being organized, you can save yourself lots of valuable time and narrow your search as you cruise through the buying process. To help you get prepared, here are a few things to think about before going to that first showing.
Know exactly what you want. What type of home will suit you and your family? Are you looking to buy new or buy an existing home? What style do you want, and how handy are you to fix things up? All of these questions are important to ask yourself. Don't forget to consider commuting time, school districts, price ranges, and recreation and entertainment as well. With a little introspection, you can communicate to your REALTOR exactly what you're looking for and you can save yourself and your agent lots of time. The quicker you declare your wants and needs, the quicker you'll be living in your new home.
Figure out the finances. It's imperative that you know exactly what you can afford. Most lenders claim that you can afford a home priced two or three times your gross income, depending on location. Create an estimated budget beforehand so you can know which homes are within your price range. Also, be sure to meet with a lender to get a prequalification letter. This letter will tell you exactly how much you are eligible to borrow. Waiting until after you've found your "dream home" to do so may turn out to be a devastating mistake.
Determine when you want to spring into action. Having a timelime is a surefire way to achieve your buying goals. If you already own, you'll need to incorporate selling as a factor. If you are building your credit, that may take additional time as well. Although it may be difficult to juggle buying, selling and multiple closings at the same time, a solid game plan will be the key to your success.
Try to remain realistic about your decisions. Refrain from being closed-minded about new possibilities. It's good to be loyal to your wants and expectations, but entertaining some new ideas may help you in the long run. There's no such thing as the "perfect" home, so try not to let "wow"-factors make the decision for you.
Planning for your future is the best way to guarantee that you'll find a home that will make you happy. By thinking long-term and mapping out your buying strategy, you will save time and facilitate the process considerably.