Easy Steps to Home Ownership
Before you jump in and start house hunting there are a few things you need to ask yourself.
What to do first?
- Start the financial approval process before you get emotionally attached to a house. Find out how much your bank will loan you. Sit down with your lender and discuss your options. There are many loan programs out there for you.
- Figure out how much you can truly afford. Just because the bank says you can afford a $1500 per month payment doesn't mean you are comfortable with it.
- Go to www.PropertybyPam.com and educate yourself... (smile) I am only half kidding here. My site contains a lot of great info on buying a home.
Interview and get a Buyers Agent to assist you in your search.
Set your priorities...
Think through what you really WANT in your new home. Call this your "dream list". Secondly, think through want you absolutely NEED in your home. Somewhere in between lies your perfect home.
MY PERSONAL ADVICE - if you foresee your needs changing within the next two to five years, the best possible decision could be to plan ahead for that time period. Remember - in this economy especially - it is expensive to sell a home. You have commissions to pay, closing costs etc that can eat up your profit and/or equity. You could possibly put yourself into an upside-down situation where you may even need to bring money to the table to sell your home if you have to sell too soon. A little advance planning is appropriate.
Chill and Have Fun!
Buying a home should be fun. You will get to see homes in all kinds of conditions and shapes. Take a camera along and above all take notes. I like to give my clients a clip board and a pen to take notes on the actual MLS listing form.