Buying a New Home? Build a Plan of Action and Get Ready
May 15th, 2008 categories: For Buyers
Buying a home will probably rank as one of the biggest personal investments a person can make. Being organized and in control will contribute significantly to getting the best 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 can you afford to pay for a home. If you’re not sure of the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford so that you can look for homes in your price range. Getting pre-approved will really help to alleviate some of the anxieties that come with purchasing a house. 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 gain pre-approval, 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 is the best location for you and/or your family. Things to consider could include the proximity of your home to school, work, etc., crime rate of the neighborhood, general aesthetics, and specific amenities that may or may not be available. This can also include deciding what features or amenities you are willing to pay more for. An example could include spending more money for an excellent location instead of a bigger or more upgraded unit, or vice-versa.
Finally, decide your time frame for moving. If you are hoping to relocate sooner rather than later, it would obviously make sense to not be extremely rigid about price or conditions of sale since these factors will generally increase the length of time you might spend in negotiations. If time is not such a significant factor, by all means shop around and try to negotiate to find the best deal in addition to a home that truly suits you.
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