The 7 Steps For Smarter Home Buying

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The majority of Americans state one of their financial and life goals, is owning a home of their own. However, while some do so, many others fail to reach their goals. There are many reasons for this, including financial, credit, personal situations, family issues, uncertainty, indecisiveness, or lack of planning, amongst others. Buying a house is often a tense, somewhat scary time, because of the stresses, challenges, obstacles, and other, some unknown events. As a Licensed Real Estate Salesperson, in the State of New York, for over a decade, I have decided to dedicate this short article, to some of the basics, which hopefully might make you a smarter home buyer. Here are 7 basic steps to take.

1. Check your credit: Before you ever begin looking at homes, review your credit reports. You have the right to request a copy, for free, once per year, and do so, in order to know your credit score, and any negative factors, which might hurt your quest. What is your score? While there are mortgages for people with average credit, a score of 750, generally guarantees a better rate and opportunity. Is your report accurate, and if it is not, take the necessary, prescribed steps to remedy it? If it is accurate, and your score is not high enough, begin a disciplined approach, to pay back many of your outstanding debts, and improve your score and report, before you begin!

2. Pre – approval: Once you've done the first step, and taken all needed steps, speak to a recommended, quality, mortgage professional. Ask the individual to pre – approve you for a mortgage. This is far different from merely a pre- qualification, because pre-approvals go through the process of reviewing necessary financial documents, while pre – qualifications assume the information you supply is complete and accurate. Know how much mortgage you qualify for!

3. Decide the area: Where do you want to live, and why? Have you factored in, and considered, schools, transportation, safety, taxes, etc. Why have you selected this region? Once you've done that, is there a special section, you favor, and why? Consider all ramifications carefully.

4. Know your needs, and wants: How many bedrooms do you need, and does that take into consideration, future needs, or are you looking at this purchase, as a starter home? How much land do you want, and why? How many bathrooms? Are you seeking a fixer – upper, or a move – in, type of house? Develop a list of personal priorities, from the sunset!

5. Know your budget, and comfort level: There is often a difference between what you may qualify for, and how much monthly expense, you will feel comfortable, carrying! Know both of these. In most cases, you will need 20% down, and are you comfortable putting that down?

6. Choose the right agent, for you: Get recommendations, but always interview several real estate agents, before you hire one! Ask many questions, and have a thorough discussion, to be certain, you choose one which is right for you!

7. Compare; select; make offer: Ask your agent to provide information, so you understand what your budget might be able to procure, in the area you've selected. Look at recently sold homes, as well as those currently on the market. Remember, however, listing price and selling price, are not the same. Focus when you look at potential homes, and when you see one that's right for you, make an offer. Make a fair offer, if you are really interested.

Using these 7 steps will hopefully ease the process for you! Welcome to your new home!

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Source by Richard Brody

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