Preparing To Buy A Home: Know What You Can Afford And What You Want Before Looking
If you are looking to buy a new home, it helps to be prepared to make an offer if you find a property that you love. If you live in an area where the real estate market is competitive, good preparation can make the difference between buying the house of your dream and losing out to another buyer. Find a Realtor in your area that you want to work with, and discuss what you are looking for in your perfect home. Sit down with a mortgage lender and apply for a mortgage before you start searching so that you know what your budget is. Doing research about what you want in a home and figuring out what you can afford can make the entire home buying process easier.
Apply for a Mortgage to Get Pre-Approval
Most sellers won't accept an offer unless you already have pre-approval for a mortgage loan. If the real estate market is competitive, sellers don't have to waste their time on buyers who are ready to make the purchase. A pre-approval lets your seller know that you are serious about buying a home and that you have pre-qualified for a mortgage for the price you have offered. When you know what your budget is, your Realtor can find a home that meets your wants and needs.
Know the Basics of What You Want
You should have a good idea about the number of bedrooms that you want, the square footage you are looking for, and the type of neighborhood you want to live in before you start looking. Take some time to think about the features you are willing to compromise on and those aspects of your home that you absolutely need. While you may have to make some adjustments to what you want based on what is on the market and your budget, knowing what you want will help you find the right home for you and your family.
Set Realistic Goals
Once you know what you can afford for a home, you have to take a realistic look at what your budget can handle. Remember when you are buying a home, you have to leave some room in your budget for unexpected repairs. If this is your first home, it will be less stressful to find a home that is a bit under your budget so that you can afford any upgrades you would like to complete.
Keep these tips in mind as you start looking for homes for sale.