It all starts with the idea.  A new job, relocation, looking for a tax deduction, or you may just be ready to move on from the family home. These are just a few reasons to get you thinking about a home purchase and below are a few tips to get you started.

The very first thing to consider is your budget.  If you are going to mortgage a home your loan officer can be a very useful resource in assisting you with down payment options, the term of your loan by the number of years, current interest rates, how much you can borrow and what most people care about is “the monthly payment”.  I always advised buyers to carefully select the mortgage offered to them because it is a long term commitment and refinancing later typically results in more fees added on to the cost to pay off their home.

Once your price range is determined, decide on the location. This is a very important choice because the only way to change it after you buy would be to move again.  The location can also play a part in your budget because taxes and home insurance costs vary from area to area.  At times you can simply cross a county line to note a variable in these two items.  Even a cash buyer should look at location carefully for this same reason. Buyers can request that their real estate agent prepare a market analysis of more than one of your favorite locations and that will tell you how the market is trending and help you make this decision. This will also give you an indication of how real estate appreciates in the area.

After you know your price point and location make a list of your “needs and wants”.  Begin with the most important and note everything you can think of.  You may be prepared enough to get it all but don’t be disappointed if the list gets shortened during your home search.  Make sure to take your time looking so you don’t settle and keep in mind it may take months.  Your real estate agent will be there to assist you in making the choice that is right for you.  When you find it you will know it!

Happy home shopping 🙂

Alice