Are you thinking about purchasing your first home but not sure where to start? Or are you purchasing your second or third home and just need a refresher on the steps to take? The steps are pretty general and we are going to go over the beginning steps of the process. There are two things that you need to consider when starting the home buying process, No. 1 does this new home fit your lifestyle No. 2 does it make financial sense. Keep those in mind.
Does this New Home Fit Our Lifestyle?
Why is it you’re considering buying a home? Are you getting out of a rental, is your current house not big enough, is your yard too small, is the house too big? There are a lot of different things about your homes location, condition and size that are going to make you think that it is time to change, time to move. You need to figure out what you are not getting out of your current living situation that you will get in a new place.
Does it Make Financial Sense?
Are you moving from one payment to another, is the new payment going to be higher, will it be lower, are you buying with cash, or do you have to sell something first to be able to buy. There are many different financial questions that you have to ask yourself. Once you figure out financially if a move is a smart idea then the search begins. Buying a house is all about having a financial strategy, and as the saying goes ‘every home search starts with a loan search’ this is the first crucial step. Meet with a local lender to get a measure of what your buying power is, what interest rates are going to be, what your down payment will be, what sort of loan product you’ll be using. All of these questions need to be answered so that when you move onto step No.3 which is actually searching for a home, you’ll already have the money part figured out.
Next Steps
Join our Team on August 10th for a Home Buyer workshop that will go into full detail, beginning to end, of the home buying process. Click HERE to save your seat!
