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How To Buy A Home
Ready to buy a home? Buying a home is not just about pricing and negotiation.
A great deal of the process has to do with how well--or how poorly--a buyer is
prepared for making the purchase. This preparation does not need to take a great
deal of time, and most of it can be done from the comfort of your current home
or office, but it is important to spend some time getting ready before running
off to look at specific homes.
Step 1. Decide how much house you can afford. Specifically
- know exactly how much home you can comfortably afford. Listen to no one
but the voice of your own budget. Your lender, your Real Estate Agent,
and perhaps even your boss may have a vested interest in you paying as
much--or more--than you should. Don't fall into the currently popular
trap of overspending for a house only to find yourself miserable because
you have made yourself house poor.
Step 2. Determine whether you want to purchase a home
previously owned, purchase a newly built home or build / design a home
with a custom builder. Obviously, your budget may help you make this
decision simpler. In some cases, the timing of your move may help you
make this decision for you. If you are relocating to the area and need
to be settled in a home in 4 weeks or less, you may need to consider
purchasing an existing home that ready for immediate move-in. If you
have six to nine months before you want to move, then you could consider
a model home. If you only want to move when you have the house that you've
custom designed from ground to rooftop and timing is not an issue, then
you would want to look into building a custom home.
Overall, know your reasons for buying a home. Don't simply make assumptions
here--"everyone
needs to own their own home," "it is the best investment possible," "I simply
MUST have a new home" may be perfectly acceptable reasons if they fit your personal
situation. First of all, it is a good idea to remember that a home is just that--a
place where you can live. Yes, there can be some wonderful advantages to home
ownership, including pride and accomplishment, potential tax advantages and the
build-up of equity. But it is generally a mistake to attach too much importance
to the advantages and not enough to what should be the primary reason: A home
is a place where you live. By knowing precisely what your reasons are for buying
a home, you will be much more likely to keep everything in clear focus.
Be sure to distinguish between needs and wants. In 21st Century America,
the words "want" and "need" seem to be interchangeable concepts for many people.
They aren't--they have quite different meanings. Not understanding the difference
and believing that a "want" is actually a "need" can be both expensive and find
you purchasing a totally wrong type of home. In general, a need is something
that is required. A want is something that is desired.
Step 3. When you decide you are ready to buy a home, begin
by looking at your financial situation and determining how much you can afford.
Pay attention to fixing your credit, because that could prevent you from
buying the home of your dreams.
Step 4. Once you decide what you can afford, then you can
find a realtor. Once you find a realtor, you can concentrate on search for
your house. Look for a house that is in the location you desire and look
for a house that meets your specifications, whether that's number of bedrooms
or cost of the house.
Step 5. When you find a house that you like, then you should
be prepared to make an offer. Make sure that you don't leave anything out
of the contract. Once the seller accepts the contract you are bound by that
document. Be sure you conduct a whole house inspection before you sign a
contract. A whole house inspection not only can prevent problems by discovering
defects in a home, it can be a valuable source of information on home maintenance
and repairs.
Step 6. Select
a mortgage that's right for you. Research your different mortgage
options to make sure that you find the right one for you and your
budget.
Step 7. Once you select a mortgage, all you have
to do is close the deal!
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