This is my
first house. What else do I need to be thinking about?
Pre-Qualification
Meet with a mortgage broker and find out how much you can afford
to pay for a home.
Pre-Approval
While knowing how much you can afford is the first step, sellers
will be much more receptive to potential buyers who have been
pre-approved (and you'll avoid being disappointed when going
after homes that are out of your price range). In this scenario,
the buyer actually applies for a mortgage and receives a commitment
in writing from a lender. This way, assuming that the house
you desire is at or under the amount you are pre-qualified for,
the seller knows immediately that you are a serious buyer for
that property. Costs for pre-approval are generally nominal
and often lenders will permit you to pay them when you close
your loan.
List of Needs & Wants
Make 2 lists. The first should include items you must have (i.e.,
the number of bedrooms you need for the size of your family,
a one-story house if accessibility is a factor, etc.). The second
list is your wish list, things you would like to have (pool,
den, etc.) but that aren't absolutely necessary. Realistically
for first-time buyers, you probably won't get everything on
your wish list, but it will keep you on track for what you're
looking for.
Representation by a Professional
Consider hiring your own real estate agent, one who is working
for you, the buyer, not the seller.
Focus & Organization
In a convenient location, keep handy the items that will assist
you in maximizing your home search efforts. Such items may include:
1. One or more detailed maps with your areas
of interest highlighted.
2. A file of the properties that your agent has shown to you,
along with ads you've cut out from the newspaper.
3. Paper and pen, for taking notes as you search.
4. Instant or video camera to help refresh your memory on individual
properties, especially if you're attending a series of showings.
Location
Look at a potential property as if you are the seller. Would
a prospective buyer find it attractive based on school district,
crime rate, proximity to positive (shopping, parks, freeway
access) and negative (abandoned properties, garbage dump, source
of noise) features of the area? Visualize the house empty &
with your decor. Are the rooms laid out to fit your needs? Is
there enough light?
Be Objective
Instead of thinking with your heart when you find a home, think
with your head. Does this home really meet your needs? There
are many houses on the market, so don't make a hurried decision
that you may regret later.
Be Thorough
A few extra dollars well spent now may save you big expenses
in the long run. Don't forget such essentials as:
1. Include inspection & mortgage contingencies in your written
offer.
2. Have the property inspected by a professional inspector.
3. Request a second walk-through to take place within 24 hours
of closing.
4. You want to check to see that no changes have been made that
weren't agreed on (i.e., a nice chandelier that you assumed
came with the sale having been replaced by a cheap ceiling light)
All of the above may seem rather overwhelming. That is why having
a professional represent you and keep track of all the details
for you is high recommended.
Please email me or call me directly to discuss any of these
matters in further detail.
I
Want to Buy a Home!
