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Buying a home is exciting, but the process can feel overwhelming if you’re not sure where to begin. A little preparation before you start looking at homes can make the entire experience smoother and help you make better decisions.
Here are 7 steps I recommend taking before beginning your home search:
1. Understand Your Budget
Before looking at homes, take a realistic look at your monthly income, expenses, savings, and other financial obligations. Remember that homeownership includes more than just the mortgage payment. Property taxes, homeowners insurance, utilities, maintenance, and possibly HOA fees should also be considered.
2. Speak With a Lender Early
A mortgage professional can help you understand what you may qualify for and explain different financing options. Getting pre-approved also puts you in a much stronger position when you find the right home.
3. Know the Difference Between Wants and Needs
Make two lists. One should include your must-haves, such as location, number of bedrooms, school district, commute, or accessibility. The second can include features you would like but could compromise on.
4. Choose the Right Areas
Don’t focus only on the house. Consider commute times, property taxes, nearby shopping, parks, transportation, schools, and other factors that are important to your lifestyle.
5. Understand the Upfront Costs
Your down payment isn’t the only expense. Buyers may also need funds for inspections, appraisal, closing costs, deposits, moving expenses, and other costs associated with purchasing a home.
6. Don’t Make Major Financial Changes
Once you’re preparing for a mortgage, avoid making major purchases, opening new credit accounts, or changing your financial situation without first discussing it with your lender.
7. Work With a Real Estate Professional Early
You don’t have to wait until you’ve found a house to contact a REALTOR®. Starting the conversation early gives you time to understand the buying process, current market conditions, and what to expect when you’re ready to make an offer.
Want a step-by-step resource to help you prepare?
I’ve created a complimentary Home Buyer Guide that walks you through the home-buying process and helps you understand what to expect along the way.
Get your complimentary Home Buyer Guide here:
Get Your Complimentary Home Buyer Guide
Bobbie Malhotra, REALTOR®
Coldwell Banker Hearthside
