Buying a home will probably rank as one of
the biggest personal investments one can make. Being organized and knowledgeable
will contribute significantly to getting the best home deal possible with the
least amount of stress. It's important to anticipate the steps required to
successfully achieve your housing goal and to build a plan of action that gets
you there.
Before you can build a plan of action, take the time to lay
the groundwork for your decision-making process.
First, ask yourself how
much can you afford to pay for a home. If you're not sure on the price range,
find a lender and get preapproved. Preapproval will let you know how much you
can afford so that you can look for homes in your price range. Getting
pre-approved helps you to alleviate some of the anxieties that come with home
buying. You know exactly what you qualify for and at what rate, you know how
large your monthly mortgage payments will be, and you know how much you will
have for a down payment. Once you are pre-approved, you avoid the frustration of
finding homes that you think are perfect, but are not in your price range.
Second, ask yourself where you want to live and what is the best
location for you and/or your family. Things to consider:
*convenience
for all family members
*proximity to work, school
*crime rate of
neighborhood
*local transportation
*types of homes in neighborhood, for
example condos, town homes, co-ops, newly constructed homes etc.