Finding That Pot of Gold: The Basics of a Home Search
If you’re considering jumping into the housing market this year, here are some basic home search tips that just might bring you a little luck!
1. Talk to a Professional – It’s never too early to talk to a professional about your goals of homeownership. A simple discussion could clue you into what you need to do to get better prepared. Having a trusted mortgage professional run your numbers to see what you would currently qualify for allows you to have a better understanding of what it takes to buy a home.
2. Look at the Numbers – Looking at your credit score and what you may qualify for can set up you for success early on. It lets you know what you need to work on or perhaps how much more money you need to save to realistically afford a home. Knowing your numbers before beginning your home search may put you ahead of the game.
3. Prioritize Your Needs – Take a realistic look at the features you would like your home to have and prioritize them. Some features will be necessary and others should be categorized as non-deal-breakers. Remember not to be picky as upgrades and renovations can be made after you purchase the home.
4. Get Educated – Understanding the loan process is key for success. It is important to go into your home search with a pre-approval letter from a lender indicating you are able to secure the funds necessary to purchase a home. Many buyers still overlook this step of the home search. Stay ahead of the competition by becoming educated on how a mortgage and the loan process work. Talk to your mortgage professional to become educated on all things regarding your loan before your home search commences.
5. Prepare to Shop – Working directly with your trusted real estate professional, you should prepare to shop, and shop often, for a home! The competition heats up as the weather warms so if you’re looking to be proactive, get ready to attend many open houses and make appointments for viewings of properties you are interested in. This part of the process can take a long time so being prepared and organized will be your best tools for making your goal of homeownership a success.
Following these simple five steps could lead you to finding that pot of gold: your new home!