Start the pre-approval process
Even if you are 6 months away from buying a home your first call should be to a mortgage professional. Your credit score can limit your ability to get a mortgage and many people have no idea what their credit score is and what they need to do to improve it. With rates always changing you need to get an estimate on what price range you should be looking in. Not all lenders are the same, talk to more than one to find the best deal for you.
** PRO TIP** If you are more than 6 months away from buying a home you should start to monitor your credit and fix any issues bringing your score down. AnnualCreditReport.com is the only website authorized by the federal government to issue free, annual credit reports from the three credit reporting agencies.
Find a trusted REALTOR® partner
It’s absolutely vital that you find a real estate professional that is honest, responsive, and ready and able to guide you through the home buying process.
** PRO TIP** If you are 1 month away or 1 year away from buying, contact me for a free MLS portal account including automatic listing updates.
Consider maintenance and repair costs when making your buying budget
Maintenance and repair costs are your responsibility when owning a home. Building a reserve fund is a great idea to cover these unexpected expenses.
**PRO TIP** A home warranty is a good way to help reduce the burden of major home repair expenses. Contact me for more information on home warranties.
Think about the future
The average length of time someone owns a home is 10 years. What will your life be like in 10 years or even 5 years? When making your home buying criteria, consider the future and how that criteria may change.
**PRO TIP** Think about selling the home. Something that may not bother you, (ex. noisy location, unique floorplan) will make the home more difficult to sell and less valuable to future homebuyers.
Make a home criteria wish list
Put together a list of all the features you would like your home to have. Then divide them into “need to have” and “want to have” categories.
**PRO TIP** Further divide the categories into features that would be easy to change (ex. paint color, landscaping, fixtures) and features that would be difficult to change (ex. number of bedrooms/ bathrooms, floorplan, lack of a garage).
Decide where you would like to live
Whether it is a specific county, city, or neighborhood, decide where you would like to live. Be sure to think about your commute to work, schools, or any recreational activities that you regularly attend.
**PRO TIP** The quality of the school district and safety of the area may not be important to you but they may make the home less valuable and harder to sell.
Have a moving schedule
Most buyers are moving out of a rented home, or closing on the sale of their current home. Either way there will be a date that you must be out of your current residence. It is important to coordinate the closing date of your new home in a way that makes your move as stress free as possible.
**PRO TIP** Closing on your new home a week before your lease ends or negotiating a one week rental after the sale of your current home are examples of ways to make the move easier.
Be ready to take action
Through the ups and downs of mortgage rates our market has continued to have more buyer demand than supply. Well priced homes are only on the market for a few days and buyers need to be ready to make an offer quickly when they find the right home.
**PRO TIP** If you have completed the 7 steps above, you should be ready to act quickly.
Start the pre-approval process
Even if you are 6 months away from buying a home your first call should be to a mortgage professional. Your credit score can limit your ability to get a mortgage and many people have no idea what their credit score is and what they need to do to improve it. With rates always changing you need to get an estimate on what price range you should be looking in. Not all lenders are the same, talk to more than one to find the best deal for you.
** PRO TIP** If you are more than 6 months away from buying a home you should start to monitor your credit and fix any issues bringing your score down. AnnualCreditReport.com is the only website authorized by the federal government to issue free, annual credit reports from the three credit reporting agencies.
Find a trusted REALTOR® partner
It’s absolutely vital that you find a real estate professional that is honest, responsive, and ready and able to guide you through the home buying process.
** PRO TIP** If you are 1 month away or 1 year away from buying, contact me for a free MLS portal account including automatic listing updates.
Consider maintenance and repair costs when making your buying budget
Maintenance and repair costs are your responsibility when owning a home. Building a reserve fund is a great idea to cover these unexpected expenses.
**PRO TIP** A home warranty is a good way to help reduce the burden of major home repair expenses. Contact me for more information on home warranties.
Think about the future
The average length of time someone owns a home is 10 years. What will your life be like in 10 years or even 5 years? When making your home buying criteria, consider the future and how that criteria may change.
**PRO TIP** Think about selling the home. Something that may not bother you, (ex. noisy location, unique floorplan) will make the home more difficult to sell and less valuable to future homebuyers.
Make a home criteria wish list
Put together a list of all the features you would like your home to have. Then divide them into “need to have” and “want to have” categories.
**PRO TIP** Further divide the categories into features that would be easy to change (ex. paint color, landscaping, fixtures) and features that would be difficult to change (ex. number of bedrooms/ bathrooms, floorplan, lack of a garage).
Decide where you would like to live
Whether it is a specific county, city, or neighborhood, decide where you would like to live. Be sure to think about your commute to work, schools, or any recreational activities that you regularly attend.
**PRO TIP** The quality of the school district and safety of the area may not be important to you but they may make the home less valuable and harder to sell.
Have a moving schedule
Most buyers are moving out of a rented home, or closing on the sale of their current home. Either way there will be a date that you must be out of your current residence. It is important to coordinate the closing date of your new home in a way that makes your move as stress free as possible.
**PRO TIP** Closing on your new home a week before your lease ends or negotiating a one week rental after the sale of your current home are examples of ways to make the move easier.
Be ready to take action
Through the ups and downs of mortgage rates our market has continued to have more buyer demand than supply. Well priced homes are only on the market for a few days and buyers need to be ready to make an offer quickly when they find the right home.
**PRO TIP** If you have completed the 7 steps above, you should be ready to act quickly.