Don't let your emotions and your excitement get the better of you at the beginning of the home search and purchase process. Buying a home is a big decision and an even bigger adventure, but you want to make sure you take the time to prepare and make some informed decisions about your home purchase. Here are some tips to help you find and buy the right property for your new home and residence.
Consider a Realistic Budget
Your real estate agent will advise you that it is best to find out your mortgage qualifications first off to know how much your budget is. Your mortgage broker will review your credit and income to prequalify you for a maximum loan amount, but you should also look at your personal finances to see what you are comfortable with.
Make a list of all your expenses less your housing costs currently. When you subtract these from your monthly income you will have an amount left over for your mortgage costs. Be sure you consider the property taxes, hazard insurance, and any other costs associated with your mortgage.
Look for a Central Location
Once you have a budget, one of the first decisions you want to settle on is where you want to look for a home to buy. The location of your property is one of the few details you cannot change once you buy a home, so be sure you get yourself informed and educated on various neighborhoods, areas, and school districts, as examples.
Talk with your real estate agent about your wish list some areas you want to focus on searching in. Look at where you work, go to school, and have other specifically located commitments in the area. Then, base your search areas dependent upon these locations so you can find a home that is in a good area within range of your daily commute.
Map out a Furniture Diagram
As you start to look at homes, it can be hard to visualize your furniture and possessions inside a vacant home. And you want to make sure your over-sized sectional couch or upright antique piano, for example, will fit in a specific room or area of the home.
Take some measurements of your furniture and other large items and make out a diagram with the dimensions of your largest items. Then a tape measure can help you as you tour through the home and measure some rooms. This will also help you know if the home you want to buy is going to be large enough for your family.
To learn more about residential real estate, contact a real estate agent in your area.