Buying A Home (Beginning Stages)
There are probably few things in life that are as exciting--or
as nerve- racking--as the search for a house. All the good
emotions and the bad emotions seem to converge when the house
hunting begins. Don't worry, this is a normal reaction, and is
found in seasoned home buyers as well as those who are looking
for their first home. One of the first decisions you need to
make is whether you want to do your house hunting on your own,
or by using an Agent. If you decide to go it on your own, you
will be able to see (and buy) those houses that are For Sale by
Owner (known as FSBO's). Depending on your area and the overall
market, this will be around 20% or so of the total homes
available (the other 80% are the "listed" properties--being sold
through an Agent. Those homes you can't buy--or even see--on
your own). Remember the agent selling the home represents the
sellers best interest not yours. If you decide to use an agent,
have your own. You certainly wouldn't call upon the prosecuting
attorney to represent you in your defense or answer your
questions. Get to know your agent by familiarizing yourself with
the way they work. Trust is an important factor. Ask questions.
Once the decision to buy a home has been made, take the time to
prepare before you go on your home search. Yes, it is very
tempting to rush out and actually look at houses, but to do so
without full preparation can be both disastrous and expensive.
You will find that "house hunting" is down on the list.
Get your financial affairs in order first! I can't stress this
enough--it will save you an enormous amount of time, aggravation
and heartache.
Determine what your budget will comfortably allow and stick to
it. Don't spend yourself into a "house poor" situation.
Get preapproved for a mortgage. This will not only give you a
clear idea of how much a lender will approve for you, it will
make your home buying process a great deal easier (and save a
lot of time later). Ask your Agent for lenders they work with
and recommend. (There are a lot of lenders out here, not all
created equal)
Get familiar with the different housing types available to
narrow your search.
Determine your minimum requirements as well as any desired
additional features--your needs and wants.
Take note of any items that you don't want in a house.
Determine the desired location (schools, work, public
transportation, etc.) Cleveland proper? Surrounding suburbs?
(Lakewood,Parma,Euclid,North Olmsted?) More rural area?
(Lorain,Geauga,Medina?)
Familiarize yourself with the mortgage process.
As you are looking, use a scorecard to compare homes. A
scorecard is a great tool when it comes time for comparisons
(and for remembering which home had which features!)
When you find something you like, make sure your Agent pulls
recent comparables and researches the property. This way you
know the true value and what an appropriate offer would be.
Maintain your perspective--and your cool! You may find an
acceptable house on the 1st day--or the 50th. The important
thing is to get the home that is best for you! Please post any
questions or comments or simply contact me for more information.
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