So you’re ready to buy a home? Here are 10 things to do to prepare yourself for the path to homeownership!
1. Decide if you want to buy
This is likely going to be the biggest financial decision you’ll ever make. Take some time to decide if you’re ready to commit to purchasing a home.
2. Assess your budget
It’s so important you have a clear understanding of what your budget looks like each month and how much you’re comfortable with spending on a payment. Download my simple worksheet here to get started!
3. Determine how much you have for a downpayment
Every lender is going to ask you how much you plan to put down on the home. Whether it’s coming from a savings account, a gift from a family member or a grant program, figure out the amount you plan to put down at closing.
4. Review your credit
It’s not necessary to know your exact credit score but it’s good to have a
5. Meet with a Loan Officer
Ask friends and family if they have any referrals and take some time to do your research to read reviews. Your Loan Officer is someone who’s going to be by your side throughout the entire transaction so it’s important you feel comfortable with who you’re working with. I also recommend to choose local over an online lender!
6. Receive a pre-approval letter
A pre-approval letter is your ticket to your home search! Having a solid pre-approval will ensure you know exactly how much you can spend on a home.
7. Interview Realtors
Much like your Loan Officer, it’s important you take time to find a Realtor that you feel comfortable with. And no, that doesn’t necessarily mean you need to work with a family member or friend that has their license. You want to be sure that your Real Estate Agent knows exactly what you’re looking for and will represent you well.
As a buyer, the Realtor’s service is free to you so be sure to choose wisely!
8. Make your wishlist
Work with your Realtor to make a list of your desired location, wants and needs. Make sure to communicate your non-negotiables so you avoid spending time looking at homes that in the end will not be a good fit.
9. Tour Homes
Time to go shopping! Schedule a day to tour some homes. It’s typically recommended not to look at more than 4-5 in a day, otherwise they all start to blend together!
10. Make an offer
Once you’ve found THE ONE, work with your Realtor to make a strong and competitive offer that you feel comfortable with!,
