Buying a Home
CreditGUARD of America is a non-profit credit counseling agency committed to educating consumers on basic money management for living credit smart. Buying a home can be an exciting or frustrating experience depending on whether or not you’re prepared for the home buying process. Our credit counseling agency has compiled five basic homebuyer tips to help you in the home buying process.
One of the most disappointing things a homebuyer can face is to find the perfect home and then lose it because they couldn’t get financing. Why put yourself through that frustration?
Before even going to look at a home, meet with a loan officer or mortgage broker and find out what type of mortgage you qualify for. The loan professional will review your personal income and other financial factors and advise the mortgage amount you would qualify for. This way, you only look at homes in your price range.
The loan professional will give you a pre-approved letter you can show the realtor, which makes the home buying process go much smoother.
Sit down and consider all the in-house and environmental factors that will influence what you want in your new home. Here are a few of the factors:
In-house Factors
- How large do you want your home to be? (square footage)
- How many bedrooms do you need now? How many will you want later? (as your family grows)
- How many bathrooms? Do you want a tub or shower stall?
- What rooms do you spend a lot of time in? For example, if you cook, you might want a big kitchen.
- How large do you want the yard? Do you want extra amenities like a pool?
Environmental Factors
- What kind of neighborhood do you want to live in? Is the neighborhood noisy or quiet, young families or elderly? Are there safety concerns about moving into this neighborhood? (crime rate)
- Are you influenced by schools, public parks, daycare or public transportation factors when deciding to buy a home?
- Do you want to live in an area that’s governed by a homeowner’s association?
- What distance do you want to travel to work?
Make sure that you’re working with a realtor you’re comfortable with and trust. You don’t want to buy a home that you really didn’t like just because the realtor wanted his/her commission. The realtor should take the time to understand your needs and only show you homes that meet your criteria. Be wary of realtors that:
- Show you home listings out of your price range.
- Only show you listings of homes the realtor is selling.
- Don’t listen to what you say.
- Pressure you to make a “fast” decision.
- Refuse to work with your schedule.
- Are impatient with your questions.
- Are unable to answer questions that you ask about the homes and neighborhood.
A realtor is supposed to be your guide through the home buying process. Make sure your real estate guide is right for you.
Ever heard the old saying, “Don’t judge a book by its cover”? In real estate, the phrase should be, “Don’t judge a home by its outside”. Too many consumers buy homes without getting an inspection, only to find out later that there are major repairs needed. Don’t take the word of the home seller’s inspector. Make sure that someone contracted by you inspects the home.
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