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TAKING THE PAIN OUT OF HOMEBUYING

Before you go house hunting:

Decide if this is going to be a long or short-term buy. Is this a starter home or do you plan to raise a family in the house? Knowing this will help you decide the type of home to buy and the type of financing which will work best for you.

Have your finances in order. Check your credit report to see your credit score. The better your score the more you can save on financing costs.

Be sure you have enough in the bank to cover a down-payment and the closing costs involved in a home purchase.

Make up a realistic budget. You don’t want to spend so much on your housing budget that you can’t afford to make improvements, buy furniture or make needed repairs on your new home. You’re better off buying a less expensive home and having some money left over to enjoy it.

Talk to a lender before you start shopping and get pre-approved for a mortgage. If you wait until you’ve found a house you run the risk of losing it while you wait for an approval. The bank or lender will tell you exactly how much they will allow you to borrow. Being pre-approved also gives you more credibility with sellers. They know you are a real potential buyer.

Before you talk to a seller or real estate agent:

How soon would you be able to move? Do you have a lease? If so, will your landlord allow you to break it or to sublet your space?

List out the features you most want in a home.

Make a list of neighborhoods you like and/or school districts that may be important to you.

If certain neighborhood amenities or commuting needs will be a major factor in your decision, add them to your list.