Buying a Home ~ The Right Way

Once you have decided to buy a home you are surrounded by people that are experts. Aunt Mary just bought her 5th home and has a ton of advice. Best Friend Bob will tell you what not to do or how best to do it. How come they are all saying something different? Because buying a home is a personal decision. It is one of the biggest investments you will make in your lifetime, and each person has a different reason, need or want when deciding to buy a home.

Buying a home does not need to be stressful. It does need to be a process, and a well thought out one! Having a plan and understanding the process will help you make the best decision for you and your family.

• Financially ~ Understand what owning a home entails. Take the time to understand the cost of owning and maintaining a home. Just because your mortgage payment may be less than what you are paying for rent, does not mean it will not cost more. You may have water bills that you did not pay for while renting, your insurance costs may be more, more square footage means more electricity to power the home. Maintenance is now taken care of by you. No calling the landlord in the middle of the night to fix the leaky toilet. The plumber out at that hour is on you! Create and understand your budget before you start the process.
• Affordability ~ In addition to understanding the financial responsibility in buying a home, find out from a qualified loan officer what you qualify for. A good loan officer will get you pre-approved for a loan and let you know how much of a house you can afford. Remember to make sure the payment fits into your budget! The numbers may work with the current debt showing on your credit report, but your lender does not take into consideration water, trash, electric, cable.....
• Representation~ Once you have made the decision to buy a home, you want to work with someone who has your best interest in mind. By working with a REALTOR® as a buyers agent, you can feel confident that you are being taken care of. It presents a challenge when working with the agent that has been contracted by the seller to find them a buyer for the highest price. When you are buying a home, one of your goals is to get the best deal possible! This is a tough task for an agent working for both the buyer and seller.
• Compromise ~ When buying a home, especially your first home, waiting to find the home that fits 100% of your needs may be unrealistic. Understand that there may be a need to compromise on some things in order to be in the game. There are so many variables when it comes to looking at homes. Size, style, location, cost....if you are able to find a home that meets the majority of your needs and wants list, it may be the time to act. Often times waiting for "the perfect home" creates frustration and possibly settling for something less than some of the previous homes you may have looked at.

Buying a home is exciting! You have made the right decision. Now take the time and do it the right way!