Although the list to prepare for home ownership could be endliess, here are a few of my suggestions.
- Contact a Realtor Of course. An experienced, knowledgeable agent can help you through a process that may be filled with potholes. Normally the seller pays any commission due to your buyer's agent. Interview at least 3 agents before deciding or ask a friend for a referral.
- Get Pre-Approved Most lenders will pre-approve you over the phone. Ask your Realtor for a knowledgable, experienced lender or ask a family member or friend for a referral.
- Decide on a price range Normally two to three times your gross income.
- Decide on the area Select three or four neighborhoods you'd like to live in. Consider the schools, commuting distances, crime, community events and any issues that may effect your resale value.
- A wish list of the major features you have to have and a list of the ones that you would like to have
- Calculate the costs of owning a home Including property taxes, insurance, maintenance utilites and any subdivision or condo fees.
- Check for assistance Can you qualify as a first time home buyer, neighborhood grants, goverment grants, special loans for school teachers, police officers, sellers offering closing costs assistance etc.
- Start saving You'll need a minimum down payment, plus closing costs, moving costs and costs associated with painting, blinds and drapes for your new home.
Although this list is just a few of the things you need to do to prepare for home ownership I feel as if this 9 items are some of the most important. Happy House Hunting
If you need an agent to help you find a new home contact
The Royal Move
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