Prepare To Buy A House: 4 Tips For First Time Homebuyers

Prepare To Buy A House: 4 Tips For First Time Homebuyers

Wednesday, September 26th, 2012

Buying your first home, it’s probably one of the most exciting, intimidating, overwhelming experiences of your life.  Although, it may not be your last home, you still want it to be the best home you can afford. So, just how do you buy a house? Here are a few tips that will help take the stress out of buying a home and will help you get the house you want and can afford.

Get Pre-Approved

Getting financial approval to buy a home is probably one of the most overwhelming steps in the process. This all starts well before you make an offer on a home, during the pre-approval process. By talking to a lender you’ll know exactly how much you can afford.  The pre-approval process calculates your household income, your credit score, current interest rates, the loan type, and the amount of ready cash you have for a down payment and closing costs. All of these factors play into how much of a loan you can afford, this will help you narrow down your home search.

Pick a Location

When it’s time to get serious about finding a house the first step in your search is finding the right location. Take into consideration several factors when deciding where to live.

How far do you want to commute?

How good are the schools?

Are there closest shopping centers?

Are there amenities (parks, pools, etc.)?

Is your home next to a commercial property or vacant lot?

Is there open space or a green belt?

You could buy the most beautiful home on the market but if it’s in a poor location, you’ll be miserable.  And when it comes time to move, the home may not sell for the price you hope if it’s in a poor location.

Finding the Right Size House

When buying a home, you should have a big scale that weighs your wants vs. your needs.  Yes, we all want to live like a celebrity. We want the biggest home with the most rooms. However, you probably don’t need all of the rooms. Buy a house that fits your needs, whether it’s a one, two or three bedrooms, make sure you are carefully considering the things you need not just what you want.

Be Prepared to Make an Offer

Although, you may just be looking at first, you just never know when you might find your home. Any door you open could give you that feeling where you say, “this is the one.” You don’t want to hesitate and risk losing the opportunity to buy the home. Always be prepared to make an offer, if you’re pre-approved you’ll have nothing to worry about.

Buying your first home, or any home for that matter, is a big process. It takes a lot of work, but with a good game plan, clear budget, understanding of your needs and a good realtor and lender working with you, you’ll have nothing to worry about. The process will run smooth if you’re prepared.

Guest author Bruce Zander shares these insights on behalf of master planned community The Meadows in Castle Rock, Colorado.