7 Steps To Buying Your Home

1. Location

How far is it from where you work? Can you handle the time and money involved in the commute? If you have young kids or are planning to have them - how far are the grandparents from the house? They tend to be the best babysitters. Where are the schools and stores located? Does that area flood when it rains? Do your homework and make sure your real estate agent is familiar with the area you are looking in.

2. Budget

Expenses for a house can vary. Once you have an idea as to the type, size and general price range of the houses you will be looking at, you can start estimating your monthly expenses. Work with your real estate agent to estimate taxes, utility cost, and additional monthly fees.

Get an estimate for home owners insurance. Contact a qualified mortgage broker or visit your bank to get an idea of what the interest rates are and what your monthly mortgage might be.

3. Know Your Market

It’s critical that you know the market you are looking in. That is why choosing a local real estate agent that knows the local market is so important. The asking prices for houses are often not indicative of their true value and the only way to be able to estimate a house value is to look at as many houses as possible.

4. Don’t End Up House Poor

Sometimes house buyers "fall in love" with a house or neighborhood or even just the idea of owning a house and they place too high a priority on it. This can lead to regret when the novelty wears off. After the bills are paid you realize you have no money left to do the things you like to do such as travel, entertain or simply go out for dinner. Be conservative when determining your purchase price range and make sure your real estate agent sticks to the range you have given them.

5. Take Your Time

Buying a home is probably the largest and most significant purchase you will ever make. Don’t make emotional and sudden decisions. Think things through, do your homework and take your time.