10 Steps to Prepare for Buying a Home
- Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
- Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
- Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety
- Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, title, escrow, and transfer fees, average between 2 percent and 7 percent of the home price.
- Get your credit in order. Obtain a copy of your credit report.
- Determine how large a mortgage you can qualify for. Also explore different loan options and decide what’s best for you.
- Organize all the documentation a lender will need to pre-approve your for a loan.
- Do research to determine if you qualify for any special mortgage or down payment assistance programs.
- Calculate the costs of home ownership, including property taxes, insurance, maintenance, and association fees, if applicable.
- Find an experienced real estate agent who can help you though the process.
I know other realtors would have given up, but Chris can get the job done no matter how difficult. Thank you Chris for your patience and entusiasm, heaped with honesty, caring and integrity. In a world filled with people whose only concern is to make money, Chris was most concerned with my happiness in my new home. He is an amazing Realtor and now also a good friend. I highly recommend him to anyone. He will get the job done no matter how difficult.
- C. Baxter