Buying A Home Should Be Exciting…
Posted by Kevin Kueneke | Visited 25 times, 1 so far today |
Unfortunately, the process can also be very stressful. Here are a few things to keep in mind when looking for a home that can help the process go a little smoother and hopefully keep it fun.
Firstly, find a real estate professional with whom you connect. Home buying is both a financial and emotional commitment and it is critical that the real estate professional you choose is not only highly skilled but also a good fit with your personality. Just as important is to find a competent mortgage loan officer, someone that keeps up with the ever changing mortgage market. Many loans that were available six to twelve months ago are not available now. Someone that “does loans on the side” may not be current.
There is no perfect time to buy a home so if you find the right home, do not try to second-guess interest rates or the housing market by waiting longer as you risk losing the opportunity. Worthwhile homes are now being priced to sell and are receiving multiple offers. Mortgage interest rates can increase dramatically in a short period of time drastically affecting your borrowing power. It is very important to plan ahead, get your ducks in a row, and get pre-approved for a mortgage prior to shopping. You must be realistic and know what you can truly afford.
One of the biggest problems I had when I was shopping for my first home was that I had trouble accepting that no house is perfect. There was something wrong with each and every home. If the kitchen was right, the bedrooms were too small. If the yard was the perfect size, the house was on a busy street. Best bet is to make a list of your top priorities and focus on things that are most important to you and let the minor ones go. 
Do not forget to factor in maintenance and repair costs in your post-home buying budget even if you buy a new home because there will always be costs. I had to buy a lawnmower, a rake, yard waste cans, you name it. Worse yet, the existing carpet, which seemed fine with the seller’s furniture on it, looked old and worn once I had moved in my furniture. Then my furniture looked old and worn with the new carpet…
Buying a home, especially your first home, is a big financial commitment and should be well thought out. Preparation is key. Did you ever take a test in school without studying, choosing the “I’ll just wing it” approach? I have and it was no fun.
Plan ahead. Rely on the experts. Keep it fun.
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Excellent article Kevin and right on!