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 Whether
you are buying your first home,
or your fourth, the process of
buying a home is a detailed,
time-consuming venture. At the
same time, it’s an emotional
period laden with difficult
choices. You want to ensure that
the home you purchase meets your
family’s needs now, and in the
future.
Before you shop,
develop a needs
vs. wants list
Everyone has a
picture of an
ideal home. This
would include
all the features
you not only
need, but have
long desired.
However, when it
comes time to
buying a home,
the desires cost
more. While it’s
nice to think
about having a
beautifully
landscaped
backyard, or a
solarium,
perhaps even
some built-in
appliances,
these are
usually
considered
luxury items,
which can add
considerably to
the price of
your home.
That’s why it’s
a good idea to
develop a needs
and wants lists.
With this list,
begin with items
you really need
like adequate
space, garage
and number of
bedrooms. For
most people,
basic needs
should be
considered
first. After
that, you could
consider
additional
desires, if you
can manage these
benefits
financially.
With such a list
in your hands,
you’re less
likely to be
caught up in the
excitement of
the pursuit.
You’ll have a
good idea of
what you want,
within you price
range, and if
you can afford
those additional
items.
Get pre-approved
prior to
shopping
Visit your
financial or
lending
institution
prior to the
home buying.
Quickly, you’ll
know the amount
of mortgage
you’ll receive.
Be sure to get a
mortgage
pre-approval in
writing. Most
importantly,
you’ll tell
sellers that you
are a serious
prospect.
Banks and
financial
institutions
have developed
many programs
especially for
home buyers, be
that first-time
buyers or those
with equity in
their homes.
When you review
your needs and
objectives with
a lending
officer, you’ll
be one step
closer to
purchasing your
home.
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