With all that goes into buying a home, it can be difficult to figure out exactly where to start. A home purchase could be the most you’ll ever spend in your life, so you shouldn’t take it lightly. If you’re trying to determine where to start your first property search, use these tips.
Conducting your First Property Search
The Money Factor
Your dream home is always going to be out there, it’s just a matter of if you can actually afford it. It’s recommended that you take a trip to your local bank to determine how much you can spend on a new home without going broke. There’s no sense in beginning your actual property search without knowing your budget first.
The bank will examine your savings and annual income to pinpoint the exact range of prices that you can afford. They can also tell you which new homeowner programs you’re eligible to receive.
Pre-Approval
Furthermore, if you qualify for it, you can be pre-approved for a mortgage. A lender will go through your financials, including credit reports, statements and W2s. If they’re all in order, they will pre-approve you for a mortgage at a fixed rate.
Wants and Needs
Once you figure out the range of houses that you can afford, you need to come up with a list of needs and wants that you are looking for in a new home. Begin with all of the things that you must have. These requirements should be rigid. For instance, if a home fills all but one requirement, it’s still a no-go.
Prioritizing features will help you narrow down your list of homes. Next, write down all of the things that, while they aren’t absolutely essential, would be a welcome addition to your home.
If all of the properties you look at fulfill each of your absolute requirements, homes with these “nice-to-have” features can make one more attractive than another.
Hire a Realtor
There isn’t anyone that knows the residential real estate industry better than your local realtors. When it’s your first time on a property search, it’s good to have someone with proficient knowledge of the process so they can assist you and answer any questions you may have along the way.
Real estate agents can assess your needs and find homes that fulfill your requirements, as well as provide access to other exclusive properties.
You probably don’t have much experience in real estate deals and negotiations. A realtor will act on your behalf to get you the best deal possible and try to ensure every detail you need is included in the contract.
A property search isn’t the simplest undertaking. But, if you follow along with these steps, you should find your new home in no time.
