Once you’ve gotten your down payment and pre-approval letter for a mortgage loan all set, the next step in the home buying process is to find a home that will suit you and your family’s needs. This will require you to set realistic expectations, do some research, and have a whole lot of patience.
First determine the maximum sale price you can afford. Even if you’ve been pre-approved for a specific loan amount, that doesn’t mean you should stretch your budget to its absolute limit. Remember to factor in other future expenses, including home maintenance and repairs, savings for college and retirement, and even luxuries such as family vacations. All these will affect how much you can ultimately afford for a monthly mortgage payment. Then narrow down your search to the neighborhoods you would like to live in. Work closely with your real estate agent on this so they present you with a comprehensive list of options.
When shopping for a home, it always helps to come up with a detailed and organized “wishlist.” Figure out what you really need, versus what you want. For example, you may absolutely need at least three bedrooms, but a fourth room would be nice if you could get one. You will definitely need a functional kitchen, but built-in cabinets and hardwood floors would fall under the Wants categories. Besides sorting your desired features into wants and needs, you could also further break your list down between interior and exterior features. Interior features would include square footage, the floor plan, the size, quality and functionality of each room, and closet and storage space. Exterior features would include the size of the yard, the roof, the backyard and the garage.
Your wishlist should also include any other characteristics you feel are important, such as how much traffic goes through the neighborhood, the safety and crime rate in the area, the quality of nearby schools, and options for shopping, dining and recreation.
If you are planning to buy a home, let The Incorvaia Team make the process as easy as possible for you. Call us at 440-879-7130 today!
