How to Find the Perfect Home

When you’re ready to buy a home, you don’t ever want to settle for less than what’s perfect for you and your situation. Buying a home is a combination of emotional decision making and rational thought processes. You want to research your areas but also fall in love with your property. Here’s how to find the perfect home.

Consider Your Budget

Your first consideration for a home is how much you can actually afford to spend. Use financial calculators available on almost every bank’s website or speak to a lender to determine how much you are realistically able to spend on your new home.

Check Your Location

When buying a new home, location is everything. You can buy a cottage in one area for the price of a mansion in anther all based on the value of the location. If you’re trying to get within walking distance of your work, do research on that area and particular neighborhood. Speak with a realtor about the prices of homes in that area and compare it to other areas in the city or town.

A valuable location, such as Colorado real estate, will almost never lose value, but will continue to become even more worthwhile as home builders are forced to move farther out from the center of town to find new land to build upon. Find an ideal location first before looking for a specific property.

Plan Your Home

Before looking at properties make a realistic list of what you want from your home. If your budget is low, don’t expect five bedrooms and marble, but you can certainly list the number of bedrooms you’d like, the number of bathrooms, the living areas, the style of home, the type of garage, the size and presence of a yard or patio, and the type of kitchen in the home.

Find Your Home

Begin looking at properties screened to meet your budget and location. As you walk through each one, feel the home emotionally, but be sure to check for your attributes as well. If you love a home, but it is missing a bedroom, are you willing to sacrifice that space for the other features you love? Ideally you find a home you love that meets all your criteria. Otherwise find a home you love that meets enough of your criteria. That way you’ll always be pleased at what you’re coming home to.

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How to Buy Your First Home

Buying a home is one of the primary goals of most citizens. There is nothing like the satisfaction of owning your own property. But buying your own home can be a challenge, especially if you are a first-time home buyer. Here’s how to buy your first house.

Clean Up Your Credit

The first step to buying a new home is to clean up your credit. A home loan is a huge undertaking and the bank is going to want to be sure you are worthy of the risk. Pay off old loans and close all the little credit cards you don’t use or need any more. Leave your oldest cards open, however, unless they charge a fee – these show how long you’ve had credit.

Save Up for a Down Payment

Unless you’re entitled to a government loan, it is likely you’ll need at least 5% of the home’s price to put down when you buy. You’ll also need cash for closing costs which can be another 2-3% of the home’s price. Stash money away in a safe place or get help from family to set up a small nest egg so that you’re ready to buy when the bank checks to be sure you can actually afford the down payment on the home.

Establish the Budget

Before you shop, you should take the time to figure out your budget. A very rough guideline is that your new home should cost no more than twice your annual salary. If you make $50,000, your home should be $100,000. Obviously co-borrowers can afford more. Think about your future before deciding on an expensive home, however. If one of you will be staying home with future children, a smaller mortgage payment might be beneficial. Add up your monthly obligations, take out money for savings and other odds and ends and look at the amount you can pay monthly without feeling pinched.

Get Pre approval

If you’ve worked with a monthly number rather than a broad total, head online to a free mortgage calculator to see exactly what your payments will be with mortgage, taxes and insurance each month. Then, when you’ve reached a number you’re comfortable with, apply with a finance company to become pre approved. Getting pre approval on a mortgage tells sellers that you are a safe buyer and that you can get the loan when the time comes for money to change hands.

Shop For Home Loan Options

Finally, with your pre approval complete, contact a realtor or browse listings yourself and start shopping. By staying carefully within your budget, you’ll find the perfect home in no time at all.

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