The first step in the home buying process is to determine what you can afford, as price will likely be a major factor in determining the size, features and location of your new home. Start by creating a simple monthly budget that outlines your income and expenses. Obviously, whatever amount you’re currently spending in monthly rent will be applied toward your new monthly mortgage. Be realistic with this number and consider how much you will be able to put toward a down payment. The greater the down payment, the lower your monthly payments will be.
What Can You Afford?
Determining your budget will enable you to determine what price range suits your needs, which will allow you to narrow your home search. Once you’ve set your price range, the next step is to determine your minimum requirements, such as square footage, number of bedrooms, and your preferred geographic location. School district and proximity to shopping may also be important to you. Next, you’ll want to tour specific locations and neighborhoods, to decide in which area you’d most want to live. This information will assist your real estate agent, if you use one, in further narrowing your search, so that you will only look at homes that meet your specific needs in the areas you want and can afford.
While you’re touring homes and neighborhoods, why not take advantage of our free online HomeSearch Report? This convenient report will assist you by providing an optimized driving route during your home tour. With the rising cost of gas, why drive around in circles all day, when you can efficiently travel from property to property during your home search?
Buying a home can be a stressful and overwhelming process, particularly when you’re buying your first home, so educate yourself. Home Smart Reports can simplify the process of buying and selling your home. Let us assist you–order one of our time-saving reports online to help you estimate value, or assess risk. After all, you are making a very big decision.