5 Steps to Buying a Home
Step #1: Decide What You Want
Owning a home is becoming a reality for more Americans every year. According to a survey completed by the US Department of Housing and Urban Development, “in 2000, the US homeownership rate reached 67.7%, the highest rate ever”. Even though many people these days do own, many still do not realize that owning a home is within their grasp.
If you have decided it is time to buy your own home, the first step is for you to decide what kind of property you want to purchase.
Give Steve a call to set up a time to meet. It is important to determine if you are interested in buying a new home or an existing home. If you are considering building, make sure you check out our page on What Every Homebuyer Needs to Know When Building.
Decide what kind of home you want. To help you determine what you are looking for, ask yourself the following questions:
- What do I want in a home?
- What do I need in a home?
- What style home would work best for me?
- What size of a home do I need?
- What locations appeal to me? Do I want to be in the country or in the city?
- What schools do I want my children to go to?
- When do I want to move?
- Am I willing to buy a fixer-upper?
- Do I want a new home?
When considering locations, keep in mind that the location of a property is the main determinant in real estate. The location can affect the value of a home positively or negatively for as much as $100,000. For instance, a typical home on a typical street might sell for $200,000. If this same typical home backs to a golf course, its value will now be substantially higher. If you take this same home and back it up to a busy street, the value may very well decrease.
Remember to keep school districts and school boundaries in mind when looking for a new home. One of the bigger considerations to think about when buying a home is the school district. Typically a buyer is more likely to select a less then perfect home in the school boundary of their choosing rather then the perfect home in a school district not of their choosing. Make sure to check out Steve’s school information page to examine school boundaries.
Consider resale value. The resale value of a home can vary in importance among buyers. For example, having a fourth bedroom may be more important to one buyer even if that home backs to a major road. It is important for buyers to understand what can affect resale value, and how important it is to you.
Step #2: Get Prequalified