Knowing What You Want vs. What You Need
In this day and age of being able to shop for anything anywhere, it is really important to know what you’re looking for when you start your home search.
If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale with rose-colored glasses.
Do you really need that farmhouse sink in the kitchen in order to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the man cave of your dreams be a future renovation project instead of a make or break now?
The first step in your home buying process should be to get pre-approved for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it.
The next step is to list all the features of a home that you would like, and to qualify them as follows:
- ‘Must-Haves’ – if this property does not have these items, then it shouldn’t even be considered. (ex: distance from work or family, number of bedrooms/bathrooms)
- ‘Should-Haves’ – if the property hits all of the 'must-haves' and some of the 'should-haves,' it stays in contention but does not need to have all of these features.
- ‘Absolute-Wish List’ – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner!
Having this list fleshed out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before he or she begins to show you houses in your desired area.
- Why Pre-Approval Should Be Your First Step
- Where Are Interest Rates Headed?
- The Power of Pre-Approval for Agents
- No Lender Fees
- How Low Interest Rates Increase Your Purchasing Power
- Flipped Property Finance Options
- FICO Scores
- Duplex Financing Options
- Discount Points vs Premium Pricing
- Delayed Financing Options
- Jumbo - Credit Challenged
Home Buyer Tips
- What You Need To Know About VA Loans
- USDA-Wide Open Spaces
- The Perfect Home Loan Application
- The Mortgage Process
- Student Loan Debt
- Rising Rent - No Problem
- Rent vs. Buy
- Ready To Make An Offer? 4 Tips For Success
- Path 2 Buy
- Mortgage Insurance
- Look for a Luxury Home? Now’s The Time To Act!
- How We Safe Guard Your Information
- How to know if it’s a condo?
- Getting a Mortgage: Why So Much Paperwork?
- FHA 90 Day Property Flip Waiver
- Do’s and Don’ts During The Loan Process
- Condo Loans - Low Down Payment
- 5 Reasons Home Ownership is a Good Financial Investment
- 2 Myths That May Be Holding You Back From Buying
- Niche - Unique Mortgages
- Veterans Assistance Loan Benefits
- Reverse Mortgage
- Loan Programs - Pros & Cons
- Jumbo Loans
- HUD-184 Native American Program
- HomeStyle Renovation
- FHA 203k Streamline Rehab Loan
- FHA “Back-To-Work: Extenuating Circumstances” Program
- FHA - Home Ownership Opportunities
- FasTrac Approval Process
- 3 Reasons Why First-Time Home Buyers Love FHA
- Home Ready Program
- Jumbo Plus Loans
- Union Advantage
- NHF Platinum - Down Payment Assistance
- HomeScout: Your Unfair Advantage
- FHA - Refinance
- FHA - Limited Savings
- FHA - Benefits
- FHA - Credit Requirements
- Fannie Mae - 97% LTV
- Family Opportunity Program
- Jumbo - Medical Loan Program
- Luxury Home - 2 Million Max
- Non-Resident Alien Home Loan