Buying a House

What do you look for when buying a house?

• Location, location, location!!  You can live with some imperfections in your home if you love the neighborhood and your neighbors.  But once bought, you cannot change your homes location!  When house hunting, consider schools, proximity to work, noise and traffic, access to stores, schools, and parks.  This is a big life decision and you don’t want to be unhappy with where you’re sitting after you’ve already purchased!
• Size and Floor Plan are another huge decision.  Do you need a four bedroom home if you live alone? Larger homes can give you space for that home office or craft room you’ve always wanted, but it will also come with higher taxes and heating bills.  The same goes for a smaller home.  Will there be enough room for you to be comfortable?  Feeling like you are stuck in a cramped living space can be one more thing to worry about.
• Bedrooms and Bathrooms should be a number one criteria.  Decide how many bedrooms and bathrooms you really need, then only look at homes that meet that number.
• The Kitchen is one of the most important aspects of your home!  Don’t settle for a kitchen that just won’t work out for you.  Remodels can be costly, but appliances are usually easily replaced.
• Closets and Storage can be a deal breaker.  Older homes tend to have smaller closets and not a lot of storage space versus newer homes.  If you have a lot to store, make sure you know where it will all go in your new house.
• Windows and Lighting are often overlooked but make a difference in a home.  Where are the electrical outlets? Is there enough overhead lighting? Think about whether you like having natural sunlight or more privacy. You can always add more lighting if needed but it’s nice to have it already there when you move in.

How do you start to buy a house?

• Research is the number one step! Look at real estate listings, make note of houses and areas you are interested in, and the asking price.
• Price is your next step. How much house can you afford?  Look for a home that costs about three to five times your annual household income and know how much you can have ready for a down payment.
• Find the Right Real Estate Agent These are your partners in finding a home! They have information not available easily to the public, knowledge of the home buying process, negotiating skills, familiarity with the areas you may be looking at, and always have your best interest in mind.  Our Realtors are experienced and work with you from start to finish to ensure your satisfaction when purchasing your dream home.

Can you buy a house with no money down?

There are a few ways to buy a house with no money down.

• A VA Loan If you were an active military member and have a DD-214 you could be approved for a no down payment loan
• State Assistance Program There are state assistance programs for first time home buyers or home buyers that do not currently have another FHA loan to have their down payment covered by state grant money.

How does getting pre-approved for a home loan work?

Meeting with a lender is a great first step before you start your official house hunt.  Looking at real estate listings can be fun, but you want to know how much you can afford before you find your dream home.

• Proof of Income Be prepared with W-2 statements, recent pay stubs, and proof of any additional income such as alimony.
• Proof of Assets Bank statements and any other account statements will be needed to prove you have the funds for the down payment and closing costs.
• Credit Check The lender will check your credit to see what interest rate you may get.  Lenders will often work with borrowers with a low or moderately low credit score and suggest ways they can improve their score.
• Employment Varification Lenders want to see not only your pay stubs but that you have steady employment.  They may contact your employer or previous employer if you have recently changed jobs.

Hire the Right Buyers Agent

You’ll be working closely with your real estate agent, so it’s essential that you find someone you get along with well. The right buyers agent should be highly skilled, motivated and knowledgeable about the area.

Contact us at (702) 685-6531