The following is a guest post.
There is a lot of security in owning your dream home. You can settle in for good, knowing a landlord can never throw you out. You can make changes to the property without asking permission. If you would love to enjoy these benefits but are not sure how to go about finding and securing your dream home, the following 10 steps will walk you through the process.
1. Check your credit history and credit scores. Mortgage lenders are more difficult to impress today than in years past. You should be aware of all three credit scores and all negative information on your credit report before you allow a lender to run a credit check. Clean up any blemishes on your report if they may hold you back from an approval.
2. Get your personal budget in order. You have to know how much you can afford to spend on a home before you even start looking around. Why set your heart on a house you cannot afford?
3. Pre-qualify for a home loan. The bank will ultimately determine what you can afford to pay for your dream home. It is always better to get pre-approved than to spend weeks or months house hunting only to find you do not qualify for as much of a loan as you expected.
4. Determine the ideal location for your home. The local environment should be considered, as well as distance from your work, your children’s school, and other places you frequent.
5. Decide how much space you need inside and outside. Consider the number of people to live in the home, whether you want to own pets, and if you need storage buildings outside. Also consider what you may want to do with the land around your home, such as gardening and landscaping projects.
6. Make a list of essential home features that you cannot live without. This list will help you eliminate many potential homes when you start shopping around.
7.Explore homes currently for sale in your ideal location to see what they are going for at the moment. If there are smaller sections of your desired location that have cheaper prices or lower property taxes, you should consider that in your final decision.
8.Check into foreclosures, auctions, and short sales currently available in your ideal location. You never know what deals you may find in today’s market.
9.Work with a realtor to take tours of homes you may be interested in buying. Explore every available home in your price range and desired location. You have the right to be picky. You will be in this house for a long time to come.
10. Follow through with all inspections to ensure the home is structurally sound. You do not want the expense of major repairs right after making a purchase.
Once you have identified a home that offers your list of essential features and which is in the perfect area, you can go back to the lender and make use of your pre-qualification for a home loan. As long as your financial information and credit scores have not changed, you will be closing on your dream home as soon as it passes inspection!
Tell everyone, yo!