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Whether you are buying your first home or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it’s an emotional period laden with many choices and decisions. You want to ensure that the home you purchase meets your family’s needs now, and in the future.
 Each of these decisions often involves money. When you consider all that money represents, you’ll want to ensure that you don’t pay too much. This article helps you become a savvy buyer, by pointing out some of the common pitfalls in the home-buying process. These include such things as:
- Knowing what you want before you shop
- Taking your time to shop
- Choosing the right realtor
- Remaining objective while viewing potential homes
With this information, you’ll be closer to finding your ideal home. 1. Before you shop, create a "Needs vs. Wants" list
Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it’s nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, or an in-ground pool, these are usually considered luxury items, which can add considerably to the price of your home. That’s the reason it’s a good idea to create a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you can consider additional desires, if you can manage these benefits financially. With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items. 2. Before you shop, get pre-approved
Talk to your agent as they will know qualified lenders and mortgage consultants that can help you in this process; or visit your financial or lending institution prior to home buying. You'll quickly know the amount of mortgage you're eligible to receive. Be sure to get a mortgage commitment in writing. Most importantly, this let's sellers know that you're a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You’ll have less negotiating power if you have to wait for mortgage approval. Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you’ll be one step closer to purchasing your home. These are just two things to keep in mind when purchasing a home. Instantly have 20 additional tips to be aware of emailed to you:
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