Youâ€™ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
HOW TO Prepare To Buy A Home
Talk to mortgage brokers.
Many first-time home buyers donâ€™t take the time to get prequalified. They also often donâ€™t take the time to shop around to find the best mortgage for their particular situation. Itâ€™s important to ask plenty of questions and make sure you understand the home loan process completely.
Be ready to move.
This is especially true in markets with a low inventory of homes for sale. Itâ€™s very common for home buyers to miss out on the first home they wish to purchase because they donâ€™t act quickly enough. By the time theyâ€™ve made their decision, they may find that someone else has already purchased the house.
Find a trusted partner.
Itâ€™s absolutely vital that you find a real estate professional who understands your goals and who is ready and able to guide you through the home buying process.
Make a good offer.
Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure itâ€™s appealing to a seller.
Factor maintenance and repair costs into your buying budget.
Even brand-new homes will require some work. Donâ€™t leave yourself short and let your home deteriorate.
Itâ€™s easy to get wrapped up in your present needs, but you should also think about reselling the home before you buy. The average first-time buyer expects to stay in a home for around 10 years, according to the National Association of REALTORSÂ®â€™ 2013 Profile of Home Buyers and Sellers.
Develop your home/neighborhood wish list.
Prioritize these items from most important to least.
Select where you want to live. Compile a list of three or four neighborhoods youâ€™d like to live in, taking into account nearby schools, recreational facilities, area expansion plans, and safety.
Heather Stanfield, Licensed Real Estate Broker in Oregon & Washington State....