Every purchase is unique! These general tips are a fantastic general guide when getting ready to purchase a property.
Budget!
Budgeting is important ! Whether you are a Cash Buyer or Getting a Loan it is important to make sure you have budgeted what you can afford and also put money on the side for extra costs (fixtures, updates, etc.)
Extra Costs
Asking for a NET Sheet is extremely helpful! This is a great guide so you have an idea of what other costs you might have when purchasing a property.
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Ex: Appraisals, Survey, Title Company Fees, E-Recording, Deed Recording, Insurance, Flood Insurance if applicable ...
MUST Have's vs Nice-To-Have's
Being realistic with you budget and knowing what is a must have will be key to finding the right property. Some properties have everything one needs, and others have the potential to make it your own. Discussing this with your real estate agent will facilitate the search by narrowing down the options.
Ex: Three Bedrooms and Two Bathrooms is a must .
Getting Pre-approved
If you don't know what you can afford, getting pre-approved and having a meeting with your lender and your realtor together is a great way to start the process. Getting pre-approved helps determine your true budget and set realistic expectations on to what it will cost to purchase the home and the monthly payments plus other costs.
This will help you answer questions like :
How much should I put aside for closing costs?
How much of a downpayment will I need?
What are the interest rates ?
What is the price range I should be focusing?
Am I ready to buy?
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Look at the bigger picture
Evaluate the layout and the flow of the house. Sometimes paint and some fixtures items may throw one off, but that can be easily changed!
Look into the size of the rooms, and storage and keep in mind that there is always room for improvement to make it your own.
"Search Area"
Narrow down the area where you want to live that fits your lifestyle.
How far are you okay with driving to work?
What can you afford --down payment, and monthly costs?
What schools do I want to be close to?
Would I like to be on the outskirts or would I prefer to live closer to downtown?