When it comes to buying Real Estate, proper preparation is one of the keys to success.

  • Don't want to find yourself in a neighborhood you dislike?
  • Don't want to be making mortgage payments on a house in which you are uncomfortable with?
  • Don't want to waste your time falling in love with houses you can't afford?
In a word, prepare!

    One of your most important tasks will be determining your needs. It can help to avoid either a   nasty disappointment or the pain of buying more house than you need (or can afford). Distinguishing needs from wants will go a long way in preventing expensive mistakes in the house buying process. Establish some basic parameters and stick to them.

How much can you afford?

What you can buy depends on:
  • How much cash you have for a down payment and closing costs
  • How much money a mortgage lender is willing to provide as a loan
  • How much you can comfortably handle in monthly payments
    It would be a very wise idea before you start looking for a house to consult with you financial advisor to check    how much you can afford.

Where do you want to live?

Everyone wants to buy homes in neighborhoods with:

    Most buyers know where they want to buy a house, mainly close to work, friends, family and good recreation.

    • Good school districts (even if there are no children, good schools mean high resale values.)
    • Low to zero crime rates
    • Rising property values

How Much Will The Bank Give You?

Get pre-approved for a mortgage loan at the start of your search for a home.

    Most first time home buyers want to look at homes...  they often shop for a mortgage loan only after they've fallen in love with a particular house. Don't make that mistake! Get Pre-Approved or Pre-Qualified .

  • Pre-Approved - A lending institution has processed your loan application and approved a specific mortgage amount.
  • Pre-Qualified -  An unofficial estimate of the home you can afford (a "pre-qualified buyer" is one who should be able to get a mortgage big enough to purchase the home he or she wants to buy).

Selecting a House?

Start with the basics:

  • Consider the purchase price
    • The value of an inexpensive home is pulled up by more expensive homes around it. In a neighborhood of $200,000 homes, a $150,000 home is a bargain even if it needs $25,000 in improvements. In other words, buy the cheapest house on the block.
    • Property of higher value is pulled down by lower priced property. A $200,000 house will be hard to re-sell on a block where the other homes are selling for $175,000. Never buy the most expensive house on the block.
  • Buy a home that can be sold at a profit
  • Find knowledgeable and honest real estate agent who is familiar with your target neighborhoods
  • Work with your agent to find the perfect house.

Negotiate a Price

Ok you found the house that you like, now:

  • Evaluate the Seller's asking price.
  • Ask your agent to prepare a Comparable Market Analysis (CMA) to review neighborhood selling prices.
  • Consider other negotiating points.
  • Decide how much to offer and on what terms.


These are the basics steps in purchasing a home.
Please don't hesitate contact us if you have any questions.


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