Build a Plan of Action and Get Ready

Laying the Groundwork for Buying a Home

Buying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress.

It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there. Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.

First, ask yourself how much you can afford to pay for a home. If you’re not sure of the price range, find a lender and get pre-approved. Pre-approval will let you know how much you can afford, allowing you to look for homes in your price range.

Getting pre-approved also helps you alleviate some of the anxieties that come with home buying:

• You know exactly what you qualify for and at what rate
  
  

• You know how large your monthly mortgage payments will be
  
  

• You know how much you will have for a down payment
  
  

Once you are pre-approved, you avoid the frustration of finding homes that you think are perfect, but are not in your price range.

Second, ask yourself where you want to live and what the best location for you and/or your family is. Things to consider:

• Convenience for all family members
  
  

• Proximity to work and school
  
  

• Crime rate of the neighborhood
  
  

• Local transportation
  
  

• Types of homes in the neighborhood, for example, condos, townhomes, co-ops, newly constructed homes, etc.