Buying a home can be scary as you encounter unfamiliar terms, agreements, and decisions. While the process can be overwhelming, doing some homework upfront can alleviate some initial stress. Today, I’m sharing a few things you should consider before you embark on your homebuying journey.
Get Pre-Approved
During this process, a lender will analyze your income, debt, and credit to determine the amount (if any) that they’d be willing to lend you. That amount then becomes your homebuying budget. Understanding what you can afford allows you to set reasonable expectations, and shows your realtor and sales rep that you are serious.
Know Your Non-nEGOTIABLES
House-hunting is a time-consuming task, so you don’t want to waste any energy previewing properties that don’t meet your criteria. If you require four bedrooms to accommodate your lifestyle, don’t entertain the idea of a three-bedroom home. Create a list of must-haves and only view homes that meet those standards. Anything else is a waste of time.
Let Me Upgrade You
Builders load their model homes with thousands of dollars of upgrades to showcase the home’s best assets. If you’re viewing new construction homes, be sure to ask what comes standard and what will be an additional cost. The base price on the house might be within reason, but you want to make sure that your budget can also cover the granite countertops on your must-have list. Ask the sales rep for the price of any potential upgrades to ensure your new home includes all that you love at a price you can afford.
Speaking of Upgrades
If your budget doesn’t allow for every upgrade you want, understand that you can always make improvements later. Knowing which updates can wait is essential to your homebuying budget. Costly renovations, like granite countertops, are things that make sense to use your builder. However, items like chandeliers and cabinet hardware are projects that can wait. You’ll notice that most aftermarket vendors have more exceptional options for a better price. Prolonging these upgrades not only protects your budget but also increases your design selection. Win-win!
The home buying process can be overwhelming, and you will likely experience a rollercoaster of emotions along the way. By taking these small first steps, you can begin your journey with confidence.
