Finding YOUR Perfect Home. By: The Mortgage Reports Contributor
Finding YOUR Perfect Home.
By: The Mortgage Reports Contributor
How to find the “best home” for your needs
At any given moment, there are millions of homes for sale nationwide.
With so many homes from which to choose, it’s no wonder that finding the “best house” can be a challenge.
However, for home buyers who take the time to think about what they want in a home — what they really want — shopping for the right home can be a lot more simple.
The key is to keep your interests top-of-mind throughout the home-buying process.
Make a list of the features that you require in a home — and those features you could do without — before beginning your search.
There are ten categories to consider, at least.
1. The price of the home
You can’t shop for homes until you know your budget.
To find your housing budget, determine the monthly payment you’d be comfortable making on a home. Then, use a 3-in-1 mortgage calculator to “work backwards” toward your purchase price.
Once you know your maximum purchase price, it’s time to connect with a lender, who will tell you whether you could be approved at your intended home purchase price.
This process is known as a pre-approval. It helps your offer stand out when you finally find a home. It also helps you to avoid the heartache of falling in love with a home you can’t afford to buy.
Once you have your budget set, look for homes that fit.
Searching for homes in a specific price range will narrow your search results for you and will also help guide you in choosing an appropriate location. For example, homes in the suburbs may be more affordable than homes closer to a city’s downtown district.
Keep in mind that it is important to look at houses that don’t take up your full budget.
In addition to the price of your home, you should leave room in your budget for moving expenses, closing costs, and renovations to the home, if necessary.