How to Not Pay Too Much for Your Home - steps 1 & 2

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, its an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your familys needs now, and in the future. Each of these decisions often involves money. When you consider all that money represents, youll want to ensure that you dont pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, youll be closer to finding your ideal home. 1. Before you shop, develop a needs vs. wants list Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While its nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home. Thats why its a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially. With such a list in your hands, youre less likely to be caught up in the excitement of the pursuit. Youll have a good idea of what you want, within you price range, and if you can afford those additional items. 2. Get pre-approved prior to shopping Visit your financial or lending institution prior to home buying. Quickly, youll know the amount of mortgage youll receive. Be sure to get a mortgage commitment in writing. Most importantly, youll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. Youll have less negotiating power if you have to wait for mortgage approval. Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, youll be one step closer to purchasing your home.

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