Planning Your Purchase

If you approach the home buying process thoughtfully and with good preparation, you are much more likely to buy a house you'll be proud to call home, and one that will reward you with good value.

When approaching the task of buying a home, there are several major things to consider:

  • How much house do I need?
  • What factors are most important to me?  schools, commute, neighborhood...
  • What size mortgage can I afford?
  • How can I find the best loan?
  • Where will I come up with a down payment, and how much will I need at closing?
  • Should I buy a new or resale home, and which will go up in value more?
  • Am I willing to do some remodeling in order to get a better price?

And these questions are just the beginning. Buying a home is one of the largest financial transactions in your lifetime - so do your research so you know what you’re doing, and what choices you can make.

Here are the two most important things to remember no matter where you are on the road to home ownership:

1. You can and should understand everything that is happening in the home buying process.

There is nothing that is so complex that it can't be easily explained to anyone with average intelligence. Just because you don't apply for a thirty year mortgage once a week doesn't mean you have to take the first one that comes along. You'll need to learn some new terms, apply some new concepts and take the time to understand what you're getting into.

If, at any point, something happens that doesn't make sense to you, simply demand a full and complete explanation. If it still doesn't make sense, seek help from someone you trust like your CPA, your banker or maybe an online real estate columnist.

2. In the world of real estate sales, YOU are the most important person in the entire process.

It's easy to think that everyone else carries more weight than you. The agent may talk fast and seem to have an  answer for everything.  In fact he should have, or get, an answer for just about everything. The lender may use all kinds of unfamiliar terms, and he may decline your loan application or ask seeminly endless questions, and so on and so on.

But the truth is that you, the buyer, are the one person in the transaction that makes it all happen. If you decide to not buy, the entire process comes to a grinding halt.  If you are not getting the answers you need, it should come to a halt, until you are confident about your decisions.  Surround yourself with a team of professionals that you have confidence in and make them work for you.

Approach home buying with intelligence and confidence, and by doing your homework, and you are more likely to buy a house that is both a good home and a good value.