With the new year, many people evaluate their situation and plan goals for themselves. The most popular New Year’s Resolutions revolve around health, wealth, and quality of living. Your home might be a big part of both your wealth and your overall quality of living. Now is the perfect time to decide whether buying a new house is or should be part of your plans. If you want to make a change this year, think about what you want and need in a new home and estimate what your budget will afford before you go out looking with a real estate agent.
Preparation will help make this large and sometimes overwhelming transaction go smoothly. Make a list of the items that you want and need in your new house. If it’s important that you have a three car garage for your teenage driver, make sure that’s on your ‘Must have’ list. If you would love a back yard pool, but would be ok with a neighborhood pool, that might be on the ‘Nice to have’ list instead. Buying a new house can be an emotional process. If you’re honest with yourself about what you can and cannot live without before you start looking at houses, you might be able to remove some of the emotion from the decision-making process.
Once you have a list of the ‘Must have’ and the ‘Nice to have’ items that you’re looking for, start looking for a great Realtor. A good Realtor should be able to help you narrow down your search and identify neighborhood and houses that meet your criteria. A great real estate agent will listen to your needs and concerns and help you make decisions about which homes will work for you based on your feedback. Your agent will ensure that you understand the purchase process and that you feel confident about each step of buying your new home.
After you find the right house, making an offer that gets accepted will be faster and easier if you also have a pre-approval letter from a bank or mortgage broker. If you have not identified a bank or mortgage lender, your real estate agent will be able to recommend someone that they’ve worked with in the past who will help you obtain the pre-approval letter and ultimately the loan for your new house. It’s helpful to check your credit and pull together financial documents in advance if you’re thinking about buying a new house. No matter when you plan to buy, it’s always a good idea to know what is going on in your finances. If you take the time to look at your credit score now, you might be able to correct errors or make changes that improve your credit score by the time you plan to buy your new house in the Spring.
We hope you will give us a call if you’re planning to buy a new house in 2020. We’d love to help you find the right house for the next decade.
Enjoy the Adventure!