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| Seven Steps To Make Buying A New Home An Enjoyable And Intelligent Move |
Buying a new home is one of the most exciting and most important
decisions you will make in your lifetime. For both financial and
lifestyle reasons. However, it may not be apparent if you have
made a good move until months or years down the road, so it is
very important for you to take the time to analyze each step and
each decision BEFORE you make the final move and sign on the
dotted line to purchase the new home.
You can find many web sites that will provide answers to the
questions below, but you may also want to work with professional
to make the best, educated decisions. Here are seven steps to
make buying a new home an enjoyable and intelligent move for
you.
1. Deciding if now is a good time to buy a new home. (Rent vs
buy or even stay where you are)
The reasons for moving are varied. You may have outgrown your
current home. Or you've decided to accept a new job in a new
location. Or you are preparing for retirement and are downsizing
and accessing the profits from your investment in your home so
you can retire. If you are renting now, and contemplating buying
a new home, you may even want to do a rent VS. buy analysis. In
addition, if you are considering taking a new job in a new
community, be sure to analyze the cost of living in the new
community. Will you actually have a better lifestyle after the
move just because you will be taking a new job that pays more?
Perhaps not. Again, web sites with resources are provided below
to guide you in these decisions.
2. Finding out what type of home you can afford today. (Visiting
your local banker or mortgage broker)
To make an educated decision, you will need to talk to a
professional advisor and loan specialist. A few of of your
deciding factors will be:
1. How much is |
your current home worth if you own one. And of
course how much equity you have in your existing home. 2. The
long term planning you have done in the past with your
retirement pension and investments. 3. The price of new homes
that you want to move into. 4. The amount of debt load you carry
now. 5. Your credit report and your credit rating.
You may want to start at your local bank if you have or want a
relationship with them. You can also go to the online mortgage
specialists to compare national offers.
You may also want to work with a local REALTOR because a REALTOR
® usually knows the local money market and can tell you about
financing options. A REALTOR ® can also tell you what personal
and financial data to bring with you when you apply for a loan.
3. Finding the right real estate agent or going it alone.
(Finding the right agent or looking for a for sale by owner)
The Internet has made it much easier pre-qualify yourself for a
home loan and to then find the right home for you and your
family. However, you may still want to work with a professional
Realtor for many reasons. One of the most important reasons may
be that the REALTOR ® is that they have knowledge in many areas
and may make just one recommendation or warning that may save
you time, money and headaches. In addition, a REALTOR ® can
supply information on real estate values, taxes, utility costs,
municipal services and facilities, and may be aware of proposed
zoning changes that could affect your decision to buy. A REALTOR
® also has access to listings of available homes, can evaluate
them in terms of your needs and affordability, and doesn't waste
your time on unsuitable homes.
4. Finding the right community and neighborhood for your family
(You will have different |
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needs at different times in your life)
Are you moving to a new city or just moving within your city? In
any case, you might make many of the same decisions, whether you
are moving within your city to a new city. Do you need to be
near things like access to the night life? Or are these things
more important? Schools. Sports facilities. Workout facilities.
Jobs for you and your spouse. Many of these decisions are simply
dependent on the stage of your life, if are you retiring or if
your family growing.
A simple process that will help you is to take a piece of paper
out and make a line down the middle. Then make headings for
"Must have" and one for "Would be nice". Then write down all the
things you feel would be "Must haves" on the left column and the
things you feel "Would be nice" on the right. Then make a
decision based on the community that has the most or best items
that you must have or need. Again, a REALTOR ® can help you by
working out a realistic idea of the home best suited to your
needs- size, style, features, location, accessibility to
schools, transportation, shopping, etc.
5. Deciding on the right type of home and the right home for
your family. (Do you need a home with room for a family to grow
or a 1 level home that will be easier in your upcoming
retirement?)
What type of home do you want to buy (e.g. a ranch home, a split
foyer, a 2 story, etc.) Or do you need a lesson in the benefits
of each one? Should you buy a new home or an older home? Are you
hoping to buy a home that needs repairs to so you can fix it up
and build sweat equity, or do you want to simply move in to a
new home? Or are you going to build a new home and need to work
with a contractor to buy the lot, dig the basement and build the
home? Again, you may need |
help. A REALTOR ® has no emotional
ties to the homes, or contractors, and can be objective about
them, and can point out advantages and disadvantages while
answering your questions.
6. Preparing for the closing and finalizing your decision.
Although preparing for the closing on your new home is an
exciting time, it is also can be a time consuming and very
important event. If you have made an offer on a home that you
really want, one small snag could keep you from getting it. In
addition, you could lose money if you do not have a clear
understanding of your contract. A REALTOR ® can help familiarize
you with the closing process by explaining it all in advance.
7. Making the move and all the things you need to do.
You're almost in your new home now! Now all you have to do is
move, right? Not quite, but you should be so excited by now that
it will not slow you down. You'll need to write down all the
tasks you need to complete to make it a smooth move. Many web
sites have checklists for moving for you to print and follow for
your move. A few examples are lining up the professional movers
or moving yourself. Hopefully your employer will be paying for
the move, but if not, you'll need a moving truck, a dolly,
packing blankets, and perhaps hired hands to do the moving.
You'll also need to plan dates and processes for things like
changing your mailing address, ordering new services such as
your new phone, cable TV, garbage removal and more.
Again, many web sites have checklists for moving for you to
print and follow for your move and that is the best place to
start.
About the author:
For many more resources to assist you in your move, visit:
http://www.talking-realestate.com
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