* Assess your needs and wants: Before you get started for searching house, it is important to assess the fact of what are your requirements and needs. Pen down all the things that you want it to be present in your house like the location, size of the house- how many rooms and bathrooms, the parking space either a one car garage or two car garage, the style of the house, and your other specific requirements. Next, it is equally important that you also pen down the things that you do not want to be present in your house like: high traffic area, the area should not be noisy, etc. When you are looking out for your house, it is important that you keep both of these list or requirements in mind. It is important to note the fact that the list may vary once you start looking for different houses and then you will come across some of the features that you want and do not want in your house. It is important to realize the fact that you will not find the perfect homes, however some of the experienced homebuyers will teach that the perfect homes cannot be found but they are made perfect homes through hard work.
* Arrange for your credit report: It is important that you arrange the finance through your sources. These days before anything else, finance is the first and foremost requirement to blossom your dreams. You need to review and clean up your credit report, we need to realize that we need to maintain a clean credit report periodically so as to stop the hindrances in availing credit in future course of time. You need to take efforts to get your credit status get cleared like pay the dues or negotiate with the other party to close the debt. Get written agreements about your clean credit history. Arrange for sufficient amount of money to purchase your home and meet the various requirements.
* Analyze the different home buying options: Know what would be the right kind of property that you are looking for: like are you intending to buy a HUD property, or a foreclosed property, or a property which is directly sold by the owner. Your search can be easily fulfilled with the online options that are available, there are a number of websites like wherein you can view the images of houses and review their various features.
* Pre-approval for loan: There are a number of benefits that you can have by getting pre-approval for getting loan like you can easily clarify the price you afford and once you get the right kind of home you can immediately place the order. Finally you need to select a real estate agent that can help you to find the apt house as per your needs.
Do you plan to live in your new home at least three years? Are you financially prepared? Steady employment, a good credit score and a 20% down payment are needed to obtain the best mortgage rate. Is it the right time to buy? (See "3 bad reasons to buy a home.") If area homes have experienced huge appreciation over the past five years, prices are bound to return to a more affordable level. Don't count on your home to be a great investment. Historically, the stock market outperforms real estate as a hedge against inflation. (See "Why rent? To get richer.")
Ready, set, research Once you're ready to take the plunge, figure out what you can afford. Many lenders prefer that your housing costs -- mortgage, property taxes and homeowners insurance -- amount to no more than 33% of your monthly gross income, but some will go much, much higher.
If you're buying in an inflated market, a fixer-upper is a good choice. (See "7 creative ways to buy your first house.") You can buy anything from slum dwellings to upscale homes if you're looking into the foreclosure market. Don't count on massive cost savings. (See "The safest ways to buy foreclosures.") Select an experienced, full-time real-estate agent before you begin your search. Ask friends and family for referrals. Check newspapers and Web sites to see which agents are working hard to market homes.
Interview at least three agents. Contact references and verify the agents' record of integrity with the state licensing board. Realtors -- agents licensed by the National Association of Realtors -- must abide by a code of ethics. Realtors also have access to the Multiple Listing Service. Make sure you can work with your agent. The average home shopper looks at 15 houses before buying. Know who your real-estate agent represents. Unless you have a buyer's agent, your agent will be working for the seller. Shop for a loan.
Compare the APR -- annual percentage rate -- detailing the interest and fees you'll be charged to get the loan. Those who participate in first-time-homebuyer programs should beware. Is the loan officer paid a commission after steering you to a particular program? Compile a home wish list. How many bedrooms do you need? Are good schools and access to public transportation priorities? Do you need a large fenced yard?
Most people purchase a single-family home. Other options are available, like condominiums, tenancy in common (see "Tenancy in common questions and answers"), stock cooperatives and co-housing. (See "Co-housing.") When you find your dream home, do more homework.
Talk to residents about what they like and don't like about the neighborhood. Observe traffic patterns. Check the zoning on vacant lots. Ask your real-estate agent for a written comparative market analysis to see if the asking price is fair.
More steps for your protection If you're satisfied, it's time to present an offer listing the purchase price, earnest money, the closing and move-in dates and other details.
Once negotiations are complete, take several steps before you go to closing, the final meeting where you sign documents and take possession of the house.
Get a home inspection, preferably by a member of the American Society of Home Inspectors. Attend the inspection and read the report. If the home has problems, ask the seller to agree in writing to make the repairs.
Compare rates for homeowners insurance. An additional policy is needed for a home in a flood zone or earthquake-prone area.
A home warranty may make sense if you're buying an older home. Read the fine print to learn what the policy will cover. Note that warranty companies prefer to repair rather than replace broken items. (See "A home warranty is no guarantee.") If you're planning to sell your house, keep the following in mind:
Set a reasonable asking price. If the price is too high, your home won't compare well with similarly priced houses, and you won't even get shoppers, let alone a buyer. Hundreds spent on landscaping, paint and deep cleaning can add to its value by thousands. (See "Speed your home sale with these fast fix-ups.") Bake cookies before you show your home. Make sure your real-estate agent has a detailed marketing plan that includes Internet exposure. Or explore ways to reduce the agent's commission. (See "3 ways to pay lower real-estate commissions.") Desperate to sell your house but now owe more than you can get? Persuade your lender to take a "short sale." (See "Facing foreclosure? 9 options.")
Both Sharon & are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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