7 Things to Remember When Buying a Home

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There’s a lot to think about when you buy a home – neighborhoods, schools, square footage. But there are also some basic things to keep in mind. If you remember nothing else, remember these seven tips.

1. Know what you can really afford. There are online calculators and real-live lenders who will help you determine exactly what you can afford. Before you even begin looking at properties, have at least a rough idea.
2. Get pre-qualified for a mortgage. Better yet, work with a lender to find out how much they’d be willing to lend you. Pre-qualification isn’t a guarantee but it gives you a real number to work with based on your income and other criteria.
3. Make a list of must-haves, nice-to-haves, and can-live-withouts. This is your home search, so modify as needed, but this list will help you narrow down your choices.
4. Don’t flaunt your offer to the world. An offer isn’t a contract, and until it’s signed, sealed, and delivered, you don’t have anything concrete. This is especially important on social media. Telling your friends and family you got a “steal” is great – until you discover the third cousin, twice removed of your seller is friends with your aunt and saw the post. It can get ugly.
5. Don’t pick out paint colors or measure the windows for new drapes until you’re the actual owner. Anything can happen from contract to closing. While your Realtor, lender, and title company will do their best to prevent it, the house isn’t yours until you’ve been handed the keys.
6. Respond to requests for information and paperwork. Nothing will slow down a closing faster than a lack of information or signature on a form. If you’ll be delayed, communicate that with everyone involved. If not, get it in as quickly as possible.
7. Don’t buy a car or change jobs at any point during the process. Your closing will be delayed by the new expense or change in employment. In some cases, you might not be able to close at all. Just don’t do it.

There’s a lot to do when buying a home. Depending on your price range and the market, you may have too many options to count. But if you can remember these seven rules, you’ll help make the process much easier and quicker.