Wanting or deciding to buy a home are two different things. The first is a desire or an emotion. The second is a goal and a commitment to achieve it. What goals do you set when planning the of purchasing of a home? Is this something you'd like to do, but could just pass if it seems too hard or life becomes busy? Or, is this a process that leads to an ultimate goal?
If you are ready to commit to the goal of buying, below are eight tips to help you on the path of achieving it.
1. Decide where you will buy. Location is a key factor in sustainable value and rate of appreciation over time. The best returns come from buying the best location you can afford. Spend time discussing your choice of housing, neighborhoods, and special features.
2. Decide when will you buy. Buying a home is not something to rush into yet taking a long time does not necessarily make your choice a better one.To facilitate a sound buying decision, project ahead three months at a time to see what external factors in your life and career might disrupt buying momentum, or add additional advantages to the timing. Keep in mind, that if your Offer to Purchase were accepted today, you would probably not move in for 30 to 90 days depending on the sellers' plans and yours.
3. Decide what buying will cost. Set a budget for the entire project, not just the mortgage. Your Realtor can help prepare a full financial projection of costs.
4. Decide who will coordinate your buy.The professional team you put together can make all the difference. You're not looking for new friends, so concentrate on ability. Their knowledge and ability to have a strategy on your behalf matters. The Realtor you select must understand how to make success happen.
5. Decide which you will buy.It's not how many properties you view that will ensure success, but whether you see the property that best suits your needs and wants. You may decide to stay on alert for new listings in the best neighborhood and street you can afford. Time invested in preparation will enable you to act quickly when the ideal property hits the market. If you decide an alternate strategy that seeks price advantages with properties that do not show well, still search out the best location you can afford.
6. Decide what you will buy.Stay on point and avoid getting carried away. Your Realtor will help keep you focused, but you need to be sure you know what features you want and need. Does proximity to schools or public transportation matter? What will your home-based business require? Will an income-suite enable you to buy an even better location? Write your list of must haves down and check it when you view properties.
7. Decide what value you can add.Do you have skill with interior design or home renovation? Or, will you hire the expertise you need? Concentrate on improvements that increase functionality, affordability, comfort, and resale, not just changes in decor.
8. Decide how you measure success.Short of having your Offer to Purchase accepted, how will you know how well you're progressing? If you don't track time and the properties you've seen, you may become overwhelmed with detail and confused. While you're set on your decision to buy, interest rates, the economy, and many other variables may change. Focus is the key. Organization will ensure your success.
All The Best,
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