5 Steps To Buy Your Dream Home

Dated: 11/17/2015

Views: 191

Whether you’re a first time home buyer or looking to buy a new home, finding the right home to fit your needs may prove to be a challenge.  Believe it or not many times it’s the buyers that are unaware of exactly what they want.  It isn’t not until the actual search begins that the potential buyer realizes their needs.  In an effort to save time and find the right home for your budget we put together 5 steps to buying your dream home, check it out!

Feature photo Photo credit:Photo credit: tnssofres / Foter.com / CC BY

Budget/Buying Power

Before you physical search begins, figuring our your buying power is key.  The first step should be to get a pre-approval from a bank for lender.  This will allow you to not only be aware of just how much house you can actually afford but it also lets potential sellers know that you’re a serious buyer.  Having a pre-approval letter helps when negotiating for a home just like having cash on-hand.  Without a pre-approval it will be almost impossible to budget just what you can afford, allowing you to factor in costs such as HOA’s/Condo Fees, repairs and items to furnish the home.

 

Location/Lifestyle

Typically the rule of thumb is the closer you are to the center of a city the more you’ll pay for less square footage.  So the flip side would be the further you are the more house you get for your buck.  Therefore there must be a compromise.  Do you prefer more of a city life close to all the action and don’t mind giving up space or do you prefer to be further away possibly a quiet suburb with plenty of room to stretch your legs. Whichever your preference may be, this should be the first decision you should make.  Not only will it save your time and your realtor’s time, but it will also make you a more informed shopper.

 

Needs/Must Haves

Somethings you may not be willing to comprise on.  Sure giving up space is one thing but features such as a garage, finished basement, balcony etc. may be a must have.  Figure what exactly your needs are and inform your agent.  This will ensure that everyone is on the same page saving both time and energy.

 

Timeline

How soon are you looking to move?  Do you need to sell your home before you move?  Waiting for your lease to expire?  Whatever your circumstance is be sure to have a firm timeline regarding your available move dates.  Having to pay two mortgages or having to place your belongings in a storage unit until closing is definitely something we all would like to avoid.

 

Representation

There are many websites that have made buyers more knowledgeable than ever before regarding homes and inventory.  Finding a home you want is just a portion of the tasks needed to purchase a home.  Negotiating price and terms, finding the best lender, insurance, inspection and just about all unforeseen issues should be handled by a trained professional agent.  Finding the right agent will ensure you the best deal and the smoothest closing possible.

Boots Levinson

We are so much more than a full service real estate firm; we're a group of talented people with a passion for finding the best way of living. People who make every effort to help you live who you are.....

Latest Blog Posts

Luxury Living At The Aria In Center City

Unparalleled. Unprecedented. Unrivaled. One of Philadelphia’s most prominent 1920’s Beaux-Arts buildings, Aria, located at 1425 Locust St.,  is superior residential living in Center City.

Read More

25 SENSATIONAL THINGS TO DO IN PHILLY THIS WEEK

Fall officially arrives this week, and with the change of season comes dozens of autumnal excellence in the city and the region.Some of the season’s most exciting art exhibitions continue outdoors

Read More

Six Reasons Why You Should Use A REALTOR

Whether you are a first timer or old seasoned pro, home buying and selling is one of the biggest investments you may ever do in your life time.  Here is a short and well articulated article on

Read More

WEEKEND Activity Picks

It’s going to be a gorgeous late summer/early fall weekend in Philadelphia, with a ton of great things to do around the city.Hop on one of 27 lit pedicabs for a free (!) ride on the Benjamin

Read More