Getting Started on Buying Your Home
For most people, a home is the single largest investment they will make in their lifetime. It goes without saying that taking some time to research real estate options and evaluate needs and wants in a home is extremely important. There are many factors that have an impact on a buyer’s decision: what city; what amenities (schools, shopping, entertainment); how long is the commute time to work; what is the area’s dominant home style (1 story, 2 story, 4 bedrooms, brick, stucco, etc.); do the lots have small or large yards; how much home is affordable. Here’s a few tips and advice to assist buyer’s in identifying the requirements for a home and to help determine what is affordable:
Probably the most important task is obtaining a credit report and reviewing it for accuracy or “warning flags”. If there are any errors, follow the instructions provided with the report and contact the credit bureau. The instructions are generally easy to follow so paying some “credit repair” company to follow them is not usually necessary. If there are legitimate problems that cannot be disputed, only time can help resolve their negative influence on the credit rating.
This may be obvious, but save money for a down payment and the closing costs associated with a home loan. Reduce, or eliminate, as much debt as possible, and refrain from applying for any additional credit cards. Also, wait until after the home is purchased to buy large-dollar items such as appliances and furniture.
There are plenty of free real estate publications available in printed form and online. Browse through these resources to help get a feel for what types of homes are available, what the homes cost, and what different neighborhoods have to offer.
Plan some weekend time to look at open houses. There is no cost to look at homes and looking may help identify some features that weren’t considered beforehand.
Something that many buyers forget to consider when choosing a location is local zoning laws and the zoning classification of the land nearby. The home may be perfect, with an empty expanse of land adjacent to the backyard, but what is that land slated for? Farming, commercial property, or more residential units? Also, restrictions may exist that prevent home-additions or remodeling.
Bonnie-jo provides many services related to the entire home buying process. She will help determine how much house is affordable, offer insight into the various real estate markets in the Albuquerque metro area, customize a home search, show all the homes fitting the criteria, and complete all of the required forms and documentation when it’s time to make an offer.
