Roadmap to Buying a Home


Involve the family

Long before we start driving neighborhoods and touring model homes, we should get input from everyone affected by the move. Begin with a family meeting to talk about everyone’s wants and needs. Discuss things like schools, neighborhood amenities, desired commute time, and proximity to shopping and doctors. What does each person like and dislike in the current residence? And, if we have to choose some things over others, what are the most important criteria to each person?

Prioritize

It’s the rare family that finds a home that fulfills every item on every family member’s wish list. It’s important to understand the difference between:

  • Needs: What are the non-negotiable items? The things we must have or we will not buy the house.
  • Wants: What are the things that would be nice to have, but we could live without them?

This list will help you evaluate one home over another. If both have all of your needs, but one has more of the things you want, the choice is easier.

Know What You Can Afford

Before we spend a lot of time shopping, it makes sense to find out how much home we can afford. By getting pre-approved for a loan, we know the budget and can make the most of available shopping time. In addition, sellers tend to take pre-approved buyers more seriously when it’s time to make an offer. They don’t have to worry that, if they accept the offer, the buyer won’t be able to qualify for a loan. Click here to see how it takes less than 20 minutes to apply and receive a loan decision. Check rates, learn about  loan products, and get a real loan decision in seconds.

A lender looks at three things to determine how large a mortgage an individual can afford: income, monthly debts, and credit scores. This calculator can give an idea of how much an individual can afford to spend on a home.

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Start Shopping!

Driving around neighborhoods that appear to match needs is the next step. Take a look at the condition of the homes and yards. Check out the area amenities. Playgrounds, pools, biking trails, traffic patterns and lot sizes should be discussed. The commute to work in both time and hassle should be considered. Talk next about the social aspects of the area. Interested in a close knit neighborhood with lots of interaction? Or is quiet and solitude more appropriate? What about children in the area: are playmates for children important?  Does a new community with newer homes appeal, or is a more settled feel of a more mature neighborhood best? At this stage, the specifics of the home are not as important as determining the overall lifestyle you want to create.

If saving time and ultimately money is important, consider engaging the services of a professional to help in these areas.

Get Professional Advice

Buying a home without a real estate agent can be completely overwhelming. A real estate agent’s job is to help find the home that best meets needs, wants and budget. They will guide employees through the process, from comparing prospective properties, to negotiating the offers, to making sure all the necessary paperwork is ready for loan closing.

Choosing the right agent also can be overwhelming. After all, they will be helping with perhaps the biggest investment in your employee’s lifetime. Members Home Advisor REALTOR® program can help.