By the Woodlands Online Editorial Team
Ready to buy a home? Buying a home is not just about pricing and negotiation. A great deal of the process has to do with how well--or how poorly--a buyer is prepared for making the purchase. This preparation does not need to take a great deal of time, and most of it can be done from the comfort of your current home or office, but it is important to spend some time getting ready before running off to look at specific homes.
Step 1. Decide how much house you can afford. Specifically - know exactly how much home you can comfortably afford. Listen to no one but the voice of your own budget. Your lender, your Real Estate Agent, and perhaps even your boss may have a vested interest in you paying as much--or more--than you should. Don't fall into the currently popular trap of overspending for a house only to find yourself miserable because you have made yourself house poor.
Step 2. Determine whether you want to purchase a home previously owned, purchase a newly built home or build / design a home with a custom builder. Obviously, your budget may help you make this decision simpler. To view available properties ready for immediate occupancy on the Proprety For Sale section of WOL, click here. To view model home options in the Woodlands area, click here. In some cases, the timing of your move may help you make this decision for you. If you are relocating to the area and need to be settled in a home in 4 weeks or less, you may need to consider purchasing an existing home that ready for immediate move-in. If you have six to nine months before you want to move, then you could consider a model home. If you only want to move when you have the house that you've custom designed from ground to rooftop and timing is not an issue, then you would want to look into building a custom home.
Overall, know your reasons for buying a home. Don't simply make assumptions here--"everyone needs to own their own home," "it is the best investment possible," "I simply MUST have a new home" may be perfectly acceptable reasons if they fit your personal situation. First of all, it is a good idea to remember that a home is just that--a place where you can live. Yes, there can be some wonderful advantages to home ownership, including pride and accomplishment, potential tax advantages and the build-up of equity. But it is generally a mistake to attach too much importance to the advantages and not enough to what should be the primary reason: A home is a place where you live. By knowing precisely what your reasons are for buying a home, you will be much more likely to keep everything in clear focus.
Be sure to distinguish between needs and wants. In 21st Century America, the words "want" and "need" seem to be interchangeable concepts for many people. They aren't--they have quite different meanings. Not understanding the difference and believing that a "want" is actually a "need" can be both expensive and find you purchasing a totally wrong type of home. In general, a need is something that is required. A want is something that is desired.
Step 3. When you decide you are ready to buy a home, begin by looking at your financial situation and determining how much you can afford. Pay attention to fixing your credit, because that could prevent you from buying the home of your dreams.
Step 4. Once you decide what you can afford, then you can find a realtor. Once you find a realtor, you can concentrate on search for your house. Look for a house that is in the location you desire and look for a house that meets your specifications, whether that's number of bedrooms or cost of the house.
Step 5. When you find a house that you like, then you should be prepared to make an offer. Make sure that you don't leave anything out of the contract. Once the seller accepts the contract you are bound by that document. Be sure you conduct a whole house inspection before you sign a contract. A whole house inspection not only can prevent problems by discovering defects in a home, it can be a valuable source of information on home maintenance and repairs.
Step 6. Select a mortgage that's right for you. Research your different mortgage options to make sure that you find the right one for you and your budget.
Step 7. Once you select a mortgage, all you have to do is close the deal!
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