purchase-homeworkIf you are considering the purchase of a home for the first time you may be wondering what is involved. If you have an unsuccessful past experience in attempting to buy your own home it might be that there are painful memories of having your heart set on a particular property, one that got away.

Even if you are currently occupying your residence as a homeowner you still might be forgiven for dreading the idea of moving to a more preferable home. Here is a breakdown of the things that you have to be prepared to do to make your next home purchase happen and for it to be a positive experience.

Get Your Credit House In Order

Do you know what is your credit score? If you do not then you probably have not pulled your records from the three main consumer credit scoring agencies recently. The simplest way to do this is to use the only official website designated for that purpose at AnnualCreditReport.com.

Figure Out How Much Home You Can Afford

You need to establish the price range of what is affordable in your budget. This is a matter of determining your weekly, monthly, seasonal and annual expenses as well as payments on loans and credit cards.

Decide Where You Want To Live

Find the neighborhood you like and where the prices fit your budget. Also find information about local schools, crime statistics and any other factor that will make the difference in your quality of life.

Start Saving For A Down Payment

Ideally you will have enough for all of your costs plus twenty percent as a down payment. You can certainly purchase with less but the costs will start to rise when you have less.

Get pre qualified or preapproved

This is where the earlier steps you’ve taken begin to pay dividends. When you apply for a loan there are many variables that play into the final selection of the right financial package. However, you will get a better deal if you have better credit and cash to cover a larger down payment.

Research Agents Carefully

Realtors will take you more seriously if you are already prequalified. In fact, you will be in a position of strength if they see that you are prepared and prequalified. You should research carefully in selecting the agents that you work with. Not only should they be agreeable, they should have a reputation that you can confirm by third party sources such as past clients and social media.

Be Prepared To Have Prospective Homes Inspected

Again, you want to have all of your tools lined up because, when you find a home you want, you need to be ready to take action. Having a home inspector on standby, who you can call in at short notice, will put you in the position to negotiate the final deal that suits you best.

Learn About Your Options In Closing Costs

Be prepared to negotiate with the seller on this. When you have your resources and research lined up you are much more likely to get the deal that you were hoping for.

Start Touring Open Houses

Start visiting open houses early on in the process to speak with realtors and to get an idea of how the process works. The more experience that you have when you find the one home you really want the better you will be able to negotiate and to search.

Get Ready To Move In

Develop a plan of action for moving in, a strategy to get it done once you close escrow and have the keys in your hand. Preparation is the best solution to minimize stress and confusion on moving day.

Purchasing a home is an important step in life and one that can be rough on the uninitiated. When you start out by doing your homework and making preparations early you find that the process goes much more smoothly from start to finish.