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Buy a Home Buying
a Home
As a HUD-certified housing counseling
agency, SPRINGBOARD® is here
to help you make the most out of
your homebuying experience.
It's a very good idea to schedule
a counseling session with us if
you're planning to purchase a
home soon. Just call us at 1-877-Wise-Plan
(877.947.3752) and we'll be there
to help.
We've also prepared some tips to
help you as you begin your journey
toward home ownership.
Before You Buy A Home
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Make a wish list of what you would
like in a home (remember your wish
list sometimes exceeds your budget,
so be prepared to make some compromises
if necessary).
Your wish list should include the
following: number of bedrooms and
bathrooms, family room or den, size
of kitchen, room for expansion,
two or three-car garage, fireplace,
swimming pool, air conditioning,
storage space, etc.
Now you are ready to start looking
for a home:
- Hire an agent to help you with
your search.
- Tell your agent what price range
you can afford, the area you are
interested in, show your agent
your wish list, indicate which
things on that list are "must
have" and which are "nice
to have." Spend some time
talking to your agent about what
kind of house you envision yourself
living in. Make sure your agent
knows you are pre-approved.
- Have your agent show you some
recent sales in the neighborhood
where you are looking to buy.
- Make yourself available as much
as possible to look at homes.
- Don't make an offer on the first
house you see, spend some time
looking at what else is available
in that neighborhood.
- In a hot market, however, be
prepared to make a quick decision
or else your dream home could
be sold before you know it.
- When you make an offer, suggest
a short escrow period; this will
help sell your offer.
- Once the offer is accepted,
hire a competent and independent
home inspector.
- Be present at the inspection
and don't be shy to ask questions.
(These tips brought to you courtesy
of Allstate Funding)
Before You Start Looking
For A Home
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- Establish a budget of what monthly
mortgage payment you can afford.
- Establish how much you can put
as a down payment.
- Go to a lender to get pre-approved;
it will make your search for a
home much easier, and sellers
are more willing to negotiate
if they have a qualified buyer.
- Check out the various neighborhoods
in which you would consider living.
Go at different times of the day
to check traffic and traffic noise.
- Check the schools in the neighborhood
of your choice (a good school
district adds value to your home
when you are ready to re-sell).
(These tips brought to you courtesy
of Allstate Funding.)
Top Ten Mistakes Homebuyers
Make
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top)
- Don't buy a home until you have
sold your current home, unless
you are willing to make two mortgage
payments.
- Don't look at houses you can't
afford. After you have been looking
at homes out of your price range,
it seems that nothing else is
quite good enough. So figure out
how much you can afford ahead
of time.
- Don't move into a neighborhood
you know nothing about. Spend
some time getting to know the
neighborhood to which you want
to move.
- Don't buy the first house you
see. If you like the first house
you see, don't be tempted to make
an offer right away. Look at a
minimum of ten other homes before
you make that offer.
- Don't spend more than you feel
you can afford. Even if you qualify
for a larger mortgage, find what
you are comfortable with and stick
to it.
- In a hot market, do your homework.
Then when a house comes on the
market you really like, you'll
be ready to make an offer. It
is a heartbreaker to find a home
you really want but were too late
making an offer on because you
were indecisive.
- Don't buy the wrong size house.
Try to look ahead 4 to 7 years
from now; will that house be big
enough for you? Are you planning
for more children? Are elderly
parents going to move in with
you? Think about that, and plan
accordingly.
- Don't buy a house that is difficult
to resell. If a house has been
vacant and for sale for a long
time, find out why. When buying
a house, think about how hard
it will be to sell when you are
the seller.
- Make sure you get the right
mortgage for your situation. Start
by knowing how long you think
you will live in that home, then
choose the right mortgage that
will give you the best terms.
- Get the right homeowner's insurance.
You should always purchase guaranteed
replacement insurance. Make sure
you have enough coverage on the
contents. Also check for special
government-sponsored disaster
insurance for some areas: earthquake,
flood insurance, etc.
(These tips brought to you courtesy
of Allstate Funding) |
