Is Buying a Home Your New Year Resolution for 2011?
We are snowed in here in the Northeast so it is a good day to stay inside and think about the upcoing new year. What are your resolutions for the New Year?
If you are considering buying a home in 2011, it is a good time of year to start planning for your home search. If credit is a concern, Charita Cadenhead wrote a great post about steps to improve your credit. If you have credit problems or even if you are not sure, follow Charita's advice by requesting copies of your credit report. If there are problems or concerns, follow this step by step approach that will give you the tools to improve your credit. That will put you in the driver's seat when it comes time to apply for your mortgage. This should be done before you think about looking for a home.
Perhaps you have already decided that this is the year you will buy a home. The first thing that is in order is to obtain a solid mortgage preapproval. Make sure you disclose everything when meeting with your mortgage advisor so that he/she can give you a solid preapproval that will eventually turn into a loan approval. Are you self-employed or maybe an independent contractor? Let your mortgage advisor know. If you have some credit issues, make sure he/she knows about that too. Getting these items out in the open and resolved will save you time and heartbreak in the future. And when you are ready for that preapproval to be issued, here is a good tip about getting the preapproval letter to be written to your advantage.
In terms of the house itself, take some time to think about your priorities. The first priority is usually price as we are all bound by what we can afford and not afford. As for the rest, make list of what you want and do not want in your home. Then, try to prioritize what is more important. Think about what you might be willing to give up in order to get some of the other things that you want. Many buyers get stuck when looking for their first home because they want to get EVERYTHING on their list. Even in a buyers market, this is not always possible. So, is it location that is most important? Or maybe size? Perhaps the back yard? Take some time to discuss and think about it. This will put you in a better position to make a decision once you have looked at some homes.
Finally, find yourself a good buyers agent who is familiar with the area where you are looking to buy. A good agent will be an invaluable tool as you start your home search.
If you are looking to buy a home in Canton, MA or a Norfolk County community, contact Christine Smith to find out how you can use the services of an Exclusive Buyer Agent and Attorney at no cost to help you with the purchase of your home.
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Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field.
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