subject: Beginning The Search For A New Home [print this page] Searching for a new house can be stressfulSearching for a new house can be stressful. Whether you are buying or renting, it can be hard to find the perfect place and also stay within your budget. If you want to make the process easier, there are a few things you need to do before you begin looking for your new home.
Know What You Want
You need to have a clear idea of what you want in a house before you begin searching or you run the risk of moving into a house that you will not like or that will not meet your needs over the long run.
Before beginning to look for your now home, you need to sit down with your significant other and the rest of your family and decide what features your new houses needs to have. This includes practical features such as the number of bedrooms and bathrooms, but it also includes things like the layout of the kitchen and the size of the backyard. When you finish this list, go through and prioritize it so that you know what the most important features are and what you can do without if necessary.
Know What You Can Afford
The next step in your house-hunting journey is to know what you can afford. You may want a split-level four bedroom house on a two-acre lot with a pool but that does you no good if you cannot afford it. Go through your budget carefully and decide on the maximum monthly payment you can comfortably afford.
The key word in this process is "comfortably." That means you need to make allowances for all of your other bills, for emergencies and for savings. If you are buying your new home, you also need to allow for insurance, property taxes and routine maintenance. Under no circumstances should you go over this figure. If you have to stretch your budget to make your mortgage or rent payments, you are going to run into trouble when the inevitable financial disaster, such as a car accident or burst water pipe, occurs.
Know What the Bank Will Give You
If you are buying your new home, your next step is to go down to the bank and get pre-qualified for a mortgage. The bank will qualify you for a certain amount based on your income, credit score, amount in savings and other factors. They may be willing to lend you more than your personal maximum but stick to your budget and find a house that is truly within your means.
Now that you know what you want and how much you can afford, you are ready to call an agent and begin looking for your new house.
