10 Step Home Buying Process

Step 4: Look at Homes.

Millions of new and existing homes are sold each year. There's no shortage of housing options, but with so many choices the challenge becomes finding the property which best meets your needs.

The housing market is complicated because the stock of homes for sale is always in flux. If it were possible to have a complete list of every home for sale at this very moment in a given community, such a list would become obsolete within seconds as new homes become available and properties now for sale are put under contract.

In effect, buyers are looking at a moving target in a marketplace that is never static. Because of this, it is important to know as much as possible about the choices in preferred markets, and the way to do that is by working closely with your agent who has a good lay of the land and systems to help you keep track and evaluate homes.

What are you looking for?

A home is more than just a collection of bedrooms and bathrooms. Several properties -- each with four bedrooms, three baths, and the same price -- may well represent radically different designs, commuting distances, lot sizes, tax costs, interior dimensions, and exterior finishes.

Each of us is different and so it's important to list the features and benefits you want in a home. Consider such things as pricing, location, size, amenities (extras such as a pool or extra-large kitchen, walk in closets or master bathrooms) and design (one floor or two, colonial or modern, etc.).

Next, it's important to consider your priorities. If you can't get a home at your price with all the features you want, then what features are most important? For instance, would you trade fewer bedrooms for a larger kitchen? A longer commute for a bigger lot and lower cost?

Lastly, consider your needs in several years. If you'll need a larger home, maybe now is the time to buy a bigger house rather than moving or expanding in the future. If you expect your income to increase, perhaps you should consider a more expensive home financed with a loan program where monthly payments increase in the future.

Where should you look?

All neighborhoods and communities have a special nature that gives them identity and value. One community may be well known for historic homes while another offers both suburban living as well as easy access to downtown office areas.

Agents are prohibited by law from suggesting specific neighborhoods, schools or communities. However, if you say you want to live within 1 mile of Sunny Day Train Station on Main St. your agent can identify all homes that meet your needs within that criteria.

How do you find a house?

87 percent of buyers begin looking at listings on the basis of price, location and school; Regardless of your choice, it's important to target your search. By using basic measures such as general location and affordability, you can refine your search and focus on homes that offer the most desirable features.

Your agent will provide you with a print out of each home you see together. You should use this print out to make specific notes on each property. When confusion sets in, try a Pro Con Analysis. Your agent can provide you with this pre printed form which always comes in handy when decision time rolls around.

Step 1: Your Financial House
Step 2: The Buyers Agent
Step 3: The Pre-Approval
Step 4: Look at Homes
Step 5: Choose a Home
Step 6: Get Financing
Step 7: Making an Offer
Step 8: Get Insurance
Step 9: The Closing
Step 10: After the Closing

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