Home Buying in Cleveland>Question Details

Maureen Fran…, Real Estate Pro in Birmingham, MI

What are three important steps for potential home buyers to take when starting their search for a home?

Asked by Maureen Francis & Dmitry Koublitsky, Birmingham, MI Fri May 18, 2007

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First and foremost, talk with a lender and get a pre approval letter so you know what you can afford and you are ready to sign a purchase offer when you find the right home for you. Secondly, think about where you want to live. Do you like the privacy of a second or third story bedroom? Then you won't want to move to a ranch style home. Is it important that you get your kids off to school before you go to work? You might want to live close to your place of work. Do you need the excitement of a city street and a front porch to make you happy? Can you live without a fireplace? These kinds of questions. And third, I would say be realistic about the amount of time you have to maintain a home. Or amount of money to do it. You might want a condo instead of a single family if you work 15 hrs a day six days a week. Or all those work hrs might be giving you a nice salary so you can pay people to do your home maintenance and lawn work. I also say, make sure you have enough money in the bank to allow you a cushion when you move in. There is nothing worse than buying a home, spending every last dime on closing costs, and then having your teenage daughter run the car into the side of the garage. lol You get my drift.
2 votes Thank Flag Link Fri May 18, 2007
Maureen, I love Carole's answer, but I tell my clients to not only get preapproved, but also sit down and have a long look at their budget. Many times lenders can approve a mortgage that will strap the buyer and mean extreme sacrifice for quite a while.

I then tell my clients to write down a wish list with criteria for their new home, ranking it from "must" to a "would like" as well as telling me what would not appeal to them in a home (can be VERY revealing!)

Then they need to sit down with a knowledgable professional to guide them through the process. I ask that they bring in any properties that were of particular interest, but keep in mind that, for one reason or another, many of these won't be right and I can help them screen those properties out. I also make recommendations based on their criteria
Web Reference: http://www.ChrisTesch.com
1 vote Thank Flag Link Sun Jul 15, 2007
Great suggestions, Carole. Thank you.
1 vote Thank Flag Link Fri May 18, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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GET PRE-APROVED FOR A LOAN,
INTERVIEW REALTORS TO FIND ONE FITTING YOUR STYLE--TO REPRESENT YOUR INTERESTS,
DECIDE IF SCHOOL DISTRICT IS IMPORTANT.
0 votes Thank Flag Link Sun Jul 15, 2007
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