Buying A Home? Make A Plan! Step 1…
June 29, 2009 by Kristin LaVanway · Leave a Comment
As 2009 marches on here in Phoenix, buying a home is becoming more and more challenging. Inventory levels are shrinking, there are a lot more hoops to jump through to get a mortgage and most deals require some type of bank approval. It’s no wonder buyers are getting frustrated!
Everything becomes easier when you have a plan, so I would offer up a 5-step house buying plan for you to increase your chaances for success. In Step 1, a little planning goes a long way! Answer these 3 questions to start things off and keep you focused in the right direction:
1. Why are you buying a house? Understanding the big motivator for the move can help with a lot of the decisions that have to be made. There is usually one key reason that people want to buy…make sure you know what yours is.
2. What do you want and what do you NEED? Everybody makes a list of what they need, but a lot of times, the house they end up buying doesn’t have any of those must-have features. Make a list of what you need (this should be pretty short) and what you want. You might to priortize the wants, but the needs, if they truly are needs, should all be number 1. The shorter your list of needs, the more homes you will have to choose from.
3. How much money do you want to spend? Your lender will tell you how much you an spend, but before you take that step, take a look at your budget and decide what you are comfortable spending. how much do you have saved up for a down payment and associated costs? There are very few options for 100% down payment purchases, so plan on at least a 3.5% down payment and another 1% for additional costs and reserves.
Once you have answered these questions, you are ready to move on to Step 2…Preparing to buy a house.
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have teamed up with Dean Ouellette to form the East Valley Team - the best darn team in the Valley. Check out our site at http://www.EastValleyTeam.com. I spend way too much time on YouTube - check ou tmy channel at http://www.youtube.com/klavanway
