Things to Consider Before Buying a Home

1. Select a Location:

• How far are you willing to commute to work?
• How far away do you want to be from relatives?
• Do you have a preference for a specific school district?
• Do you want to walk to shopping?
• What amenities (pool, tennis, golf, security, etc.) are important to you?

2. Determine Your Price Range

• Entry level/starter homes
• Mid-range/move-up
• Luxury communities

3. Financial Capacity

• Get prequalified before looking for a home
• Estimate at least 3% of the purchase price for closing costs
• Determine how much of your saving will be used as a down payment
• If renting, when does the lease expire?
• If you own, do you need to sell your present home?

Tips:
1. Do your homework. Find new homes and builders via the media and through referrals. Read the local newspaper, check the Internet, and new home publications, or contact a real estate professional who can assist you. Real Estate companies are familiar with area builders, their products and prices.

2. Know the upper price range that you can afford, and the payments that best fit your financial conditions.

3. Match the price range of homes that meet your needs and shop those communities and builders. Follow directional signs and check newspaper, Internet and magazine ads.

4. Gather price/plan/feature information from the builders

5. Compare the information and quantify the best locations, plan, price, features, and financing options.

6. Check the builders reputation for quality and service.

7. Understand the warranty program and all extra features that builders offer.

This article was provided by Sherow Services, Inc.
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