Buying your first home

Finding a perfect home means assessing needs, wants, affordability and availability. Make a list of features you want or need in your new home. Consider how long you plan to live in the home and if the current space will continue to accommodate any changing needs. Location is key in purchasing the right home. Is it a desirable community with quality schools, hospitals, transportation and recreational facilities nearby? Are the surrounding properties well-maintained or run-down? Remember that location has a major effect on the resale value of your home. Your Realtor® can give you a Comparative Market Analysis (CMA) to show you the value of comparable homes in the neighborhood. This will help you to determine the market value of your home. Write down what you like and dislike about a particular neighborhood or home and discuss it with your Realtor®.

Deciding what you want is helpful, but knowing what you can afford is crucial. Before you research homes for sale, research your finances. Home affordability calculators are available online and can offer you an idea of what you may qualify for. You can also call a lender to pre-qualify, but this carries little weight with most sellers, because the information has not been verified.

The best way to prepare financially is to be pre-approved by a lender. During this process, all of your information is verified and you can receive a written commitment from the lender. This carries more weight with the seller and shows that you are a serious buyer. However, it can take up to a few weeks to verify all of the information.

Be aware of costs that may not be obvious. Many buyers only look at the monthly mortgage payment in deciding affordability. Additional costs such as down payment, closing costs, taxes, insurance, homeowners association dues, inspections, loan fees, legal fees and surveys can add up to more than your budget may allow. Talk with your Realtor® about these additional costs to find out if the price is within reach.

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