Buying A Home (Beginning Stages)
by Cecilia Sherrard
There are probably few things in life that are as exciting--or as nerve- racking--as the search for a house. All the good emotions and the bad emotions seem to converge when the house hunting begins. Don't worry, this is a normal reaction, and is found in seasoned home buyers as well as those who are looking for their first home. One of the first decisions you need to make is whether you want to do your house hunting on your own, or by using an Agent. If you decide to go it on your own, you will be able to see (and buy) those houses that are For Sale by Owner (known as FSBO's). Depending on your area and the overall market, this will be around 20% or so of the total homes available (the other 80% are the "listed" properties--being sold through an Agent. Those homes you can't buy--or even see--on your own). Remember the agent selling the home represents the sellers best interest not yours. If you decide to use an agent, have your own. You certainly wouldn't call upon the prosecuting attorney to represent you in your defense or answer your questions. Get to know your agent by familiarizing yourself with the way they work. Trust is an important factor. Ask questions.
Once the decision to buy a home has been made, take the time to prepare before you go on your home search. Yes, it is very tempting to rush out and actually look at houses, but to do so without full preparation can be both disastrous and expensive. You will find that "house hunting" is down on the list.
Get your financial affairs in order first! I can't stress this enough--it will save you an enormous amount of time, aggravation and heartache.
Determine what your budget will comfortably allow and stick to it. Don't spend yourself into a "house poor" situation.
Get preapproved for a mortgage. This will not only give you a clear idea of how much a lender will approve for you, it will make your home buying process a great deal easier (and save a lot of time later). Ask your Agent for lenders they work with and recommend. (There are a lot of lenders out here, not all created equal)
Get familiar with the different housing types available to narrow your search.
Determine your minimum requirements as well as any desired additional features--your needs and wants.
Take note of any items that you don't want in a house.
Determine the desired location (schools, work, public transportation, etc.) Cleveland proper? Surrounding suburbs? (Lakewood,Parma,Euclid,North Olmsted?) More rural area? (Lorain,Geauga,Medina?)
Familiarize yourself with the mortgage process.
As you are looking, use a scorecard to compare homes. A scorecard is a great tool when it comes time for comparisons (and for remembering which home had which features!)
When you find something you like, make sure your Agent pulls recent comparables and researches the property. This way you know the true value and what an appropriate offer would be.
Maintain your perspective--and your cool! You may find an acceptable house on the 1st day--or the 50th. The important thing is to get the home that is best for you! Please post any questions or comments or simply contact me for more information.
About the Author
Cecilia Sherrard, Northeast Ohio full time dedicated REALTOR. Please visit my site for additional articles and information. http://www.realtyone.com/c.sherrard/
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