Wednesday, April 8, 2015

Where should I start the home buying process?

While the home buying process is pretty simple the route to the closing table is not always the same.  While most buyers start their research on the internet. I suggest the easiest way to learn about the home buying process and local market is to call on the appropriate experts

Who are these experts?     First, these experts should be human.  These mega real estate websites and online only lenders may offer information but what do they know about your situation and your area?

The experts to call on should include a local experienced real estate agent and your local mortgage lender. 

Every home buyer is not the same nor is every situation and credit history the same.   Questions should be answered by the most knowledgeable person available.  Unlike buying a car the home buying process is time consuming, stressful as well as exciting.  Having an established relationship with your agent and a contact phone number in hand can be reassuring.

So where should one start the home buying process? 
  • First things first...define your goals.  Why do you want to purchase a house or condo?  What will you achieve?  For some the goal is ownership and the tax deduct-ability of mortgage interest.  For others the goal may be the stability that "putting down roots" provides.  For some it is a temporary stop with a goal of buying a larger home later. 
  • Define your budget.  In most cases the housing budget will be mostly influenced by the mortgage lender.  However, the amount on the mortgage pre-approval is not the equivalent of a "must spend amount." 
  • Define your needs.  What do you need in your new home?  How many bedrooms>? How much space?  What about the location? 
Now that goals, budgets and needs have been identified they must be clarified. 

Your real estate agent should be heavily involved in this clarification process.  This clarification process will allow you to paint a picture of your needs and goals in light of limiting factors like budget, location, time line, etc.   Your buyer's real estate agent will know the local market and guide you to the right decision for you - not them.

Are you thinking about buying a home in Melbourne or Viera, Florida?  Give me a call at 321-693-3850 to discuss the process.