Things You Must Do Before You're Ready To Buy A Home

30 March 2017
 Categories: Construction & Contractors, Blog


Looking at homes for sale is a big step to take so you want to make sure you're ready to commit to a great home if you find it. Here are some things that you must do before you're ready to become a serious homebuyer.

Consolidate Debt

If you have existing debts, one of the first things you will want to do is pay down and consolidate your existing debt. With many small debts lying around, your mortgage company may be a little more reluctant to loan you a big sum at a great interest rate. That's why you should take the steps to improve your credit scores and then approach mortgage companies to see what kinds of mortgages you can get pre-approved for.

Create a Financial Plan

One part of your financial plan will be your income projections over the course of your mortgage. Is your job stable, and do you foresee being able to keep up with your mortgage payments over the course of 30 years? Is there anything you think could take you or your partner away from work? How will you cover yourself if big life expenses come up, such as the birth of a child or a big medical expense? Being ready for a home is not just about getting approved; it's also about the safeguards you have created for yourself to deal with setbacks outside of your home payments.

Create a Life Plan

While you don't have to plan out every step of your life, it is a good idea to know where you are going and what kind of house would fit your goals. For example, how many bedrooms will you need for future children? Do you foresee yourself taking up any special hobbies, and do you need space in your home for those? How will the neighborhood fit in with your needs 10 years from now? You might value more outdoor space, better health care, or better schools at that time. Your life plan is something to discuss with your partner and maybe your real estate agent when you're looking at homes for sale.

Agree on Homebuying Goals

Before you are ready to pull the trigger on homes for sale, you might need to do a bit of looking around at what's available in your price range. You and your partner must share a vision of what you're looking for in a home, and that will surely include some compromises. Custom homes are a fantastic idea if you want to make sure that the home offers a lot to both you and your partner; it allows you to blend your ideas of what a home should be into a property designed specifically for your family. But whether you choose to create a new home or buy an existing property, communication and compromise are important steps towards being ready to buy a home. 

To learn more, contact a company like J. White Construction Group