Tired of renting? Thinking about buying a home or have a house picked out? Being ready to buy a home isn’t the same as being ready to make an offer. Here are three things you need to do before you make an offer on a house:
- Get your budget ready. Is your budget really ready for the expense of buying a house? You might have factored your monthly mortgage payment into your budget, but what about other home owning costs: utilities, insurance, and repairs? When you factor in these expenses, you may need to look for a cheaper house than what you were originally considering.
- Research the area. Beyond just looking at the schools (if you have kids) and the crime rate, you want to look at the commute. If you have to drive or take the train to work, how long is that going to take each day? Are your potential neighbors friendly? Is the purchase price consistent with comparable houses in this area? Don’t just love the house – make sure you love the location as well!
- Get your money ready. Before you submit your offer, make sure your money is set. You might not be the only person making an offer. The seller and his/her agent are much more likely to choose the buyer who can buy immediately. Having your funds ready is one of the best ways to secure the purchase of your dream home.