Are You a Prepared Home Buyer? 6 Considerations

Congratulations! You’ve made the decision, the time is right, for you to find the house for you, and make it your home! However, doesn’t it make sense, since, for most people, one’s house is their single, most valuable asset, to be as prepared, as possible? As a Licensed Real Estate Salesperson, in the State of New York, for over a decade, I have come to realize, many potential home buyers, enter into this all – important process, with their eyes, seemingly, shut, when they need to plan effectively, and be as prepared, as possible! Let’s briefly discuss 6 considerations, potential home buyers, should keep – in – mind.

1. Pre- approved: Before looking at any houses, discover what you can afford. Meet with a recommended, professional mortgage expert, and ask to be pre – approved! This is far different from receiving a pre – qualification. While pre- qualification’s merely mean, based on a simple analysis of basic data, you provide becoming pre – approved, requires a procedure similar, to what is actually done, to receive a mortgage approval, and submitting more forms, verification, etc. By doing this, a buyer knows, before he starts, how much mortgage, he is qualified for, and thus what price range, he should be looking at. Doesn’t that make more sense?

2. Check out the area: How will you know what area, and/ or neighborhood, you should search in? Walk around potential areas, and get a feel, for the place! Is it quiet enough for you, or too quiet? What about the neighbors? How convenient might your commute be, from this locale?

3. Know what you need, and want: Evaluate both present and future needs. Is this going to be a starter home, or one, where you hope to remain, for a significant period of time? How many bedrooms, and what size, do you need, and want? How about the bathrooms, kitchen, living room, dining room, house style, amount of land, etc?

4. Downpayment and closing costs: Now that you know how much you qualify for, in terms of your mortgage, consider whether you feel comfortable with the necessary amount of downpayment! Be careful to avoid becoming house – rich, but living over your head! Discover your closing costs, and be certain, you are prepared and comfortable, with those expenditures.

5. Monthly charges: Try to evaluate, as closely as possible, your estimated monthly charges! This includes far more than merely your mortgage interest and principle, taxes and insurance. Consider maintenance, creating a reserve for repairs, etc, utilities, and other potential expenditures. As a rule of thumb, be prepared, by maintaining at least 6 months reserves!

6. Be prepared for the unanticipated: What will happen if you undergo a career reversal, or some extended period, with less than your regular income? How long will you be able to continue making the necessary payments? Use the 6 months, rule, but attempt to maintaining a larger reserve!

Prepared home buyers are better able to enjoy owning a house. Will you prepare, as you should?

Richard has owned businesses, been a COO, CEO, Director of Development, consultant, professionally run events, consulted to thousand, conducted personal development seminars, for 4 decades, and a RE Licensed Salesperson for a decade+. Rich has written three books and thousands of articles. Website: and LIKE the Facebook page for real estate:

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