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How to create an action plan

Buying a home can be stressful, and it’s understandable that some homeowners-to-be feel overwhelmed by all they have to do before they sign on that dotted line. So how can you make sure you keep things on track and stay organized during your search for a new house? Simple: With an action plan.

How much house can you afford?

It’s not uncommon for home buyers to fall in love with an expensive property. The urge is understandable: It’s your dream house, and now you can afford it! But before making an offer, take a look at how much of your income will be eaten up by mortgage payments, property taxes and other expenses. If it turns out that you can barely pay for necessities on a mortgage that size, maybe it’s best to look for something more affordable.

Getting pre-approved for a mortgage

Before you start looking for your dream home, it’s important to get pre-approved for a mortgage. A mortgage pre-approval will let you know how much house you can afford and help you make an offer on that ideal property with confidence. To get approved for a mortgage, talk to your bank or lender about getting pre-approved—they’ll let you know how much house you can afford, based on income and debt ratio.

Looking at as many homes as possible

It’s important to see as many homes as possible while you’re looking for your dream house. As prices increase, there will be more and more pressure to make a decision quickly—which is never ideal, especially if you’re new to buying real estate. The more time you spend shopping around, the better equipped you’ll be with knowledge about what homes are selling for and what areas have desirable features. This will help keep buyers from overpaying on their new abode.

Determining the features you want in your new home

Whether you’re buying or selling, knowing what you want—and why—is important. Even if you’re working with an agent, it’s crucial that you understand your own needs and desires. This way, your agent can help make sure those needs are met during negotiations. The idea here is not just to get yourself into or out of a house as quickly as possible; rather, it’s about finding one that will work for you long-term.

Negotiating with sellers

Before you open any official offers, it’s worth getting an understanding of what properties and prices have been selling for in your area. Your real estate agent should be able to provide you with comps (comparable properties) for free. Once you have that information, you can use it as leverage when negotiating with sellers.

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