1. Get your finances in order
Know how much you would be comfortable spending each month on a mortgage. Typically, lenders say you can get a loan for two to three times your gross income. Meet with a lender before you start your home search. This way, your finances are in order and there won’t be any surprises or disappointments along the way.
2. Know what you want & need
What type of house are you looking for? Should you get a fixer-upper or brand new construction? Do you want one floor or multiple floors? Can you afford to make the necessary changes to the home in order to live in it?
3. Create a timeline
There are many factors to consider when buying a new home, such as:
- Do you need to sell your current house?
- If you don’t own a home, when does your current lease end?
- Do you need to allow for time to build or repair your credit before securing financing?
Make sure to account for each of these in your moving timeline and in your offer to home sellers.
4. Find a Realtor you trust
Working with a Realtor is the most efficient and easiest way to buy a new home. Realtors can help you find the house you want and guide you through the home buying process. Consider asking friends or family for referrals to find someone you’re compatible with. Do a simple Google search to see which local Realtors others recommend.
5. Be realistic
It’s unlikely to find a home that is absolutely perfect. Don’t be turned off by minor imperfections or easy fixes. Be open-minded throughout the process and you’ll likely find something to suit you and your family’s needs.
6. Do your research
Identify ideal neighborhoods in your target area. Look around to see what you can afford in your price range. Make a list of things you need and things you want. Be ready to compromise on location or amenities based on your budget and the area. Check out what’s available online and make a note of properties that pique your interest.
7. Consider the long-term
What are your plans for the next 5, 10 or 15 years? If your plans change (for example, if you’re offered a new job in another area) will it be easy to turnaround and sell a house if you have to? Are you planning on having children in the near future? All of these factor into a decision of buying a new home.
Thinking about buying a new home? Check out our website for more on our brand-new, highly affordable homes in Michigan.