Buyer's Plan of Action

by Jill Bennett

Here’s a Plan of Action to guide your home-buying journey:

Step 1: Assess Financial Readiness

• Determine your budget: Use a mortgage calculator or consult a financial advisor to understand what you can comfortably afford.

• Get pre-approved for a mortgage: Meet with lenders to review your financial situation. Pre-approval clarifies your price range, locks in a rate for a set period, and boosts your credibility as a buyer.

• Save for a down payment: Depending on the type of mortgage, aim for 5-20% of the home price.

• Account for additional costs: Include closing costs, property taxes, insurance, and maintenance expenses in your budget.

Step 2: Define Your Location Preferences

• Evaluate convenience: Consider how close the home is to work, schools, shopping, and other essential services.

• Research safety: Check the crime rate and neighborhood safety reports.

• Assess transportation options: Determine access to public transit and major roads.

• Explore home types: Decide whether you prefer a single-family home, condo, townhome, or another type of property.

Step 3: Prioritize Home Features

Create a list of must-haves and nice-to-haves, such as:

• Number of bedrooms and bathrooms

• Yard size

• Open floor plans or specific layouts

• Energy efficiency features

• Proximity to parks, schools, or other amenities

Step 4: Build Your Home Search Strategy

• Work with a real estate agent: Choose someone experienced in your desired area.

• Start online: Use home listing websites to browse options.

• Attend open houses: Visit properties to get a feel for the market and neighborhoods.

Step 5: Make an Offer and Close the Deal

• Analyze comparable sales: Your agent will help you evaluate recent sales to make a competitive offer.

• Negotiate terms: Be ready to negotiate the price, repairs, or other terms.

• Complete inspections: Hire professionals to inspect the property before finalizing the purchase.

• Finalize financing: Work with your lender to complete the mortgage process.

• Close on the home: Sign the necessary documents, transfer ownership, and get your keys!

Final Notes: Stay Flexible and Patient

The home-buying process can take time. Stay organized, revisit your plan when needed, and be open to adjustments as new opportunities arise.