1.  Know your needs.

First, examine your lifestyle. Do you long for a secluded wooded lot? Or maybe you take comfort in a family-friendly subdivision? Do you like the convenience of living in town? It's important to think of the perks and limitations each scenario, before deciding to buy.

 2. Understand the true costs of home ownership.

When deciding how much home you can afford, remember that there's more to consider than just a monthly mortgage payment. Will you be able to afford the expenses that come with owning a home? Utilities, property taxes, repairs, and homeowners association fees can all add up.

3.  Should I build or renovate, instead?

Having a home built to your specifications can become costly and time consuming. First you’ll need to purchase the ground, arrange for a contractor, select materials, and monitor the general contractor’s progress.  But are you ready to take on remodeling and updating an older home to meet your needs?

A remodel can become expensive – even if you attempt to complete the projects yourself.  Without experience, you will need to purchase many costly tools and lose valuable time. I highly recommend doing thorough research before signing with a contractor to either build a new home or remodel an older home.  If you choose either of these routes, I can assist you in the process.

 4.  Evaluate location.

A bargain is never a good value when located in a bad neighborhood. Occasionally, gentrification of certain areas will result in skyrocketing property value – but that's rare. It’s better to leave these properties to professional investors and spend your money on a smaller home – or one in need of repair – in an established area where the value will only rise.

 5.  Understand your loans.

A loan rate can look great in an advertisement, but once you’re in the bank office, what will you really pay? Points, PMI (private mortgage insurance) and closing costs can drive your mortgage cost up.  Some loan programs allow buyers to have smaller down payments – but often have steep pre-payment penalties.  As a general rule of thumb, plan to put down 10-20% of the purchase price as a down payment.

 6.  Consider hiring me as a buyer's agent.

Most real estate agents represent the seller, but a Buyer's Agent represents your needs and desires and helps you locate the property that's best for you. As an advocate for you, I am required by law to get you the best price and terms, which will significantly alleviate home shopping stress.

 7.  Require complete disclosure and a professional home inspection.

Our state requires that a home seller disclose potential problems with the property – but sometimes the homeowner may not always know existing problems. The only way to really know what's going on inside (and over and under) a home is to secure the services of a reputable home inspector. Although the services can become pricey (sometimes upwards of $400), consider the cost of not knowing in the long term. 

8. Whew, its over! Now, here’s what to do after the sale.

First, purchase homeowners insurance. Next, decide if the purchase of a home warranty (if not included as part of the sale) is in your best interest. I highly recommend purchasing a home warranty!  My husband and I purchased a warranty when we bought our home, and two months later the dishwasher motor burnt up.  The warranty paid for itself in one use.