While searching for a new home you will need to consider the following factors before you start.

Location

Choose a location that is most convenient for you. One that is nearest to work, schools, shopping, and recreation.  Buy the best location you can afford so in years to come it will be easier to sell for maximum equity return. Get a FREE Comparative Market Analysis to determine what homes like the one you want sells for by clicking on FREE CMA For Buyers.

Equity potential

            Choose a property you feel has the potential to gain equity in the future. If you pay a fair value for the home given its location, size, neighborhood, and features than you should get positive equity growth in future market conditions. Many buyers choose houses that need improvements that they can correct or update to features that buyers are looking for.

Prequalification

            It is best to determine your purchasing power before you begin your search to see how much of a home you can afford and give you an idea of how low of an interest rate you may get if you buy before the rates change. You may be able to afford more home than you think or you at least will not waste time looking at homes you cannot afford. This also gives sellers a positive sign that you are serious about buying their home.

Down Payment

            The more money you secure as down payment the lower your monthly payment will be, and the lower the interest rate will be. Most lenders charge makes borrowers get Private Mortgage Insurance if the down payment is less than 20% of the purchase price.

Closing costs

            You will also need to consider closing costs such as down payment, origination fee, rate lock fee, application fee, closing fee, survey fee, escrow, credit report fee, and title insurance. Make sure you know exactly how much money you will need at closing and how much the payments are going to be in advance.

Choose 1 Agent

            The most efficient way to find a new home is to find an Agent dedicated to finding you the best home at the best price with best terms.  Someone with the experience to provide assistance in negotiating to get results in your favor.

Often buyers will try answering For Sale Buy Owner Ads in newspapers, or online. Many times it is difficult to tract down owners who don’t return calls, are not always home, or do not cancel ads that are obsolete due to sale or Listing with a Real Estate Broker.

That is why most consumers choose an agent because it costs them nothing to search, and the agent does all the work so consumers can go on with their busy lives.