A to D
for Buying a Home
Because most people's requirements and situation
are unique, this section is, only, pesented
to serve as a basic guide with some general
Before you even begin looking at advertisements
of homes for sale or contact a realtor, we would
suggest that you come up with a proposed monthly
budget, and decide exactly how much you can
afford to invest in your home every month. For
most people, it's the monthly payment that matters,
not the actual sales price.
Once you have come up with an amount to go towards
housing, break down that amount into it's various
This should include:
& Interest on your new loan
fees/Common charges if necessary
this point you should have a figure in mind
to put towards loan payments and other monthly
Don't fall into the trap of buying more house
than you can afford. By doing this you can become
a slave to your house payments. Don't do it,
it's no way to live. Decide what you can comfortably
afford and then stick to it.
Next, you should obtain a copy of your personal
credit report. You might be surprised at how
much erroneous information it might contain.
The wrong information could prevent you from
obtaining the most favorable financing and could
even force you to default on a contract.
Before you begin to go out looking at homes,
you should also sit down with a few loan officers
and get pre-approved for a loan. Not only will
this give you an opportunity to shop the best
rates and loan terms for your needs. But, more
importantly, having a pre-approved loan commitment
gives you a lot more leverage when negotiating
the purchase of your new home.
The next you need to consider is exactly what
type of home would best suit your needs, and
what type of amenities would make you happy.
One way to do this is to make a wish list. On
a sheet of paper and draw a line right down
the middle and label the left column "must
have" and the right column "would
Sit down and think about your family size and
the type of lifestyle you live. Then come up
with the items for each column, place them on
the paper in their respective column, in order
of importance, from top to bottom. Go through
the "must have" column a second time,
move anything that you can live without to the
"would like" column.
Now go through both lists and decide based on
your housing budget if the items on those lists
are realistic. You must be honest with yourself.
If any items are unrealistic given your price
range and your local housing market, eliminate
At this point you should know exactly how much
you can invest in your new home, and be prepared
to start looking.
As much fun as it may be, don't go out looking
at homes that are our of your budget, it will
only make you feel disappointed later, and leave
you with the feeling that you settled for less.
Also, If you have a house that you need to sell
before you can buy your new home, don't even
go out looking until you have sold your present
home. Many times people find a house, fall in
love with it and then lose it because they have
not sold their present home yet. Or worse, try
and carry two homes at the same time. That gets
A few suggestions when buying a home:
Next, keep in mind, there is no such thing as
"the perfect house". Buying a home,
for most people, is a series of compromises.
You may have to trade off that extra bedroom
to get that in-ground pool, entertainment room,
etc. Keep in mind, your goal is to try to find
the most features that you want without going
over your budget.
When looking for a new home, you should understand
that the best thing you can do is attain the
assistance of a good, qualified realtor. This
will save you considerable time and money in
the long run. A good realtor will ask you all
the necessary questions abour your budget, needs
and prefrences and they will do the hunting
and looking for you and present you with those
homes that best fit your budget and needs.
The other item to consider is that newspaper
ads rarely tell the whole story. If you start
going around just looking at homes from ads
in the paper, you're going to have a long, long
Remember the best place to look for a home is
still through a good Realtor. Most are connected
to a computerized multiple listing service and
can easily pull up every home in your price
range in a couple of minutes. You can then go
through each listing and choose the homes that
you are interested in seeing. It's a lot easier
to spend an hour in the office looking at all
the homes for sale, than it is to spend 3 months
looking at only some of them. This way you can
easily find the right house for you, quickly
and comfortably. And by looking at all the homes
available and comparison shopping, you can also
find the best deal.
Realtors in Las Vegas, not only have all of
the resale houses on their computer system,
but they also maintain a database of all the
new homes for sale as well.
A good realtor will also know who currently
has the best loan and title rates, and will
be familiar with all the paperwork and legal
niceties involved. Only you can decide the right
home for you. Our philosophy has always been
that " whatever which home someone buys,
they're happy with it". A realtors job
is to help you get it.
When looking at a home, don't worry about things
you can change later; paint, carpeting, drapes,
decorating, etc. Be concerned with the things
that you can't change; location, lot size, number
of bedrooms, square footage, etc.. When looking
at each home ask yourself: "Would I be
happy here?" That's what's really important.
Not whether or not it's a good deal. I know
this sounds odd, but think about it. What's
the point of saving a few thousand dollars now
(which on your loan payment is only about $30
a month anyway) if you're miserable in your
own home for the next five years.
When making an offer on a property, be fair,
low-balling usually won't get you anywhere,
and we've even seen owners refuse to sell to
certain people at any price because they were
Talk things over with your realtor, after looking
around, you'll find that you've gotten a pretty
good idea of values and you'll be able to make
your offer accordingly.
Also It's a very good idea to have the house
inspected by a professional so as to make sure
you won't have any problems later.
The day before closing and taking possession,
you should go through and make a final inspection
of your new home. Check everything: run all
the appliances, test all the outlets, make sure
everything in the house works perfectly. Before
These are just some basic concepts to be considered
when buying a home. The technical aspects such
as contracts, escrow, title, insurance, impounds,
Finance, etc., are different for everyone, and
need to be addressed on an individual basis.
Once again, if you are planning on purchasing
a home in the Las Vegas area, please contact
a qualified realtor for an appointment. They
can sit down with you, determine your needs,
and evaluate your personal situation. This way
you'll be able to find just the right home,
and get settled into it, with the least cost
and inconvenience to you.
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