THE 12 STEPS OF HOME BUYING:
• Find Out What You Can A ff ord • Get Pre-Approved for a Loan • Create a List of Needs vs. Wants • Look at Homes • Choose a Location • Choose Home Design
• Hire an Agent • Make an O ff er • Put Money in Escrow • Negotiate with the Seller • Begin the Closing Process • Close the Closing Process
Step 1: Find Out What You Can A ff ord Th is fir st step is essential before you do anything else in the home- search and home-buying process. If you fin d out you can’t yet a ff ord a home, or you aren’t ready to sell your home to get to your dream home, then wait until you can. Th ere’s no point in getting your hopes up, stumbling upon the house of your dreams, and fin ding out you can’t a ff ord it. You have to work within your price range, and not only use that as a general guide, but also as your starting point in going forward. We talked about this in Chapter 1, when we outlined the fin ancial steps you need to take before starting the journey of purchasing a home, which include improving your credit score, saving for a down payment, researching recent home sales, and determining what you might be able to a ff ord. So, know your budget! Don’t just think about the overall home sale price; consider the down payment, the monthly mortgage
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