6. Choose Home Design 7. Hire an Agent 8. Make an Offer 9. Put Money in Escrow 10. Negotiate with the Seller 11. Begin the Closing Process 12. Close the Closing Process
Step 1: Find Out What You Can Afford
You absolutely need to get this step out of the way first, before you do anything else related to searching for a home. While most homeowners entering their senior years will be able to afford to move from a larger home to a smaller one, you still need to do your due diligence before going through with the process of purchasing a new home. You don’t want to get your hopes up for nothing. You must work within your price range, both as a starting point as well as a general guideline. As we’ve talked about before, know your budget! And don’t forget to take into consideration those “hidden” costs (closing costs, repairs and maintenance, property taxes, condominium fees, homeowners’ association fees, etc.). It’s unfortunately all too common for home buyers, regardless of age or experience, to forget to factor in these costs as part of their budget and what they can afford overall. If you’re not quite sure where to start, or you know you’re not great with number crunching, then you can try an online mortgage calculator, the best of which can take various factors into consideration. While you shouldn’t completely rely on your bank, it doesn’t hurt to pay them a visit to see what they deem is truly affordable for you and your situation. If using online tools isn’t your forte, you can ask a family member, friend, or your real estate agent.
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