CHAPTER 7
12 STEPS TO BUYING A HOME We have been over much of the material here in greater depth elsewhere; however, this is a 12-step checklist and program that will make the home-buying experience more rewarding and less anxiety-provoking. BUYING STEP #1: FIGURE OUT WHAT YOU CAN AFFORD (ACCOUNT FOR EXPENSES) You know by now that the purchase of a home is a complex process. In particular, buyers will often feel troubled by the huge expenses involved. Before setting out to buy a home, consider its affordability. You need to know if the particular home is in your budget. A home may seem affordable to you at a glance, but there are hidden expenses involved in buying. These expenses may lead you into financial problems. The actual cost of the home will always end up being more than the selling cost indicates, because there are added fees, as well. You need tomake a detailed examination of the housing market to figure out your price range. You will also need to figure out any issues you might have meeting your basic needs. Do research on school districts, impending construction, crime statistics, or anything else that could increase or decrease a home’s value. BUYING STEP #2: MAKE SURE YOU CAN GET A LOAN (CONTACT A LENDER) Buying a home requires an amount of money normally not available to a buyer in their pocket or bank account. For this reason, buyers contact lenders for loans. There are lenders who will provide you with loans outside of your budget. For potential homebuyers, it is important to stay disciplined and go for an affordable home purchase.
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