Finding your dream home can take several months, and you'll need a plan to sort through all of the financing details, conduct research about your neighborhood, and to find a reliable real estate agent to work with. Drafting up a checklist or step-by-step plan can make the process much easier, and will give you a chance to keep everything organized on track.
"The Home Buyer's Question and Answer Book", authored by Bridget McCrea, explains that it's very important to create a plan both for your financial side, and in terms of what you want and need in your home. This means that when your plan for your new home, you have to make a budget analysis, and list down the amenities, rooms, themes of the home and other features that you would like your new home to have.
If you are a first time homebuyer, here are some essential items that you can include in your checklist or plan that will help you have an easier time with your home buying process:
1. List down the different housing types of your prospective neighborhoods. Each neighborhood has at least 5 to 6 different types and styles of housing. It is to your advantage to know what the various styles and classifications are, unless you are building a new structure.
2. Start reviewing online listings. Working with a good real estate agent will give you a strong idea of available properties, but you can do a lot of homework on your own. Don't be afraid to review FSBO listings in the local newspaper, or jump on the Internet to search for properties in your area.
3. Learn about the home inspection process. Home inspections can be lengthy and fairly complex, but they are well worth the effort when you narrow down your choices of properties. Learn about the different stages of the home inspection, and don't forget to create your own DIY home inspection checklist when you're visiting several properties.
4. Use a scorecard to compare different homes in a neighborhood. Keep track of all the homes you are considering and visiting by designing your own home scorecard. This can include items such as asking price, key benefits and drawbacks, number of rooms, access to highways, and any other top priority items that may be key reasons in your decision to buy.
5. Select your ideal location. Being specific about exactly where you want your home to be can help you quickly narrow down your field of choices. You may need to take factors such as proximity to work, schools, parks or public transportation into account. Even if you don't get your exact location, at least you will know where your key access points are and can find a home as near as possible to these areas.
6. Map out your budget. You can meet with a personal financial advisor at your local bank or credit union for some budgeting advice, or you can draft up your own home budget to get a strong idea of what you can and can't afford. Making a budget and then sticking with it regardless of how much you are preapproved for is a much more intelligent choice than waiting to 'hear' from your lender about your options from your lender.
When searching for Minnesota homes for sale, the internet is an invaluable resource. New homebuyers can use the MN MLS to view current listings of homes and real estate throughout the state.
