Greg and IÂ have decided to invest in a home. We recently totaled up the money the two of us have spent on rent over the last few years and realized it was an investment we should make. I don’t think we are quite ready for all the work that comes along with a house so for now we are in the market forÂ a condo or town home. This is a completely new experience for us and we have already run intoÂ several set regulations and processes. Â In case you are thinking about doing the same I wanted to share a few of tips we have picked up so far.
- Credit Score: This is the reason why you spend years keeping your credit score pristine. Â It’s never to soon to start working onÂ improving your credit score. Â I am fortunate enough to have an amazing father that made sure I was building good credit score by age 18 – thank you dad, you are amazing.
- Start Early: GetÂ your ducks in a row early – Don’t wait until your lease is up in 2 months. Â You will feel rushed and stressed. Â And it’s not something you want to rush. Â Our lease is not up till June so we have given ourselves 8 months.
- Lender First: Before you even begin looking at houses – meet with a lender or two. Â Don’t risk finding a place you love without your financials in order. Â Write down a list of questions before you meet – and make sure it is someone you can trust.
- Wants List: Sit down and make a list of the “must haves” and “would be nice to haves” for your new place. Â If you are purchasing with another person make sure they do the same and talk through your listÂ in detail. Â Communication is key.
- Identify Areas: Scope out areas and neighborhoods – see what kind of place you can afford in each neighborhood. Â Does that make one more appealing than another? Â What type of development is happening in the neighborhood in the next few years?
- Meet Relators:Â Similar to a lender, you want to trust this person. Â Look online for ratings and review andÂ ask for referrals from family and friends. Â Find a relator that specializes in the area you are looking at and who is experienced. Â And make sure you like them – you will be spending a lot of time with them.
- Scope Out: View a few homes and reevaluate your list of wants. Â Has anything changed? Â After Greg and I looked at a handful of places we realized that a few of the items on our list changed. Â Has your price changed?
- Communication: Communicate with your relator – if you change your mind about anything make sure to tell your relator. Â If you keep your opinions hidden they will not be able to narrow in on your dream home.
- Control Emotions: Don’t get overly excited (I am guilty of this one). Â If you are searching in a competitive market it is easy to let your emotions grab hold of you. Â Don’t let this happen or you are just setting yourself up for disappointment and a lot of unneeded stress.
- Have fun: Have a positive outlook and enjoy the process. Â It’s a big purchase!
Let me know in the comments section if you have any other useful tips!