Getting Started
1. Find out if you are ready to buy a home. You can find out by asking yourself some questions:
Do I have a steady source of income?
Have I been employed on a regular basis for the last 2-3 years?
Is my current income reliable?
Do I have a good record of paying my bills?
Do I have few outstanding long-term debts, like car payments?
Do I have money saved for a down payment?
Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to buy your own home.
2. Determine your housing needs before you begin your searchYour home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a "wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.
3. If you are renting, compare renting vs. buying. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing. Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
4. Begin the processStart by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? Use my monthly payment calculator to help determine this. How much space do you need? What areas of Richmond do you like? After you answer these questions, make a 'To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and start looking in our Home Search section. Also, to aid in the process, if you are unfamiliar with many real estate terms, we have a handy dictionary that defines even some of the more obscure real estate terms.
article taken from Richmond.com
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Good luck and happy home searching!
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