Early steps: How to buy a house?

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Do you feel overwhelmed by the thought of buying a house?
There are many decisions along the way.
To kickstart the process and reduce anxiety
focus on 3 major decisions early on
#1 Time. Do you need to move in a month, six
months, a year or more? The decision is often
driven by the end of your current lease,
the start of a new job or the children's school calendar.
In most cases, the less time you have the less
flexibility you will have with the other two decisions.
#2 Money. How much can you afford to spend on a new house?
How much are you comfortable spending?
Try an online loan calculator.
Speak with a mortgage broker and get prequalified.
Based on income, assets and debts, prequalification
quickly tells you how much house you can afford early on.
For some, speaking with a financial advisor may also make sense.
#3 Home Features. These include in no
specific order: location, square footage, parking,
views, age of home, style of architecture, number of
bedrooms, number of bathrooms, finished basement,
type of floors - just to name a few!
As you see, this decision can get out of hand
very quickly because it involves the most options.
No surprise - this decision can also change.
Because it's not as fixed as time and money.
It's also dictated by a variable supply of homes.
To simplify #3, build a ranked list of features.
Rank the features from most to least important to you.
A few tips to help you rank:
First tip, identify needs versus wants.
Needs are what you have to have in your new home.
Wants are what would be nice to have in your home.
Needs rank above wants.
Second tip, account for hardest to easiest to
change in your ranking, For example, location of
the home ranks high for most because if you're
not happy with the geography or topography
you cannot really move a house.
On the other hand, a crystal chandelier in the dining room
that maybe a relatively simple change.
Third tip, ask "why" for each feature
Why should the house be a five mins walk to the train station?
Why should the house have a finished basement?
Answers to why should hopefully give you deeper insight into
what you value most.
This is Sheila Proeve,
a licensed real estate advisor on Chicago's North Shore.
Share your comments below on what decision
is most important for you.
Subscribe to get updates on the next steps
in the process of buying a house.
Thank you for watching and see you soon!

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Early steps: How to buy a house?

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