| g a new home is one of the most exciting and most | | | | affordability, and doesn't waste your time on |
| important decisions you will make in your lifetime. For | | | | unsuitable homes. |
| both financial and lifestyle reasons. However, it may | | | | 4. Finding the right community and neighborhood for |
| not be apparent if you have made a good move until | | | | your family (You will have different needs at |
| months or years down the road, so it is very | | | | different times in your life) |
| important for you to take the time to analyze each | | | | Are you moving to a new city or just moving within |
| step and each decision BEFORE you make the final | | | | your city? In any case, you might make many of the |
| move and sign on the dotted line to purchase the | | | | same decisions, whether you are moving within your |
| new home. | | | | city to a new city. Do you need to be near things like |
| You can find many web sites that will provide | | | | access to the night life? Or are these things more |
| answers to the questions below, but you may also | | | | important? Schools. Sports facilities. Workout facilities. |
| want to work with professional to make the best, | | | | Jobs for you and your spouse. Many of these |
| educated decisions. Here are seven steps to make | | | | decisions are simply dependent on the stage of your |
| buying a new home an enjoyable and intelligent move | | | | life, if are you retiring or if your family growing. |
| for you. | | | | A simple process that will help you is to take a piece |
| 1. Deciding if now is a good time to buy a new home. | | | | of paper out and make a line down the middle. Then |
| (Rent vs buy or even stay where you are) | | | | make headings for "Must have" and one for "Would |
| The reasons for moving are varied. You may have | | | | be nice". Then write down all the things you feel |
| outgrown your current home. Or you've decided to | | | | would be "Must haves" on the left column and the |
| accept a new job in a new location. Or you are | | | | things you feel "Would be nice" on the right. Then |
| preparing for retirement and are downsizing and | | | | make a decision based on the community that has |
| accessing the profits from your investment in your | | | | the most or best items that you must have or need. |
| home so you can retire. If you are renting now, and | | | | Again, a REALTOR ® can help you by working |
| contemplating buying a new home, you may even | | | | out a realistic idea of the home best suited to your |
| want to do a rent VS. buy analysis. In addition, if you | | | | needs- size, style, features, location, accessibility to |
| are considering taking a new job in a new | | | | schools, transportation, shopping, etc. |
| community, be sure to analyze the cost of living in | | | | 5. Deciding on the right type of home and the right |
| the new community. Will you actually have a better | | | | home for your family. (Do you need a home with |
| lifestyle after the move just because you will be | | | | room for a family to grow or a 1 level home that will |
| taking a new job that pays more? Perhaps not. | | | | be easier in your upcoming retirement?) |
| Again, web sites with resources are provided below | | | | What type of home do you want to buy (e.g. a |
| to guide you in these decisions. | | | | ranch home, a split foyer, a 2 story, etc.) Or do you |
| 2. Finding out what type of home you can afford | | | | need a lesson in the benefits of each one? Should |
| today. (Visiting your local banker or mortgage broker) | | | | you buy a new home or an older home? Are you |
| To make an educated decision, you will need to talk | | | | hoping to buy a home that needs repairs to so you |
| to a professional advisor and loan specialist. A few of | | | | can fix it up and build sweat equity, or do you want |
| of your deciding factors will be: | | | | to simply move in to a new home? Or are you going |
| 1. How much is your current home worth if you own | | | | to build a new home and need to work with a |
| one. And of course how much equity you have in | | | | contractor to buy the lot, dig the basement and build |
| your existing home. | | | | the home? Again, you may need help. A REALTOR |
| 2. The long term planning you have done in the past | | | | ® has no emotional ties to the homes, or |
| with your retirement pension and investments. | | | | contractors, and can be objective about them, and |
| 3. The price of new homes that you want to move | | | | can point out advantages and disadvantages while |
| into. | | | | answering your questions. |
| 4. The amount of debt load you carry now. | | | | 6. Preparing for the closing and finalizing your decision. |
| 5. Your credit report and your credit rating. | | | | Although preparing for the closing on your new home |
| You may want to start at your local bank if you | | | | is an exciting time, it is also can be a time consuming |
| have or want a relationship with them. You can also | | | | and very important event. If you have made an |
| go to the online mortgage specialists to compare | | | | offer on a home that you really want, one small snag |
| national offers. | | | | could keep you from getting it. In addition, you could |
| You may also want to work with a local REALTOR | | | | lose money if you do not have a clear understanding |
| because a REALTOR ® usually knows the local | | | | of your contract. A REALTOR ® can help |
| money market and can tell you about financing | | | | familiarize you with the closing process by explaining it |
| options. A REALTOR ® can also tell you what | | | | all in advance. |
| personal and financial data to bring with you when | | | | 7. Making the move and all the things you need to do. |
| you apply for a loan. | | | | You're almost in your new home now! Now all you |
| 3. Finding the right real estate agent or going it alone. | | | | have to do is move, right? Not quite, but you should |
| (Finding the right agent or looking for a for sale by | | | | be so excited by now that it will not slow you down. |
| owner) | | | | You'll need to write down all the tasks you need to |
| The Internet has made it much easier pre-qualify | | | | complete to make it a smooth move. Many web |
| yourself for a home loan and to then find the right | | | | sites have checklists for moving for you to print and |
| home for you and your family. However, you may | | | | follow for your move. A few examples are lining up |
| still want to work with a professional Realtor for | | | | the professional movers or moving yourself. Hopefully |
| many reasons. One of the most important reasons | | | | your employer will be paying for the move, but if |
| may be that the REALTOR ® is that they have | | | | not, you'll need a moving truck, a dolly, packing |
| knowledge in many areas and may make just one | | | | blankets, and perhaps hired hands to do the moving. |
| recommendation or warning that may save you time, | | | | You'll also need to plan dates and processes for |
| money and headaches. In addition, a REALTOR ® | | | | things like changing your mailing address, ordering |
| can supply information on real estate values, taxes, | | | | new services such as your new phone, cable TV, |
| utility costs, municipal services and facilities, and may | | | | garbage removal and more. |
| be aware of proposed zoning changes that could | | | | Again, many web sites have checklists for moving |
| affect your decision to buy. A REALTOR ® also | | | | for you to print and follow for your move and that is |
| has access to listings of available homes, can | | | | the best place to start. |
| evaluate them in terms of your needs and | | | | |