Home Buyers: How To Find The Perfect Home
When someone says they want the perfect house, car, wife, husband or even yard I always ask them to define perfect. Perfect is one of those words that means different things to different people. I like BMW’s while you may love Cadillac, I like the idea of having space to grow lots of veggies while other people hate the thought of all the work involved in keeping up a lawn. Before you go looking for the perfect house you need to be sure what exactly you mean by perfect.
Even the best real estate agent isn’t a mind reader. They can only try and show you the best properties they have access to based on what you tell them. If you don’t tell them that having a double garage is absolutely imperative then they can’t really be blamed if they show you houses with no garage at all.
Buying a 4 bedroom house rather than a 3 bedroom house will require a lot more money, while you may want the spare bedroom do you have the money? One way you can find out exactly how much house you can afford is to sit down with your home loan company and ask them for a letter of prequalification. This will show that you are good for the amount you are offering to pay for the house (in principal at least).
Your agent will probably also recommend that you get prequalified with a mortgage lender before you start any of the process. This is very good advice because you need to know what price range you qualify for, what kind of loan program you will be using and how much of a down payment you’re going to need. Also, listing agents and sellers will want to see your prequalification letter before allowing you to put their home under contract.
By getting prequalified you are able to know whether you should be looking at the $300k 4 bedroom house with a games room or the $100k flat with shared parking. While it is nice to dream of owning a large house, it is better to be realistic with yourself and the home owners who are selling. If you will never be able to afford it, then there is nothing to gain by looking at the house and it wastes everyone’s time, including yours, which doesn’t help anyone in the hunt for the perfect home.
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