Preparing to buy property

Before you start shopping for your property, it is a great idea to prepare yourself for the journey.

Know your numbers:

  • Take an assessment of your outstanding debt, assets and annual income. Understand your monthly outgo an income- maybe even put a budget in place.

  • Meet early with a finance professional (like a CPA or financial planner) to discuss your financial goals and where home buying fits in, and have long-term game plan.

  • FICO scores matter: If a purchase involves financing, a good credit score and healthy savings account are key to loan qualification, and it will also determine the type of loan terms offered to you.

  • Employment history is important: you must have at least two years of work history in your current field for most lenders to consider you for a loan. And, you’ll want to be sure there are no hiccups in your employment status while you’re buying.

  • Reduce outstanding debt: as much as possible, and save, save, save. 20% down payments are standard.

Decide What You Want:

  • Put together a list of wants AND don’t wants with your new property in mind, be sure to compare lists and prioritize them if your buying with someone else.

  • What are the neighborhoods you’ll consider living in? Take a weekend day and drive around the city- you’ll be surprised what you’ll find and like!

  • Features: bedrooms, baths, a yard, balcony, storage, square footage, parking, washer and dryer, one floor, close to shops? What features are important- then decide if each is a “must-have” or just a “like-to-have”?

  • What’s your price point and how much do you want to pay monthly? (Getting ahead of myself, but this is where you talk to your Realtor about what to ask a lender).

Research: Opening Pandora’s Box

Download MyVanguardSF from the Apple or Android App store and create an account. Create a search for yourself and start watching properties. Notice the list price vs. the sale price when it posts, how many days on the market and what sells and what doesn’t.

Call Me First!

You’re not crazy- even the best researchers find real estate shopping overwhelming. So let’s have a simple conversation to get you moving in the right direction. I can help you understand the process and execute your step-by-step plan so that it’s exciting and fun.

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