A 5-point checklist for buying a new home

When you are ready to search for the house that could become your home, you will need the right tools in hand so you can go into negotiations with ease. The more prepared you are, the less time it will hopefully take for closing, and you will be able to hold your keys in hand. While it is true home buying can be a timely processed, with a five-point checklist in hand, your experience should not seem like it is taking forever.

Here is a five-point checklist to keep in mind when you begin your home search:

1) Know your budget. How much can you afford to spend on a home, and what is the absolute maximum amount you can spend on a mortgage payment? Once you have the numbers figured out, you will have a better idea of the price range in which you can search. Some potential home buyers may consult with a bank or other institutions to get a feel for their financial situation. Not necessarily a bad idea, and if you work with a real estate agent they will assist you in this manner.

2) Know your neighbourhood. If you have kids, you will want to narrow your search to neighbourhoods with quality schools and recreation areas. Also to consider are neighbourhoods near your workplace, church, social activities, and other interests. You can search statistical information on the Internet if you really want the details.

3) Make the time to search. You are a busy person, and more than likely you have reserved weekends for the house hunt. That makes sense, but it also stands to reason that everybody else is doing the same thing. Consider taking a personal day during the week to tour available homes for sale. Not only can this put you ahead of the game, but you can get a feel for certain neighbourhoods at their most active.

4) Be ready to respond during the bidding process. Phone calls from your agent may come fast and furious if you have a hot prospect. So, it is important to have all your information together when you start placing bids. Should you outbid on a property, don't feel that you have to jump the gun. Consult with your agent and negotiate with a level head.

5) Stay focused. Your goal is to buy a home, but you want it to be the home you want. Do not settle for a place because the price is right or because it is the only one available. Listen to your intuition as you tour a house and ask yourself if this is where you want to spend the next thirty years. Learn everything you can about every potential property - needed repairs, history of the previous owners, did they have pets, etc.

Keep your focus, negotiate with calm, and you may find the home buying process is not that tedious after all.

Based on the article by Kathryn Lively.