Finding the Perfect Home Can Take a While

download (64)Finding the perfect house can take a while. Patience is not only a virtue, but it’s a determining factor when purchasing a home. The three most important keys to home buying are, making sure you are financially ready, ensuring that you and your partner do not become emotionally attached to any home, and discussing with your partner your expectations of a home prior to shopping.

Often times people think “I finally got that big pay raise; I’m ready to buy a home.” However, the financing of a home is about more than just a steady income. Your lender is going to want to know about all of you and your partner’s financial history, both good and bad. Also, they are going to inquire about that old cell phone bill from high school that you never paid. Yikes! Your credit history will be on full display for the lender. If you don’t have your “financial ducks in a row”; it will really hinder your home buying process. Your debt to income ratio is really key here. Therefore; prior to going out and viewing homes make sure that financially you and your partner are ready to make this big ticket purchase.

The worst thing you can say while shopping for a home is “I love it”. This puts unnecessary pressure on you and your spouse. The key is to not become emotionally attached to any of the homes you view, simply because the next home could be the right home or even the next home! Simply because it has the white picket fence that one of you has always wanted, doesn’t mean that it’s a good investment. This is a very important business transaction that needs to be thoroughly investigated by you and your partner. Logic usually overrules emotions in these situations. Think things through and decide if this home is really worth the asking price and if it’s comparable to your family’s expectations of a home. Get your own appraisal and inspections performed by a company you enlist. And most importantly, don’t be afraid to walk away.

Finally, be sure to discuss what you and your spouse want prior to viewing homes. You should both come up with a list of the top three things you must have in a home and the top three things you want to live without. What are you willing to live with? What are you not willing to compromise on? These are the type of things your list should cover. After both parties have comprised their list of wants and dislikes, compare your lists, so that you and your partner are on the same page. If you love stucco but your partners hates it; that may be something you need to discuss prior the shopping for a home. More often than not, if this is your first home your budget is probably going to be the most important factor. This means that’s you may not be able to afford your absolute dream house at first. However with proper planning and open communication, you will be able to find a home that’s perfect for you and your family.