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Five Tips For Purchasing A New Home

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Buying a new home is exciting and sometimes daunting.   There’s a lot that goes in to buying a home, but it’s all easily manageable with a few simple tips. Here are five basic, yet sometimes overlooked, tricks to buying a new home. (And for more, check out this post from HGTV.com!)

1- Plan Ahead – Secure Your Credit
Avoid moving your money around or making large purchases three to six months before applying for a loan.  Lenders want to see that you are reliable and responsible.  A good credit report will get you the best loan possible.  Too many new credit cards or too much debt are red flags to lenders.

2- Get Pre-Approved Before You Start Looking
Being pre-approved for a loan saves time and resources.  This means that the lender has assessed all of your financial information and has informed you of how much they will be able to lend you. More importantly, you’ll now the price range you can afford and how that translates to a monthly payment. You can focus your search on homes you know you can afford and it will help you lock-in the best interest rate available.  

3- Test Drive the Neighborhood
Spend some time in the neighborhoods that you are considering.  Stop by at various times - morning, midday, and evening, to get a feel for the neighborhood and give you an idea of what traffic is like in the area. Maybe even do a test drive from the neighborhood to your place of work, to your children’s school.  Getting to know the neighborhood will help you determine if it is the right fit for you.

4- Don’t Stress Over Timing the Market
Trying to time the market can be frustrating and nearly impossible.  There are many economic and external factors that contribute to real estate prices.  Focus on your financial information and finding a home and community that fits you, and everything will fall into place!

5- Buy What You Love, But Be Open to Compromise
Have a list of must-haves and items that are open for compromise. And, know what you can change in your new home and what is more difficult. New wallpaper or a carpet change are easy fixes for a home that you love! Switching out cabinets, flooring and adding rooms is much harder later.

We want to help you find the home of your dreams!  For more information, please contact us.  We look forward to hearing from you!

Resource: http://www.hgtv.com/design/decorating/clean-and-organize/10-best-kept-secrets-for-buying-a-home

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