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You may be thinking about buying your first (or your next) St. Louis home. And as I’m sure you’re aware, this is a big financial decision. But it can be an overwhelming experience if you haven’t prepared properly. Here are some tips to ensure you’re prepared before you get started:
Set Some Goals
To begin, ask yourself why you want to move. You probably don’t have to give it much thought; maybe you’re enamored with a different part of town, or it would reduce commute time. Or perhaps your children are heading off to school soon and you don’t need all that space. There are dozens of other common reasons why it could be time to move, and whatever yours is, getting clear on the ‘why’ will help you pinpoint the things you want to achieve by buying a new home. This will also assist greatly in your search for your next home.
Define a Budget
You should be fully aware of all your current expenses. It’s easy to get into the habit of just paying bills as they come in and putting your finances on autopilot. But if you’re considering moving, you need to know exactly what you can afford comfortably. Crunch the numbers and be sure that your move brings you the financial security that you need.
List Your Must-Haves
As I mentioned above, buying a new home is a big decision, and knowing what you absolutely need from a new house will help you avoid any homebuyer’s remorse. Fancy, modern conveniences can be a temptation, but you can’t let those obscure what’s really important for you to function in your day-to-day life. Listing your must-haves, especially if you’re buying with a partner, is a necessary step in preparing for the house-hunting process.
Talk to a Loan Officer
Finally, another important step that can help you determine if you’re ready to buy is talking to a loan officer. Because of the enormity of the decision, meeting with a professional who can help you clarify your options and break down the numbers with you is imperative. You want to be entirely confident in your decision to move forward, and a seasoned loan officer can help you get there. They can work to get you pre-approved for a loan, so that when you find a home you love, you’re ready to put in an offer right away.