Fall is soon to give in to winter here in the mountains of Western North Carolina, but that doesn't mean that there aren't plenty of things to do and see in Asheville! We can't discredit the
Preparing To Buy A Home
When preparing to buy a home there are steps that you should take to make sure that the process goes smoothly. People will give you different suggestions about how to go about the whole thing, but listed below are what we consider to be the 6 Steps you should take.
Evaluate Your Needs
First and foremost you need to evaluate what you need from your purchase. Are you buying a first home? Are you buying a new home because you've outgrown your current one? Will you need 2, 3, 4, or more bedrooms? The answers to these questions and many more are going to play a key factor in your home buying decision. Once you have outlined your needs and wants you will have something to refer back to when you begin your search and see if you need to re-evaluate anything.
Look At Your Credit
You will need to look at your credit and see where you stand. Your credit report is something that every lender will look at. Do you feel that it is an accurate representation? Is there anything on it that seems to be inaccurate or a red flag? When you start talking to lenders you don't want to be blindsided by something on your credit report. You want to make sure that it is accurate and all payments are up to date. Is there anything negative on it that you can solve quickly and easily? If so do so, it will go a long way.
Start Saving For A Down Payment and Closing Costs
Once you find the home you wish to buy you will need a down payment. Most lenders require a 20% down payment. There are some loans that will not require you to have a down payment but having extra money to put back in to your home is never a bad thing. It may sound like a daunting task but there are many different ways that you can begin saving up extra cash. Consider cutting back on habits--coffee, smoking, eating out, etc. You may even consider picking up a part time job that you can put the income completely towards your home fund.
Start Considering Where You Want To Buy Your New Home
You will need to know where you want to purchase your new home. Different parts of town have different things to offer. Use your list of wants and needs as a guideline to narrow down the area that will best suit you. If you're looking in the Asheville area and want to be within walking distance of local shops and restaurants you will probably lean more towards West Asheville than East Asheville. If you are looking for more land then you may not want to be in Asheville proper but one of its many suburbs.
Talk To A Lender
Now that you've started saving and know what your credit report looks like you should start speaking with different lenders. We recommend starting online and comparing rates as well as reading reviews. When looking at reviews most agree that the middle of the road (think 3 of 5 stars) are the most honest. Sitting down with a lender and getting pre-qualified will give you an honest look at where you stand financially and credit wise as well as give you buying power. Your lender may advise you to do things to help your credit that you didn't know would. They'll also be able to let you know how much house you can buy. Knowing what your budget is will allow you to search and view homes that you can afford.
Find A Real Estate Agent
There are those who would argue that you do not need a real estate agent but how confident are you that you can get the best deal, file the right paperwork, and search through thousands of homes on your own? Did you know that typically the seller pays your buyer agent? Unless you are a real estate expert in the market that you are looking to purchase a house in then you should enlist the help of a real estate agent. Your buyer's agent is your advocate. They know the market, they know how the entire process works, they'll be able to help with any unexpected surprises, and make recommendations along every step.
Hopefully this will help you to better prepare for buying a house. If you have any other questions please feel free to give us a call or send us a message!!
Skye Streppa is an Asheville native who holds a wealth of local knowledge and a depth of character found only in the mountains of North Carolina. His attentive advocacy to his client’s needs creat....