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Buying Your First Home in 2020? 4 Ways to Prepare

by Coldwell Banker Ben Bates Inc. 10/11/2020

Image by Gerd Altmann from Pixabay

Buying a house can be complicated. Before you can get started, you must know how much money you can spend, what kind of house you're looking for, what kind of house you can afford in your area and other factors. This is a good time to get started! Below are four concrete things you can do to get prepared to purchase a house in 2020. 

Know Your Must-Haves

Every house is different. Number of bedrooms, lot size and home size, location and character of the neighborhood are all variables that change from one house to another. Knowing what your priorities are can help you narrow your search as you look for a house.

In order to know your must-haves, it will be helpful to know your goals for the future. Whether you plan to have children or more children, pets or more pets, or whether you plan to take up hobbies that require vast amounts of space are all factors that could affect what kind of house you will want. Talk to the other members of your household to make a list of must-have features for your new home. 

View the Listings

Know what kind of homes are selling in the area where you plan to buy. Knowing what homes are available, and how much they cost, can help you get a sense of the house that you can realistically buy when the time comes. Viewing listings can also get you thinking about other house features you may not have considered yet. 

Make a Budget

Knowing how much you can afford to spend is important. Contact lenders in your area to find out how much money you'll qualify to borrow. Doing this early can help expedite the shopping process, as getting pre-approved can take a few days.

Examine your savings and determine how much you can put down for your down payment. Put some money aside for moving expenses and household repairs, assuming the house you buy may need some fixing-up before you move in.

Not sure how much to set aside for moving? Contact a few movers in your area to get guesstimates. You won't be able to get an exact quote until you have a delivery location, but movers may be able to give you a rough idea.

Once you know how much you plan to borrow and how much you can put down, pay closer attention to the prices in the house listings in the areas where you plan to purchase a home. This will tell you if you can really afford to buy a house in the neighborhood where you want to live.  

Find a Real Estate Professional

Interview real estate professionals to find the real estate professional who will help you through the home buying process. Look for a real estate professional who communicates and listens well, and who demonstrates understanding of your priorities. The real estate professional you choose should have experience with homes in the neighborhoods where you would like to buy. Working with an expert can help make the experience less stressful and more satisfying overall. 

About the Author
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Coldwell Banker Ben Bates Inc.

Hi, we're the Coldwell Banker Ben Bates Team and we'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a team of real estate professionals by your side. we'd be honored to put our real estate experience to work for you.