Even if it’s a year or two away, there are things you should consider now so you are better prepared when the time comes. We’ll discuss the basics and point you to some tools you can use to get started. Even if you are selling a current home and moving into a new one, much of this applies as well.
First and foremost, work on your financing. The sooner you figure this out, the better you’ll be prepared for everything else. I would suggest working out a budget if you don’t already have one. This can help determine what you feel you can afford for a house payment. Then when you talk to a finance person you have a better understanding when they explain what a monthly payment amount covers and how much ‘home’ you can afford. (The homes costs include the mortgage, money down, and other costs for the transaction). There are also online tools such as this calculator that give you a rough idea: How Much Home Can I Afford?
If you don’t already have it, it’s a good idea to check your credit report. This is a great tool that I’ve used myself and you are allowed to use it once a year for free to check all three major credit services: Annual Credit Report . They will try and sell you extra services but if you just use it to check your report it costs you nothing, (by law the credit services must supply you one free report per year). Look your reports over carefully and if you see something wrong, now it the time to fix it, before you go to secure financing for the home you saw and fell in love with (and then can’t get the financing).
Searching For Homes
Next, start thinking about the type of home you’ll want and the area you think you want to move to. This is where I recommend you hook up with a REALTOR®. Find one that knows the area you’re looking at and see what they say about the availability and prices you would be looking at. Remember, when buying a home using a REALTOR®, you pay nothing for our services, (as explained in this earlier post).
Of course I hope you will consider The Derrick Team as your REALTOR® of choice. Connie and I have no problem working with you long before you’re ready to make your purchase. We want to guide you in your search and even when it takes a year or two we’ll be glad to help you get started. We have the knowledge and tools of our own with which we will assist you in your search. One such tool is on our web site, the Search and Save feature located on the menu at DerrickTeam.com. It’s free to use and allows you to create searches, save and email the results to yourself or others.
Selling Your Home
If you have a home to sell you definitely want to get a REALTOR® early on, so we can help you determine your homes value as it currently is, thus guiding any improvements you make to prepare your home for sale. Depending on shows like you see on HGTV could really make you waste a lot of money on things that don’t help in your neighborhood.
Give The Derrick Team a text or call today for any current or future Real Estate needs at 317.563.1110. We’ll be glad to talk to you about anything you’re thinking about doing now or two years from now. It’s never too early to start planning such a big purchase. And remember, we work 7 days a week, evenings too!