Jeff’s Carlsbad Blog for First Time Home Buyers


How to Become a Good Buyer! (Part 1 of 5)

Posted in Due Diligence,Homeownership,House Hunting,Mortgage info,Psychological Stuff by Jeff Dowler on December 5, 2006

angel.gifAs you begin your quest for your first home, you may be feeling a bit overwhelmed about what lies ahead. That’s perfectly understandable, since it is quite a journey. Since you are a new buyer, there are things you can do to ensure you navigate this journey as best you can. You need to become a “good buyer.” Here’s the first in the series on how to do this.

  • Make the decision to buyAre you serious about a making a purchase or “just looking?” Determine your time frame – it may be general or more specific (e.g., if there is a lease termination). And what are the reasons you have decided to buy now?
  • Decide on Your Needs What type of property are you looking for? Where do you want to live? What amenities do you need, and how much space (bedrooms, bathrooms)? And how much are you going to spend? Your initial thoughts will likely change over time as you look at properties. And it’s quite alright to give up some things if you can’t find “exactly” what you want.
  • Get Pre-approved – This is a “must do” for you so you know what you CAN afford. Plus many sellers will not accept an offer without knowing that the buyer has been pre-approved. A bank or mortgage company can conduct the pre-approval over the phone in many cases in just a few hours or less (they will look at credit, income, cash and debts). Knowing what you can afford will prevent you from wasting time looking at homes that are out of your budget. You don’t want to fall in love with a home that you can’t buy! And for more detailed information on getting a loan in general, read this great article by George Souto, a Connecticut mortgage broker specializing in first time buyers (but able to work with ANY buyer, of course). It’s chock full of terrific info you should think about.

 There’s more ahead. Stay tuned.

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  1. […] and hopefully you have seen all 5 parts of the series (links to the other posts are here – Part 1, Part 2, Part 3, Part 4) and found them […]


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