1. Start saving. Ideally, you should have 3-20 percent of the purchase price saved as a down payment. And factor in closing costs which average 3 percent of the home price.
2. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
3. Develop your home wish list. Then, prioritize the features on your list.
4. Select where you want to live. Compile a list of neighborhoods you’d like to live in, taking into account items such as schools and commute.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately.
6. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. Such as W-2 forms, recent pay stubs, account numbers, and copies of bank or credit union statements.
7. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
8. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.
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Buying or selling? Hire an experienced professional. Call Robin Scott, Broker at 512.589.7988.
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