Flat fee MLS - List Idaho - The Decision to Buy a Home

Buyer's Guide

Preparing to
Buy

Check Your Credit

Get
Pre-approved

Finding Your Home

After the Offer

Closing

Preparing to Buy

Purchasing a home is one of the most important decisions most people will ever make. It doesn't matter if you are a first time homebuyer or an experienced professional, there are several important steps that will help you select the right home.

Define your motivation- Has your family outgrown your current home? Do you want your children to attend better schools? Do you want to live closer to your place of work? Are you tired of paying rent? By defining what's most important, you will be better able to select a home that meets your needs.

Develop a list of features you want in a home- The following questions should help get you started.

How many bedrooms and baths do you require?
How many living areas do you need?
What neighborhoods would you prefer?
What schools do you want to be near?
What type of architecture or style do you like?
Do you want a one-story or two-story house?
What age of a home would you consider?
How much repair or renovation would you be willing to do?
Do you require a fenced yard or other amenities for your pets?
How close do you need to be to schools, work, shopping, major roads, etc.?
Do you have any special needs?

Determine how much home you can afford – When mortgage lenders calculate how much they will lend their clients, they normally use the "28/36 rule." This means your monthly house payments (Principal, Interest, Taxes, and Insurance) should not exceed 28% of your gross monthly income. Your house payments plus all other payments such as credit cards and car loans should not exceed 36% of your gross monthly income.