Before rushing into homeownership, prospective buyers must make sure they are ready to take on the added responsibilities of maintenance. Though owning offers the benefits of tax deductions and equity, it is more costly and time-consuming than renting.
Once they make the decision to buy, borrowers-to-be should figure out how much they can spend on a home by taking account of their other debts and getting prequalified by a mortgage lender. The prequalification process enables buyers to define their price range and facilitates negotiations with sellers.
Given the difficulties of obtaining homeowner's insurance, buyers also would be wise to purchase a renter's policy from an insurer that also offers homeowner's coverage. Once they are finished house hunting and ready to move into their new home, the transition from a renter's policy to a homeowner's policy may be less burdensome.
The buyers need to determine the type of home they wish to purchase and where they want to live. In addition, they need to choose a real estate agent based on personal interviews and referrals from family and friends.
"How Do I Prepare for Home Purchase?" Inman News Features Online (10/13/03); Hymer, Dian.
Given the difficulties of obtaining homeowner's insurance, buyers also would be wise to purchase a renter's policy from an insurer that also offers homeowner's coverage. Once they are finished house hunting and ready to move into their new home, the transition from a renter's policy to a homeowner's policy may be less burdensome.
The buyers need to determine the type of home they wish to purchase and where they want to live. In addition, they need to choose a real estate agent based on personal interviews and referrals from family and friends.
"How Do I Prepare for Home Purchase?" Inman News Features Online (10/13/03); Hymer, Dian.