{"id":7945,"date":"2016-10-06T06:54:32","date_gmt":"2016-10-06T13:54:32","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7945"},"modified":"2016-10-06T07:01:09","modified_gmt":"2016-10-06T14:01:09","slug":"5-steps-take-buying-home","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/personal-finance\/5-steps-take-buying-home\/","title":{"rendered":"5 Steps to Take Before Buying a Home"},"content":{"rendered":"

Home ownership is not for everyone, but \u2013 for those who feel like it\u2019s the right time to buy that certain house \u2013 there\u2019s a few things you need to know to make sure you\u2019re making the right decision (not just financially, although that\u2019s still a pretty big consideration).\u00a0 If you\u2019re still renting, file this away for reading later \u2013 it\u2019ll help you if you ever decide that home ownership is right for you.\u00a0 Now let\u2019s see what steps you need to take BEFORE you buy a home.<\/p>\n

    \n
  1. Get financing in order even before you start looking at specific houses.<\/em><\/strong> That seems backwards compared to how most people do it, but you should know how much house you can realistically afford (25% of your income is an often-cited number) before you start house hunting.\u00a0 Go talk to your financial advisor<\/a><\/span><\/strong> (have you saved enough for a down payment?) and then a mortgage lender first to get your ducks in a row \u2013 you\u2019ll be glad that you did.<\/li>\n
  2. Know what\u2019s important to you in the area you\u2019re considering buying.<\/em><\/strong> You want to live in the best school district (if you have or will have kids), or need to know what the crime levels are?\u00a0 How about the taxes?\u00a0 Do your homework on the makeup of the neighborhoods you\u2019re considering \u2013 there are plenty of statistics out there, and qualified realtors who can provide these types of answers to you as well.<\/li>\n
  3. Make sure you get everything in writing on the house you\u2019ve decided on prior to closing.<\/em><\/strong>
    \nAfter all, you want to know what you\u2019re getting into, right? Especially if you\u2019re buying an older home that may have occasional problems (i.e., water in the basement) or a neglected fixer-upper \u2013 there can be plenty of headaches if you don\u2019t inform the seller in writing what you want to make the deal happen.<\/li>\n
  4. Understand all of the costs associated with closing<\/a><\/span>.<\/em><\/strong> From points, seller-assistance, taxes, escrow, etc., it can all seem overwhelming while it seems like you\u2019re signing your life away. \u00a0Just making sure that you don\u2019t have a sudden scare when it comes time to close and it\u2019s not a lot more than you thought it would be can make the process go much more smoothly for your peace of mind.<\/li>\n
  5. Be ready to live there for a while.<\/em><\/strong> Home ownership is a long-term commitment and is not to be entered into lightly, mind you.\u00a0 You have to be able to picture yourself building a life where and when you are considering buying a house.\u00a0 It may not always work out that way (i.e., career change necessitates a move), but it\u2019s better to plan for the future knowing that you can see yourself living there for quite some time.<\/li>\n<\/ol>\n

    Now that you\u2019ve got an understanding of what you should do prior to buying a home, you can feel better-prepared to make that decision if\/when it comes time to consider it \u2013 you\u2019re welcome!<\/p>\n

    Find an experienced financial advisor who always operates in a fiduciary capacity, works for an RIA firm, earns his\/her money from fees (NOT commissions), believes in having an abundance of investment choices for clients, and has the heart & demeanor of a teacher, NOT a salesman, and chances are you\u2019ve found the right financial advisor to help you prepare and plan for your financial goals.<\/p>\n

    To learn more about Martin Federici, view his<\/strong> Paladin Registry Research Report<\/a><\/span><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Home ownership is not for everyone, but \u2013 for those who feel like it\u2019s the right time to buy that certain house \u2013 there\u2019s a few things you need to know to make sure you\u2019re making the right decision (not just financially, although that\u2019s still a pretty big consideration).\u00a0 If you\u2019re still renting, file this away for reading later \u2013 it\u2019ll help you if you ever decide that home ownership<\/p>\n","protected":false},"author":12,"featured_media":7949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[765],"tags":[],"class_list":["post-7945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance"],"yoast_head":"\n5 Steps to Take Before Buying a Home<\/title>\n<meta name=\"description\" content=\"For those who feel like it\u2019s the right time for buying a home \u2013 there\u2019s a few things you need to 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