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The Five Things You Need to Know Before Purchasing a Home. Part 1

The purpose of this guide is to introduce you to the process of purchasing a new home. It simplifies the process by breaking it up into five steps:

1. Figure out exactly what you want

2. Get pre-approved for a loan

3. Should I hire a real estate agent?

4. Find the right home

5. Get a home loan

By the end of this guide, you will have a deeper understanding of the home buying process.


You want to purchase a new home, but do you know exactly what you want?

Before you start worrying about fixing your credit or getting pre-approved for a mortgage or having

enough money for a deposit, you need to determine if you are ready to purchase a new home.

To do this, you just need to ask yourself five simple questions.

A. What do you want?

• Do you want a larger home or a smaller home?

• How many bedrooms?

• How many bathrooms?

• How many stories?

• What other features do you want your home to have?

B. Why do you want it?

• Do you want to be closer to your workplace?

• Do you need more space to accommodate your growing family?

• Do you want better schools for your children?

• Are you simply tired of renting and would prefer to own your own place?

C. Where do you want it?

• What area of town do you want to live in?

• Do you prefer a gated community?

• Do you want to live in a residential area or in a more isolated area?

• Do you want to be close to schools, shopping, and major highways?

D. When do you want it?

• Do you want to move as soon as possible?

• In six months?

• In one year?

• If you found the right home at the right price today, would you make an offer?

E. How much can you afford to pay?

Analyze your financial situation and determine:

• Are you currently paying too much for housing?

• Are there any expenses you could cut back on or eliminate?

• Do you have enough money for a down payment and closing costs?

• Do you have any debts you need to pay off?

• Do you need to fix your credit?

• How much can you comfortably afford to pay every month?

Once you have answered these five simple questions, you will be ready to take the next step: getting pre-approved for a home loan. Donʼt start looking for a home until you have a home loan pre-approval.

Next newsletter we will talk about point #2: Get pre-approved for a loan.

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