Own-A-House-Apartment

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leina Newark NJ

Own A House...

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Someday I'm going to: Own A House/Apartment

This is our plan

Original plan by: Corcoran

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Step 1: Can I really afford this?

Ask yourself the following questions:

1-Do I have a steady source of income (a job)? Have I been employed for the last 2-3 years and is my current income reliable?
2-Do I have a good record of paying my bills?
3-Do I have money saved for a down payment?

If you can answer “yes” to these questions, you are probably ready to consider buying your own home.

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Step 2: Casual Research

Start by thinking about your situation. How much space do you need? What neighborhoods do you like? Once you know these answers, start doing some casual research. Drive or walk through the neighborhoods. Speak to people who live there. Do they like it? Look online to see how much houses cost in certain areas.

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Step 3: Needs vs. Wants

Your home should fit the way you live. Before you begin looking, make a list of your priorities. Topics like size, location, proximity to work, schools, public transportation. What type of home or apartment do you like? Are you looking for certain amenities? Establish a set of minimum requirements and a wish list for things you would like to have but are not essential.

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Step 4: Find a Mortgage Broker

Speak to a mortgage broker or banker and go over your finances. They will be able to give you a good idea of what a bank will most likely loan. With a pre-approval letter, you will have a greater sense of what price point you should be looking at.

Down payment loan amount = house you can afford

If you would like to play with some numbers, try a mortgage calculator. http://www.corcoran.com/mortgagecalculator/index.aspx?page=MortgageCalculator

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Step 5: Contact a Local Real Estate Agent

If you do not know one, I can refer you to a professional in your area. (jireland@corcoran.com) Tell the agent your criteria and they will send you available listings in the area. Now the fun part, he or she will set up appointments to look at various properties. As you view homes, some of your criteria may change and your real estate agent will help you revise the search. It is all part of the process and will help the agent find the perfect home for your needs while staying in your budget.

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Step 6: Seal the Deal

Once you find a property you like, your real estate agent will make an offer on your behalf and negotiate a fair sale price. Once the offer is accepted, your agent, lawyer and mortgage broker/banker will all work together to close the deal.

This Plan was written by Jennifer Ireland, a New York State licensed real estate salesperson associated with The Corcoran Group and member of The Real Estate Board of New York. The opinions expressed here are those of the authors and do not necessarily reflect the opinions or policies of The Corcoran Group. This website is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/ or services offered for sale on this website shall not be considered an offer to sell such goods and/ or services in any state other than New York. Information on this site is not intended as legal or financial advice. I operate a business practice that supports fair housing.

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