There are three things every prospective homebuyer must consider and determine before starting a home search:
1) What is your Price range?
2) Will you need Parking?
3) Do you have Pets?
Price Range
Smart shoppers know what their budget is before they go shopping. For homebuyers, this begins with a meeting with a reputable mortgage lender (ask me for some referrals if you don't have your own). This first step is critical. Everything in the homebuying process flows from the information your lender provides you.
At no obligation to you (meaning: it's FREE!), the lender will ask you some questions about your income, assets and debts. You may also be asked to provide documents including a recent pay stub or your most recent income tax return. From that information your lender can determine how much house you can afford...what dollar amount the lender is willing to lend you.
The lender will then provide you with a pre-approval letter. The pre-approval letter tells prospective sellers a number of things:
- That you've done your homework on your finances
- That you aren't just a looky-loo who wants to waste their time
- That you are qualified and serious about making an offer on the property you have chosen
Parking
Will you need parking? Do you want to rent or purchase a space?
This is vital information to share with your Realtor. Some condo buildings have an attached parking garage; some do not. Some offer spaces for sale (known as deeded parking); some only offer spaces for rent.
In my neighborhood, for example, the asking price on parking spaces ranges from $35,000-$80,000/space. Rentals range from $225-$350/space/month.
Some of the variables include:
Pets
Will you need parking? Do you want to rent or purchase a space?
This is vital information to share with your Realtor. Some condo buildings have an attached parking garage; some do not. Some offer spaces for sale (known as deeded parking); some only offer spaces for rent.
In my neighborhood, for example, the asking price on parking spaces ranges from $35,000-$80,000/space. Rentals range from $225-$350/space/month.
Some of the variables include:
- What level (top floor, basement, etc.) the space is on
- How close it is to the building's entrance
- Whether it's on a level or slanted surface
- Whether the garage is heated
- Whether the garage has an attendant and/or valet parking
Pets
If you have pets, definitely tell your Realtor! Most buildings have guidelines on the type, quantity and size of pets permitted per unit.
There are some buildings that don't allow pets at all! Don't risk sneaking in your pet and thinking no one will find out. Someone ALWAYS finds out. You could risk being fined, or being told to find another home for your pet. How heartbreaking would it be, to make an offer on the home of your dreams, and learn later that you cannot bring your dear four-legged companion!
When you have these three Ps in order, you'll be well on your way to finding the home that's a pretty darn good fit for you!
There are some buildings that don't allow pets at all! Don't risk sneaking in your pet and thinking no one will find out. Someone ALWAYS finds out. You could risk being fined, or being told to find another home for your pet. How heartbreaking would it be, to make an offer on the home of your dreams, and learn later that you cannot bring your dear four-legged companion!
When you have these three Ps in order, you'll be well on your way to finding the home that's a pretty darn good fit for you!
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