Second in a series

To begin, I’d like to reinforce the point I made last issue about the cycle of home ownership. From buying to selling to the time you spend living in your home, all stages of home ownership have impact on each other. For example, if you have a positive home selling experience, it is more likely that the purchase of your new home will be enjoyable. With an understanding of the different stages of home ownership, you’ll see how easy it really is to have a successful overall experience.

Buying a new home is likely to be one of the largest financial transactions of your life, so there are some important things you should know. I believe that the best place to start is with a checklist. This will help you prioritize important information and minimize potential confusion. Here is an example of a step-by-step checklist that will help you with the purchase of your new home:

• Beginning your home search

• Selecting your real estate agent

• Determining what you can afford

• Getting pre-approved for a home loan

• Researching the market

• Negotiation and transaction; preparing the purchase and sales agreement

• Transaction process; title-escrow-inspection; removal of conditions;

  finalization of sale transaction

• Property transfer services

• Possession of property

Doing home research has never been easier thanks to modern technology. Many real estate companies have web sites that allow you to view photos, hear audio descriptions and take virtual tours of prospective homes. During this stage it’s important to make notes ahead of time to determine the type of home you are looking for, such as the style, number of bedrooms/bathrooms, desired square footage and what neighborhoods you like. Communicating this to your agent will make the home searching process more efficient and enjoyable.

During this time it is also important to determine what you can afford. With so many loan programs available, it’s important to find the best fit for you. Talking to a lending professional early on will speed along the process overall. Pre-approval allows you to focus your search on homes that best fit your financial picture, provides you with the ability to make confident offers and also communicates to the seller that your offer is a serious one.

Once you have done your research and determined your finances, it’s time to enlist the help of an expert. I can’t stress enough the importance of selecting an agent that you are comfortable with. A quality agent is someone who listens to you, understands the market and is able to communicate in an effective way to meet your needs. In addition to this, your agent should provide personalized service, be flexible and have excellent negotiation skills. The overall experience will be much more enjoyable if you select someone you like and trust.

With organization and a little guidance along the way, the process of buying a home can be a very enjoyable, positive experience for everyone involved.

(Editor’s Note: J. Lennox Scott, is president of John L. Scott Real Estate. He may be reached at realnews@johnlscott.com, or visit his firm’s award-winning website at www.johnlscott.com.).