Buyer's Toolkit

1.  Find the right Realtor®
Even if you’re not quite ready to buy, you should be gathering information on neighborhoods that interest you, finding what areas you can afford and determining your needs.  Speak to your agent first and he or she can be helping to guide you right from the start.

2.  Find out what your price range is
Online mortgage calculators are a good place to start, but you must have a pre-approval from a lender in most cases to make an offer.  Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research.  Start with your REALTOR® – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your REALTOR®, hit the pavement, and when you see ‘the house’, put in an offer. 

With the right team behind you, it really can be that easy!

Your Agent
A successful purchase starts with the right representative. In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to assist you.  It takes a team of professionals to have a successful transaction and that is what your agent should bring to you, a team.

Lender/Appraiser
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lender will also hire an independent appraiser to confirm the value of the property you are purchasing.

Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for a recommendation.

Contractor
Due to the current market conditions, there are a large percentage of homes on the market that are in need of repair.  Some need extensive repair, some only need minor ones. If you have found the right floor plan in the right neighborhood there are alternatives to walking away from the home.  Contractors now work with lenders to assist in purchases of homes with renovation loans.  It is a great way to get a good deal on your dream home and make it "yours" at the same time.