Thinking about buying a property? Use this guide for some vital information and tips, or use the navigation buttons above to search properties, ask questions, or contact one of our real estate associates, who will be able to navigate you through the buying process with ease while providing other useful information and pointers that may not be covered in this guide.

One of the first steps a buyer should take is to determine if buying a property is the right decision, and how much one can actually afford to buy. Many people harbor secret fears, and some of those fears are justified. Not everybody is cut out to own, and if you’re one of those people, it’s better to find out now rather than when you’re under contract. Before you even look at properties, take a good look at your situation and crunch the numbers to see if it’s the right time for you to buy. Just because it’s a buyer’s market doesn’t mean that you should buy now. For example, if your FICO score is below 650, you’re not going to receive a good interest rate for a loan and, in fact, the low score could dump you into the hands of a predatory lender. Instead of focusing on buying a property, your focus should be lifted on fixing your credit first. If your finances are in order, the next step is to figure out what you can actually afford.

Considering affordability before signing a purchase contract and plunging into debt is vital. A lot of buyers over estimate how much they can afford, and that simply has to do with the fact that they did not do their due diligence prior to signing on a substantial debt. Walking into a bank and asking what you qualify for will generally yield a number much larger than you would actually be comfortable with. So the question should be attacked backward. Sit down with the decision makers in the family, start with what the combined costs are, then make an assessment as to what price range you would be comfortable paying. Always factor in all possible expenses, including down payments and closing costs, but also don’t forget to set aside funds for unexpected repairs that may surface. Instead of aiming for the most expensive property that you qualify for, focus on a purchase that will leave you feeling comfortable. After all, a decent comfortable home that you are able to upkeep is much better than a mansion with a leaky roof! Prior to looking for properties, you can also get in the habit of putting whatever the difference is between what you are currently paying in rent and what you think you would be comfortable with paying on a mortgage into a savings account each month. Don’t touch that money. You can always adjust up or down as you feel comfortable. That will give an idea of whether or not you would be stretching finances at whatever payment you have chosen. When the time comes to buy, you also won’t suffer from sticker shock, plus you will have a nice sum of money to pay for items such as inspections, a new flat screen TV, or you could even take your favorite agent out to dinner. Just a thought!